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Registration number: 11279208

Skyfall London Limited

Unaudited Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Skyfall London Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Skyfall London Limited

Company Information

Directors

P Stoll

B F Stoll

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

 

Skyfall London Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

11,577

29,743

Investment property

5

1,900,000

1,800,000

 

1,911,577

1,829,743

Current assets

 

Debtors

6

1,889

2,298

Cash at bank and in hand

 

22,082

30,781

 

23,971

33,079

Creditors: Amounts falling due within one year

7

(1,988,078)

(2,025,150)

Net current liabilities

 

(1,964,107)

(1,992,071)

Net liabilities

 

(52,530)

(162,328)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(52,630)

(162,428)

Shareholders' deficit

 

(52,530)

(162,328)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Skyfall London Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

.........................................

P Stoll

Director

Company registration number: 11279208

 

Skyfall London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is letting and operating of real estate.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Group accounts not prepared

The company and its subsidiary undertakings qualify as a small group. The company has therefore taken exemption from preparing consolidated accounts in accordance with Section 399 of the Companies Act 2006..

Going concern

The company had net liabilities at 31 March 2023 amounting to £52,530 and net current liabilities of £1,964,107. At this date an amount of £1,975,855 was due to the directors who have confirmed that they intend to continue to support the company and do not intend to call for repayment until such time as the company has sufficient working capital.

On the basis of the above, and having made enquiries the directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company's business. Turnover is shown net of rebates and discounts.

The company recognises rental income on an accruals basis evenly over the period of the lease.

 

Skyfall London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

Straight line over 3 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

 

Skyfall London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

54,500

54,500

At 31 March 2023

54,500

54,500

Depreciation

At 1 April 2022

24,757

24,757

Charge for the year

18,166

18,166

At 31 March 2023

42,923

42,923

Carrying amount

At 31 March 2023

11,577

11,577

At 31 March 2022

29,743

29,743

5

Investment properties

Fair value

2023
£

At 1 April 2022

1,800,000

Fair value adjustments

100,000

At 31 March 2023

1,900,000

The investment property has been included in the financial statements at fair value as estimated by the directors
at 31 March 2023 at an amount of £1,900,000.

6

Debtors

2023
£

2022
£

Other debtors

1,889

2,298

1,889

2,298

 

Skyfall London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

723

-

Other creditors

1,987,355

2,025,150

1,988,078

2,025,150