Company registration number 10024963 (England and Wales)
SKY PROPERTY SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
SKY PROPERTY SOLUTIONS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SKY PROPERTY SOLUTIONS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A Chowdhury
Mrs S Chowdhury
Secretary
Mr A Chowdhury
Company number
10024963
Registered office
30-31 St James Place
Mangotsfield
Bristol
South Glos.
England
BS16 9JB
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
SKY PROPERTY SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,709
4,569
Investment properties
5
1,396,883
1,245,000
1,403,592
1,249,569
Current assets
Debtors
6
481
634
Cash at bank and in hand
108,484
54,265
108,965
54,899
Creditors: amounts falling due within one year
7
(62,280)
(16,194)
Net current assets
46,685
38,705
Total assets less current liabilities
1,450,277
1,288,274
Creditors: amounts falling due after more than one year
8
(1,134,377)
(1,043,603)
Provisions for liabilities
(43,967)
(29,710)
Net assets
271,933
214,961
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
271,833
214,861
Total equity
271,933
214,961
SKY PROPERTY SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 October 2023 and are signed on its behalf by:
Mr A Chowdhury
Director
Company Registration No. 10024963
SKY PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Sky Property Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30-31 St James Place, Mangotsfield, Bristol, South Glos., England, BS16 9JB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on reducing balance
Computers
33% on cost
Motor vehicles
Enter depreciation rate via StatDB - cd78

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SKY PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

SKY PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2022
13,366
999
-
0
14,365
Additions
472
1,821
1,595
3,888
At 31 March 2023
13,838
2,820
1,595
18,253
Depreciation and impairment
At 1 April 2022
8,797
999
-
0
9,796
Depreciation charged in the year
1,259
456
33
1,748
At 31 March 2023
10,056
1,455
33
11,544
Carrying amount
At 31 March 2023
3,782
1,365
1,562
6,709
At 31 March 2022
4,569
-
0
-
0
4,569
5
Investment property
2023
£
Fair value
At 1 April 2022
1,245,000
Additions
281,883
Disposals
(205,000)
Revaluations
75,000
At 31 March 2023
1,396,883
SKY PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Investment property
(Continued)
- 7 -

The movement in the valuation of land and buildings is as following:

 

Valuation in 2018: £555,000

Valuation in 2019: £540,728

Valuation in 2021: £ 79,272

Valuation in 2022: £ 70,000

Valuation in 2023: £ 75,000

 

 

 

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
481
634
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
41,689
-
0
Taxation and social security
6,186
6,454
Other creditors
14,405
9,740
62,280
16,194
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
961,877
871,103
Other creditors
172,500
172,500
1,134,377
1,043,603

Security is in the form of charges over property owned by the company.

SKY PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Non-distributable profits reserve
At the beginning of the year
185,887
115,887
Non distributable profits in the year
38,805
70,000
At the end of the year
224,692
185,887

Included within reserves are £224,693 of non-distributable funds.

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