Silverfin false 31/03/2023 01/04/2022 31/03/2023 I B Skelly 01/10/2023 14/05/1998 S R Sunderland 14/05/1998 28 November 2023 The principal activity of the Company during the financial year was that of property development and residential letting. 03477093 2023-03-31 03477093 bus:Director1 2023-03-31 03477093 bus:Director2 2023-03-31 03477093 2022-03-31 03477093 core:CurrentFinancialInstruments 2023-03-31 03477093 core:CurrentFinancialInstruments 2022-03-31 03477093 core:Non-currentFinancialInstruments 2023-03-31 03477093 core:Non-currentFinancialInstruments 2022-03-31 03477093 core:ShareCapital 2023-03-31 03477093 core:ShareCapital 2022-03-31 03477093 core:RetainedEarningsAccumulatedLosses 2023-03-31 03477093 core:RetainedEarningsAccumulatedLosses 2022-03-31 03477093 core:Vehicles 2022-03-31 03477093 core:ComputerEquipment 2022-03-31 03477093 core:Vehicles 2023-03-31 03477093 core:ComputerEquipment 2023-03-31 03477093 core:CostValuation 2022-03-31 03477093 core:AdditionsToInvestments 2023-03-31 03477093 core:DisposalsRepaymentsInvestments 2023-03-31 03477093 core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 03477093 core:CostValuation 2023-03-31 03477093 core:ProvisionsForImpairmentInvestments 2022-03-31 03477093 core:ProvisionsForImpairmentInvestments 2023-03-31 03477093 bus:OrdinaryShareClass1 2023-03-31 03477093 2022-04-01 2023-03-31 03477093 bus:FullAccounts 2022-04-01 2023-03-31 03477093 bus:SmallEntities 2022-04-01 2023-03-31 03477093 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03477093 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03477093 bus:Director1 2022-04-01 2023-03-31 03477093 bus:Director2 2022-04-01 2023-03-31 03477093 core:Vehicles 2022-04-01 2023-03-31 03477093 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 03477093 2021-04-01 2022-03-31 03477093 core:ComputerEquipment 2022-04-01 2023-03-31 03477093 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 03477093 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 03477093 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03477093 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 03477093 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03477093 (England and Wales)

RICHMOND SKELLY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

RICHMOND SKELLY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

RICHMOND SKELLY PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
RICHMOND SKELLY PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 31.03.2023 31.03.2022
£ £
Fixed assets
Tangible assets 3 18,265 22,921
Investments 4 553,699 688,992
571,964 711,913
Current assets
Debtors 5 6,459 10,330
Cash at bank and in hand 162,093 64,522
168,552 74,852
Creditors: amounts falling due within one year 6 ( 42,095) ( 38,356)
Net current assets 126,457 36,496
Total assets less current liabilities 698,421 748,409
Creditors: amounts falling due after more than one year 7 ( 919,749) ( 922,589)
Net liabilities ( 221,328) ( 174,180)
Capital and reserves
Called-up share capital 8 50,000 50,000
Profit and loss account ( 271,328 ) ( 224,180 )
Total shareholder's deficit ( 221,328) ( 174,180)

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.

Director's responsibilities:

The financial statements of Richmond Skelly Properties Limited (registered number: 03477093) were approved and authorised for issue by the Director on 28 November 2023. They were signed on its behalf by:

S R Sunderland
Director
RICHMOND SKELLY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
RICHMOND SKELLY PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Richmond Skelly Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 39 Royal Crescent, London, W11 4SN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £221,328. The Company is supported through loans from a related family trust. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the trust will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Computer equipment 3 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and with the bank.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related parties, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

31.03.2023 31.03.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 April 2022 35,779 0 35,779
Additions 0 1,547 1,547
At 31 March 2023 35,779 1,547 37,326
Accumulated depreciation
At 01 April 2022 12,858 0 12,858
Charge for the financial year 5,730 473 6,203
At 31 March 2023 18,588 473 19,061
Net book value
At 31 March 2023 17,191 1,074 18,265
At 31 March 2022 22,921 0 22,921

4. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 April 2022 688,992 688,992
Additions 114,080 114,080
Disposals ( 246,530) ( 246,530)
Movement in fair value ( 2,843) ( 2,843)
At 31 March 2023 553,699 553,699
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 553,699 553,699
Carrying value at 31 March 2022 688,992 688,992

5. Debtors

31.03.2023 31.03.2022
£ £
Other debtors 6,459 10,330

6. Creditors: amounts falling due within one year

31.03.2023 31.03.2022
£ £
Other taxation and social security 24 328
Obligations under finance leases and hire purchase contracts 2,840 5,681
Other creditors 39,231 32,347
42,095 38,356

Included above are net obligations under finance lease and hire purchase contracts which are secured by fixed charges on the assets concerned.

7. Creditors: amounts falling due after more than one year

31.03.2023 31.03.2022
£ £
Obligations under finance leases and hire purchase contracts 0 2,840
Other creditors 919,749 919,749
919,749 922,589

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

31.03.2023 31.03.2022
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000

9. Ultimate controlling party

The Ultimate controlling party of Richmond Skelly Properties Limited is IBS 1998 Trust.