REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SCHYDE INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SCHYDE INVESTMENTS LIMITED |
SCHYDE INVESTMENTS LIMITED (REGISTERED NUMBER: 05328485) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SCHYDE INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Aquis House |
49-51 Blagrave Street |
Reading |
Berkshire |
RG1 1PL |
SCHYDE INVESTMENTS LIMITED (REGISTERED NUMBER: 05328485) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Property revaluation reserve |
Retained earnings |
SCHYDE INVESTMENTS LIMITED (REGISTERED NUMBER: 05328485) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SCHYDE INVESTMENTS LIMITED (REGISTERED NUMBER: 05328485) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Schyde Investments Limited is a |
The principal activity of the company in the year under review was that of the letting and leasing of own estate. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For long term finance he relies on a loan provided by the shareholders. In assessing going concern he has assumed that this loan will not be repaid for the foreseeable future and, on that basis, he continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
Turnover |
Turnover represents rents receivable, sales of property and interest receivable on fixed and current asset investments (exclusive of VAT). |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Office equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
SCHYDE INVESTMENTS LIMITED (REGISTERED NUMBER: 05328485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Operating leases: the company as lessor |
Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term. |
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SCHYDE INVESTMENTS LIMITED (REGISTERED NUMBER: 05328485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Office |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Unlisted |
investment |
£ |
COST |
At 1 January 2023 |
Impairments | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company has a long term investment in SHSS Partnership LLP (OC228756) for the sum of £4,221 (2022 - £8,173). |
Under the partnership agreement Schyde Investments Limited is entitled to 60% of the trading profits and bears 60% of the losses. |
SCHYDE INVESTMENTS LIMITED (REGISTERED NUMBER: 05328485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2009 | (886,365 | ) |
Valuation in 2010 | 344,069 |
Valuation in 2011 | (300,000 | ) |
Valuation in 2014 | 3,390,000 |
Valuation in 2022 | 15,350,000 |
Cost | 8,367,342 |
26,265,046 |
The investment property was valued on an open market basis on 23 January 2023 by Sanderson Weatherall LLP . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by related parties |
Other debtors |
Prepayments and accrued income |
SCHYDE INVESTMENTS LIMITED (REGISTERED NUMBER: 05328485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Rent deposits |
Corporation tax |
Social security and other taxes |
VAT |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Fixed asset timing differences | 16,953 | 22,566 |
Capital gains | 4,474,426 | 4,474,426 |
4,491,379 | 4,496,992 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year | ( |
) |
Balance at 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
SCHYDE INVESTMENTS LIMITED (REGISTERED NUMBER: 05328485) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | RELATED PARTY DISCLOSURES - continued |
Included within debtors are amounts of £2,094,716 (2022 - £2,092,916) due from companies under common control. |
Included within other creditors due after one year is a loan of £6,979,466 (2022 - £7,456,758) due to the Trustees of the Stephen Colin Hyde Will Trust, the shareholders. No interest has been charged on this loan during the year. |
During the year £85,956 (2022 - £127,333) was charged from Moira Hyde, a trustee of the Stephen Colin Hyde Will Trust, in respect of consultancy fees. £nil was outstanding at the year end date. |
During the year £40,545 (2022 - £5,000) was charged from Michael Edwards, a director of Schyde Investments Limited, in respect of consultancy fees. £nil was outstanding at the year end date. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the trustees of the Stephen Colin Hyde Will Trust by virtue of their majority shareholding. |