IRIS Accounts Production v23.4.0.336 11398622 Board of Directors 1.7.22 30.6.23 30.6.23 0 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh113986222022-06-30113986222023-06-30113986222022-07-012023-06-30113986222021-06-30113986222021-07-012022-06-30113986222022-06-3011398622ns15:EnglandWales2022-07-012023-06-3011398622ns14:PoundSterling2022-07-012023-06-3011398622ns10:Director12022-07-012023-06-3011398622ns10:PrivateLimitedCompanyLtd2022-07-012023-06-3011398622ns10:SmallEntities2022-07-012023-06-3011398622ns10:AuditExemptWithAccountantsReport2022-07-012023-06-3011398622ns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3011398622ns10:SmallCompaniesRegimeForAccounts2022-07-012023-06-3011398622ns10:FullAccounts2022-07-012023-06-3011398622ns10:OrdinaryShareClass12022-07-012023-06-3011398622ns10:Director22022-07-012023-06-3011398622ns10:RegisteredOffice2022-07-012023-06-3011398622ns5:CurrentFinancialInstruments2023-06-3011398622ns5:CurrentFinancialInstruments2022-06-3011398622ns5:Non-currentFinancialInstruments2023-06-3011398622ns5:Non-currentFinancialInstruments2022-06-3011398622ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3011398622ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3011398622ns5:DeferredTaxation2022-06-3011398622ns5:DeferredTaxation2023-06-3011398622ns10:OrdinaryShareClass12023-06-3011398622ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-30
REGISTERED NUMBER: 11398622 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

SKYO9 LIMITED

SKYO9 LIMITED (REGISTERED NUMBER: 11398622)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


SKYO9 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mr K A Parikh
Mrs S Parikh





REGISTERED OFFICE: 22 Royston Park Road
Pinner
Middlesex
HA5 4AE





REGISTERED NUMBER: 11398622 (England and Wales)





ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SKYO9 LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Skyo9 Limited for the year ended 30 June 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Skyo9 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Skyo9 Limited and state those matters that we have agreed to state to the Board of Directors of Skyo9 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skyo9 Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Skyo9 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Skyo9 Limited. You consider that Skyo9 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Skyo9 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


17 April 2024

SKYO9 LIMITED (REGISTERED NUMBER: 11398622)

BALANCE SHEET
30 JUNE 2023

30/6/23 30/6/22
Notes £ £ £ £
FIXED ASSETS
Investment property 3 546,348 245,000

CURRENT ASSETS
Cash at bank 2,673 57,648

CREDITORS
Amounts falling due within one year 4 125,404 87,949
NET CURRENT LIABILITIES (122,731 ) (30,301 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

423,617

214,699

CREDITORS
Amounts falling due after more than one
year

5

(394,508

)

(185,673

)

PROVISIONS FOR LIABILITIES 8 (5,105 ) (5,105 )
NET ASSETS 24,004 23,921

CAPITAL AND RESERVES
Called up share capital 9 2 2
Revaluation reserve 10 26,869 26,869
Retained earnings 10 (2,867 ) (2,950 )
SHAREHOLDERS' FUNDS 24,004 23,921

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SKYO9 LIMITED (REGISTERED NUMBER: 11398622)

BALANCE SHEET - continued
30 JUNE 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:





Mr K A Parikh - Director


SKYO9 LIMITED (REGISTERED NUMBER: 11398622)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue from commercial and residential property is recognised on a rent receivable basis to the balance sheet date.

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition:

Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise.

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.

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.

Interest receivable and interest payable
Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

SKYO9 LIMITED (REGISTERED NUMBER: 11398622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 July 2022 245,000
Additions 301,348
At 30 June 2023 546,348
NET BOOK VALUE
At 30 June 2023 546,348
At 30 June 2022 245,000

Fair value at 30 June 2023 is represented by:
£
Valuation in 2019 218,131
Valuation in 2021 26,869
Valuation in 2023 301,348
546,348

The valuations for the investment properties for the year ending 30 June 2023 were updated by the directors based on advice from their property agent and their knowledge of the local property and rental markets. The company purchased additional property during the year.

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£ £
Bank loans and overdrafts (see note 6) 5,000 5,000
Tax 19 410
Other creditors - 4,700
Directors' current accounts 119,365 76,075
Accrued expenses 1,020 1,764
125,404 87,949

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/23 30/6/22
£ £
Bank loans (see note 6) 394,508 185,673

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 394,508 185,673

SKYO9 LIMITED (REGISTERED NUMBER: 11398622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. LOANS

An analysis of the maturity of loans is given below:

30/6/23 30/6/22
£ £
Amounts falling due within one year or on demand:
Bank loans 5,000 5,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 394,508 185,673

Included within Creditors is Business Bounce Back loan of £50,000. The loan is repayable in 11 years with the rate of interest fixed at 2.50% per annum starting 13 months after the first drawdown.First drawdown date is 14 May 2020. Interest due for the first 12 months is paid by the UK government as grant also known as business interruption payment.

7. SECURED DEBTS

The following secured debts are included within creditors:

30/6/23 30/6/22
£ £
Bank loans - 143,949

The bank loans is secured by a fixed charge over the buy to let property. The loans is repayable in 22 years from the year end and are subject to interest rate of 3.99% per annum.

8. PROVISIONS FOR LIABILITIES
30/6/23 30/6/22
£ £
Deferred tax 5,105 5,105

Deferred tax
£
Balance at 1 July 2022 5,105
Balance at 30 June 2023 5,105

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £ £
2 Ordinary 1 2 2

SKYO9 LIMITED (REGISTERED NUMBER: 11398622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


10. RESERVES
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 July 2022 (2,950 ) 26,869 23,919
Profit for the year 83 83
At 30 June 2023 (2,867 ) 26,869 24,002