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Registration number: 12734086

Skyrock Property Investment Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Skyrock Property Investment Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Skyrock Property Investment Ltd

Company Information

Directors

Mr Pierre Van Der Heyden

Miss Tianyue Wu

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Skyrock Property Investment Ltd

(Registration number: 12734086)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,695

2,496

Investment property

6

400,000

400,000

 

401,695

402,496

Current assets

 

Debtors

7

1,909

1,909

Cash at bank and in hand

 

5,581

148,833

 

7,490

150,742

Creditors: Amounts falling due within one year

8

(2,543)

(3,249)

Net current assets

 

4,947

147,493

Total assets less current liabilities

 

406,642

549,989

Creditors: Amounts falling due after more than one year

8

(385,766)

(518,750)

Provisions for liabilities

(15,227)

(14,318)

Net assets

 

5,649

16,921

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

64,915

61,039

Retained earnings

(60,266)

(45,118)

Shareholders' funds

 

5,649

16,921

For the financial year ending 30 June 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.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

 

Skyrock Property Investment Ltd

(Registration number: 12734086)
Balance Sheet as at 30 June 2023 (continued)

.........................................
Mr Pierre Van Der Heyden
Director

.........................................
Miss Tianyue Wu
Director

 

Skyrock Property Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
1 Market Hill
Calne
Wiltshire
SN11 0BT
England

These financial statements were authorised for issue by the Board on 20 February 2024.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

20% Straight Line

 

Skyrock Property Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 (including directors) during the year, was 0 (2022 - 0).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

801

802

 

Skyrock Property Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

4,006

4,006

At 30 June 2023

4,006

4,006

Depreciation

At 1 July 2022

1,510

1,510

Charge for the year

801

801

At 30 June 2023

2,311

2,311

Carrying amount

At 30 June 2023

1,695

1,695

At 30 June 2022

2,496

2,496

6

Investment properties

2023
£

At 1 July

400,000

Additions

(4,785)

Fair value adjustments

4,785

At 30 June

400,000

The fair value of the property at 30th June 2023 has been arrived at on the basis of a valuation carried out at that
date by the director of the company, who is not a professionally qualified valuer. The valuation of £400,000 was
arrived at by reference to the market evidence of transaction prices for similar properties in its location the property
is situated.

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2023
£

2022
£

Prepayments

236

236

Other debtors

1,673

1,673

 

Skyrock Property Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

37

207

Accruals and deferred income

540

961

Other creditors

1,966

2,081

2,543

3,249

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

385,766

518,750

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

3,876

3,876

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

61,039

61,039