Company registration number 11029289 (England and Wales)
SKELMERSDALE PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
SKELMERSDALE PROPERTIES LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SKELMERSDALE PROPERTIES LTD
COMPANY INFORMATION
- 1 -
Directors
Mrs Angela Barratt
Mr David Barratt
Mr Sidney Barratt
Miss Stacey McCann
Company number
11029289
Registered office
65 Cliff Road
Holland on Sea
Essex
CO15 5QG
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
SKELMERSDALE PROPERTIES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
874,414
899,555
Investment properties
5
200,000
200,000
Investments
4
200
200
1,074,614
1,099,755
Current assets
Debtors
6
283,640
250,114
Cash at bank and in hand
16,979
8,129
300,619
258,243
Creditors: amounts falling due within one year
7
(52,532)
(43,309)
Net current assets
248,087
214,934
Total assets less current liabilities
1,322,701
1,314,689
Creditors: amounts falling due after more than one year
8
(427,465)
(469,328)
Provisions for liabilities
(9,780)
(7,433)
Net assets
885,456
837,928
Capital and reserves
Called up share capital
9
300
300
Profit and loss reserves
885,156
837,628
Total equity
885,456
837,928
SKELMERSDALE PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 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 December 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 27 March 2024 and are signed on its behalf by:
Mr David Barratt
Director
Company Registration No. 11029289
The notes on pages 4 to 7 form part of these financial statements
SKELMERSDALE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Skelmersdale Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 65 Cliff Road, Holland on Sea, Essex, CO15 5QG.
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 £.
1.2
Turnover
Turnover represents the rental income receivable in the accounting period.
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:
Freehold land and buildings
5% 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.
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
SKELMERSDALE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
SKELMERSDALE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
914,221
Depreciation and impairment
At 1 January 2023
14,666
Depreciation charged in the year
25,141
At 31 December 2023
39,807
Carrying amount
At 31 December 2023
874,414
At 31 December 2022
899,555
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
200
200
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
200,000
Investment property is held at fair value, which equates to open market value. Property values are estimated by the director, based on their experience and with reference to recent actual market values of similar properties and any other relevant information.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
282,556
249,306
Other debtors
1,084
808
283,640
250,114
SKELMERSDALE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Debtors
(Continued)
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
43,409
42,709
Taxation and social security
8,523
Other creditors
600
600
52,532
43,309
Within creditors falling due within one year, bank loans of £43,409 (2022: £42,709) are secured on assets owned by the company.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
427,465
469,328
Within creditors falling due after one year, bank loans of £427,468 (2022: £469,328) are secured on assets owned by the company.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
231,433
268,493
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
10
Related party transactions
At the balance sheet date, the company was owed £282,556 (2022: £249,206) by its subsidiary The Skelmersdale Centre Ltd.