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COMPANY REGISTRATION NUMBER: 07705733
Skylon Properties Ltd
Unaudited Financial Statements
31 July 2023
Skylon Properties Ltd
Director's Report
Year ended 31 July 2023
The director presents her report and the unaudited financial statements of the company for the year ended 31 July 2023 .
Director
The director who served the company during the year was as follows:
Mrs F Corrin
Dividends
Particulars of recommended dividends are detailed in note 9 to the financial statements.
This report was approved by the board of directors on 22 April 2024 and signed on behalf of the board by:
Mrs F Corrin
Director
Registered office:
90 Temple Fortune Lane
London
NW11 7TX
Skylon Properties Ltd
Statement of Income and Retained Earnings
Year ended 31 July 2023
2023
2022
Note
£
£
Turnover
4
40,080
42,450
--------
--------
Gross profit
40,080
42,450
Administrative expenses
32,219
35,480
--------
--------
Operating profit
5
7,861
6,970
--------
--------
Profit before taxation
7,861
6,970
Tax on profit
8
1,385
1,476
-------
-------
Profit for the financial year and total comprehensive income
6,476
5,494
-------
-------
All the activities of the company are from continuing operations.
Skylon Properties Ltd
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
10
3,764
3,192
Current assets
Stock & work in progress
11
851,500
851,500
Debtors
12
195
307
Cash at bank and in hand
71,798
61,815
---------
---------
923,493
913,622
Creditors: amounts falling due within one year
13
897,200
891,233
---------
---------
Net current assets
26,293
22,389
--------
--------
Total assets less current liabilities
30,057
25,581
--------
--------
Capital and reserves
Called up share capital
14
100
100
Profit and loss account
29,957
25,481
--------
--------
Shareholders funds
30,057
25,581
--------
--------
For the year ending 31 July 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 22 April 2024 , and are signed on behalf of the board by:
Mrs F Corrin
Director
Company registration number: 07705733
Skylon Properties Ltd
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 90 Temple Fortune Lane, London, NW11 7TX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
40,080
42,450
--------
--------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
941
798
----
----
6. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2023
2022
No.
No.
Management staff
1
1
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
12,570
10,376
--------
--------
7. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
12,570
10,376
--------
--------
8. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
1,385
1,476
-------
-------
Tax on profit
1,385
1,476
-------
-------
9. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,000
2,000
-------
-------
10. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 August 2022
13,386
4,412
17,798
Additions
670
843
1,513
--------
-------
--------
At 31 July 2023
14,056
5,255
19,311
--------
-------
--------
Depreciation
At 1 August 2022
11,999
2,607
14,606
Charge for the year
411
530
941
--------
-------
--------
At 31 July 2023
12,410
3,137
15,547
--------
-------
--------
Carrying amount
At 31 July 2023
1,646
2,118
3,764
--------
-------
--------
At 31 July 2022
1,387
1,805
3,192
--------
-------
--------
11. Stock & work in progress
2023
2022
£
£
Work in progress
851,500
851,500
---------
---------
12. Debtors
2023
2022
£
£
Other debtors
195
307
----
----
13. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,385
1,476
Other creditors
895,815
889,757
---------
---------
897,200
891,233
---------
---------
14. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----