Registered number
11648267
Skyline Rentals Ltd
Filleted Accounts
31 October 2023
Skyline Rentals Ltd
Registered number: 11648267
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 188,013 241,425
Current assets
Cash at bank and in hand 103,740 50,176
Creditors: amounts falling due within one year 4 (224,811) (224,093)
Net current liabilities (121,071) (173,917)
Total assets less current liabilities 66,942 67,508
Creditors: amounts falling due after more than one year 5 (39,947) (49,947)
Net assets 26,995 17,561
Capital and reserves
Called up share capital 4,000 4,000
Profit and loss account 22,995 13,561
Shareholders' funds 26,995 17,561
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Suketu Patel
Director
Approved by the board on 18 July 2024
Skyline Rentals Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes the rents receivable on the investment property of the company.
Investment property
Investment properties are held to earn rental income and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on a ongoing basis are measured at a fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit or loss in the period in which they arise.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments Investment
property
£
Cost
At 1 November 2022 241,425
Disposals (53,412)
At 31 October 2023 188,013
4 Creditors: amounts falling due within one year 2023 2022
£ £
Director's account 219,553 218,604
Taxation and social security costs 3,868 2,609
Other creditors 1,390 2,880
224,811 224,093
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 39,947 49,947
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 39,947 49,947
The bank loans are secured on the investment property of the company.
7 Other information
Skyline Rentals Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Laxmi House
2-b Draycott Avenue
Kenton Harrow
Middlesex
HA3 0BU
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