Lincoln Skye Properties Ltd |
Registered number: |
09868230 |
Balance Sheet |
as at 30 November 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Investment properties |
3 |
|
|
795,000 |
|
|
795,000 |
|
Current assets |
Debtors |
4 |
|
4,000 |
|
|
2,966 |
Cash at bank and in hand |
|
|
1,508 |
|
|
1,978 |
|
|
|
5,508 |
|
|
4,944 |
|
Creditors: amounts falling due within one year |
5 |
|
(16,287) |
|
|
(2,206) |
|
Net current (liabilities)/assets |
|
|
|
(10,779) |
|
|
2,738 |
|
Total assets less current liabilities |
|
|
|
784,221 |
|
|
797,738 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(662,860) |
|
|
(691,417) |
|
Provisions for liabilities |
|
|
|
(23,258) |
|
|
(23,258) |
|
Net assets |
|
|
|
98,103 |
|
|
83,063 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Revaluation reserve |
7 |
|
|
99,157 |
|
|
99,157 |
Profit and loss account |
|
|
|
(1,154) |
|
|
(16,194) |
|
Shareholders' funds |
|
|
|
98,103 |
|
|
83,063 |
|
|
|
|
|
|
|
|
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 W de Leur |
Director |
Approved by the board on 14 August 2024 |
|
Lincoln Skye Properties Ltd |
Notes to the Accounts |
for the year ended 30 November 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). |
|
|
Investment property |
|
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset are used. Where a value cannot be reliably determined by the directors, independent valuations will be undertaken. Changes in the fair value are recognised in profit or loss. |
|
|
Debtors |
|
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
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. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Investment properties |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 December 2022 |
795,000 |
|
|
At 30 November 2023 |
795,000 |
|
|
The fair value of the property at 30th November 2023 has been arrived at on the basis of valuations carried out at that date by the directors of the company, who are not professionally qualified valuers. The valuation was arrived at by reference to the market evidence of transaction prices for similar properties in the locations the properties are situated. |
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
4,000 |
|
2,966 |
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Other creditors |
16,287 |
|
2,206 |
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
577,798 |
|
577,798 |
|
Other creditors |
85,062 |
|
113,619 |
|
|
|
|
|
|
662,860 |
|
691,417 |
|
|
|
|
|
|
|
|
|
7 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 December 2022 |
99,157 |
|
112,415 |
|
Gain on revaluation of land and buildings |
- |
|
10,000 |
|
Deferred taxation arising on the revaluation of land and buildings |
- |
|
(23,258) |
|
|
At 30 November 2023 |
99,157 |
|
99,157 |
|
|
|
|
|
|
|
|
|
8 |
Other information |
|
|
Lincoln Skye Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Wyche Innovation Centre |
|
Walwyn Road |
|
Malvern |
|
Herefordshire |
|
WR13 6PL |