Company Registration No. 11049814 (England and Wales)
Skyway Estates Limited
Unaudited accounts
for the year ended 30 November 2023
Skyway Estates Limited
Unaudited accounts
Contents
Skyway Estates Limited
Company Information
for the year ended 30 November 2023
Company Number
11049814 (England and Wales)
Registered Office
18 Lynmouth Road
London
N16 6XL
England
Skyway Estates Limited
Statement of financial position
as at 30 November 2023
Investment property
2,369,062
2,369,062
Cash at bank and in hand
2,562
7,287
Creditors: amounts falling due within one year
(730,070)
(701,242)
Net current liabilities
(410,488)
(365,994)
Total assets less current liabilities
1,958,774
2,003,268
Creditors: amounts falling due after more than one year
(1,609,739)
(1,604,236)
Provisions for liabilities
Deferred tax
(49,000)
(49,000)
Net assets
300,035
350,032
Called up share capital
1
1
Profit and loss account
300,034
350,031
Shareholders' funds
300,035
350,032
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 August 2024 and were signed on its behalf by
Mr Y S Stern
Director
Company Registration No. 11049814
Skyway Estates Limited
Notes to the Accounts
for the year ended 30 November 2023
Skyway Estates Limited is a private company, limited by shares, registered in England and Wales, registration number 11049814. The registered office is 18 Lynmouth Road, London, N16 6XL, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Directors do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Skyway Estates Limited
Notes to the Accounts
for the year ended 30 November 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 December 2022
2,369,062
At 30 November 2023
2,369,062
The investment property at 30 November 2023 is stated at director's estimation of open market value.
The historic cost of the property is £2,169,494 (2022: £2,169,494).
5
Investments
Subsidiary undertakings
Valuation at 1 December 2022
200
Valuation at 30 November 2023
200
The company owns the whole of the issued share capital of Multi Sky Estates Limited and Market Estates Limited which are incorporated in Great Britain and registered in England.
Multi Sky Estates Limited owns the whole of the issued share capital of M&Y Estates Limited which is incorporated in Great Britain and registered in England.
Consolidated Financial Statements have not been prepared as the company has taken advantage of the exemptions conferred by Section 398 Companies Act 2006.
Amounts falling due within one year
Accrued income and prepayments
9,350
13,526
Other debtors
307,381
308,646
7
Creditors: amounts falling due within one year
2023
2022
Other creditors
730,070
701,242
Other creditors include amounts aggregating £725,861 (2022: £696,494) due to the director and companies with directors in common with the company.
Skyway Estates Limited
Notes to the Accounts
for the year ended 30 November 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,609,739
1,604,236
The bank loans are secured on the company's investment properties.
9
Transactions with related parties
Other debtors consists of amounts owed by companies with a director in common with the company (2022: £308,646).
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).