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Registration number: 10430768

Skeffington Properties Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Skeffington Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Skeffington Properties Limited

(Registration number: 10430768)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

41,940

20,795

Investment property

5

3,538,212

2,964,292

Investments

6

282

207

 

3,580,434

2,985,294

Current assets

 

Debtors

7

924,740

752,433

Cash at bank and in hand

 

66,980

86,835

 

991,720

839,268

Creditors: Amounts falling due within one year

8

(2,040,819)

(1,590,143)

Net current liabilities

 

(1,049,099)

(750,875)

Total assets less current liabilities

 

2,531,335

2,234,419

Creditors: Amounts falling due after more than one year

8

(2,225,791)

(1,943,916)

Net assets

 

305,544

290,503

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

305,444

290,403

Shareholders' funds

 

305,544

290,503

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Skeffington Properties Limited

(Registration number: 10430768)
Balance Sheet as at 31 May 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the director on 30 August 2024
 

.........................................
Mr D Skeffington
Director

 

Skeffington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
UK

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Any amounts outstanding at the year end will be included within other debtors.

 

Skeffington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and computer equipment

25% reducing balance/ straight line over 3 years

Motor vehicles

25% reducing balance

Plant & machinery

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 11).

 

Skeffington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Fixtures, fittings and computer equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

10,181

25,134

-

35,315

Additions

1,480

32,995

3,369

37,844

At 31 May 2023

11,661

58,129

3,369

73,159

Depreciation

At 1 June 2022

4,817

9,703

-

14,520

Charge for the year

2,658

12,918

1,123

16,699

At 31 May 2023

7,475

22,621

1,123

31,219

Carrying amount

At 31 May 2023

4,186

35,508

2,246

41,940

At 31 May 2022

5,364

15,431

-

20,795

5

Investment properties

2023
£

At 1 June

2,964,292

Additions

573,920

At 31 May

3,538,212

The Director did not believe that it was commercially viable to revalue the properties at the balance sheet date and so the properties are currently held on the Balance Sheet at cost.

 

Skeffington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

177

102

Investments in associates

105

105

282

207

Subsidiaries

£

Cost or valuation

At 1 June 2022

177

At 31 May 2023

177

Carrying amount

At 31 May 2023

177

At 31 May 2022

102

Associates

£

Cost

At 1 June 2022

105

At 31 May 2023

105

Carrying amount

At 31 May 2023

105

At 31 May 2022

105

 

Skeffington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Skeffington Marine Limited

England and Wales

Ordinary

100%

100%

Discounted Cosmetics Limited

England and Wales

Ordinary

100%

100%

Skeffington Developments Limited

England and Wales

Ordinary

100%

100%

Associates

D&J Property Cheshire Limited

England and Wales

Ordinary

50%

50%

 

     

R Davenport Properties Ltd

England and Wales

Ordinary

50%

50%

 

     

PHR Properties (Cheshire) Ltd

England and Wales

Ordinary

50%

50%

 

     

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

92,018

59,724

Amounts owed by participating interests

818,654

680,032

Other debtors

 

14,068

12,677

 

924,740

752,433

 

Skeffington Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

27,766

22,303

Trade creditors

 

35,419

31,705

Amounts owed to group undertakings and participating interests

1,437,273

1,260,037

Taxation and social security

 

2,000

16,555

Other creditors

 

538,361

259,543

 

2,040,819

1,590,143

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

2,225,791

1,943,916

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan

18,966

20,293

Hire purchase

8,800

2,010

27,766

22,303

2023
£

2022
£

Non-current loans and borrowings

Bank loan

31,005

49,968

Hire purchase

26,529

4,628

Mortgages

2,168,257

1,889,320

2,225,791

1,943,916

The mortgages are secured on the investment Properties held in the company.