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Scannell CS UK N1003 Limited

Registered number: 14082451
Annual Report
For the year ended 31 December 2023

 
 14082451
31 December 2023
SCANNELL CS UK N1003 LIMITED
REGISTERED NUMBER: 14082451

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Unaudited 2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
420,090
-

Debtors: amounts falling due within one year
 4 
339,418
10,000

  
759,508
10,000

Creditors: amounts falling due within one year
 5 
(351,325)
-

Net current assets
  
 
 
408,183
 
 
10,000

Total assets less current liabilities
  
408,183
10,000

Creditors: amounts falling due after more than one year
  
(398,183)
-

Net assets
  
10,000
10,000


Capital and reserves
  

Called up share capital 
 7 
10,000
10,000

Total equity
  
10,000
10,000


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C S Ionescu
Director

Date: 10 September 2024

The notes on pages 2 to 6 form part of these financial statements.

- 1 -

 
 14082451
31 December 2023
SCANNELL CS UK N1003 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Scannell CS UK N1003 Limited (the 'Company') is a company limited by shares, incorporated in England and Wales. The Company's registered number is 14082451. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU.
The principal activity of the Company during the year was that of buying and selling of real estate.
The Company was previously dormant and started trading during the current year.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The prior period financial statements for the Company were unaudited.
The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest Pound.
The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In doing this, they have considered the results for the year, expectations of future trading and the availability of continued funding. On the basis of this information the Directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.

- 2 -

 
 14082451
31 December 2023
SCANNELL CS UK N1003 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within ‘administrative expenses’.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
 
- 3 -

 
 14082451
31 December 2023
SCANNELL CS UK N1003 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


Financial assets
Financial assets measured that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of Impairment. If objective evidence of impairment is identified, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration for services provided to the Company (2022: £nil).


- 4 -

 
 14082451
31 December 2023
SCANNELL CS UK N1003 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
420,090
-


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
10,000
10,000

Other debtors
329,418
-

339,418
10,000


Amounts owed by group undertakings are unsecured, interest free and payable on demand.


5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
351,325
-




6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
398,183
-


Amounts due to group undertakings are unsecured, interest-free and repayable after more than one year.

- 5 -

 
 14082451
31 December 2023
SCANNELL CS UK N1003 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022: 100) ordinary shares of £100 each
10,000
10,000

The Company has one class of ordinary share; each share has attached to them full voting, dividend and capital distribution rights.



8.


Related party transactions

The Company has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the group that have been concluded under normal market conditions. 


9.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


10.


Controlling party

The immediate parent undertaking is Scannell Properties UK 3 S.A.R.L., a company incorporated in Luxembourg. Its registered office address is 8, rue Dicks, L-1417, Luxembourg. 
The ultimate parent undertaking is Scannell Properties Europe CS, LLC, a company incorporated in USA. 
The ultimate controlling party is considered to be Robert Scannell due to his majority shareholding in Scannell Properties Europe CS, LLC.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 10 September 2024 by Colin Edney (Senior Statutory Auditor) on behalf of Warrener Stewart.

- 6 -