IRIS Accounts Production v24.2.0.383 01787457 Board of Directors 1.1.23 31.12.23 31.12.23 6.9.24 false true false false true false Auditors Opinion Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017874572022-12-31017874572023-12-31017874572023-01-012023-12-31017874572021-12-31017874572022-01-012022-12-31017874572022-12-3101787457ns15:EnglandWales2023-01-012023-12-3101787457ns14:PoundSterling2023-01-012023-12-3101787457ns10:Director12023-01-012023-12-3101787457ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101787457ns10:SmallEntities2023-01-012023-12-3101787457ns10:Audited2023-01-012023-12-3101787457ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101787457ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101787457ns10:FullAccounts2023-01-012023-12-3101787457ns10:Director32023-01-012023-12-3101787457ns10:CompanySecretary12023-01-012023-12-3101787457ns10:RegisteredOffice2023-01-012023-12-3101787457ns5:CurrentFinancialInstruments2023-12-3101787457ns5:CurrentFinancialInstruments2022-12-3101787457ns5:Non-currentFinancialInstruments2023-12-3101787457ns5:Non-currentFinancialInstruments2022-12-3101787457ns5:ShareCapital2023-12-3101787457ns5:ShareCapital2022-12-3101787457ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3101787457ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3101787457ns5:RetainedEarningsAccumulatedLosses2023-12-3101787457ns5:RetainedEarningsAccumulatedLosses2022-12-3101787457ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101787457ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101787457ns5:CurrentFinancialInstruments2023-01-012023-12-3101787457ns5:Secured2023-12-3101787457ns5:Secured2022-12-31
REGISTERED NUMBER: 01787457 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Skerritt Properties Limited

Skerritt Properties Limited (Registered number: 01787457)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Skerritt Properties Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S A Young
K Z Drazdzewska





SECRETARY: M. M. Secretariat Limited





REGISTERED OFFICE: Environment House
1 St. Marks Street
Nottingham
NG3 1DE





REGISTERED NUMBER: 01787457 (England and Wales)





AUDITORS: Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Skerritt Properties Limited (Registered number: 01787457)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Investment property 4 2,669,795 2,050,000

CURRENT ASSETS
Debtors 5 5,969 200
Cash at bank 427 701,284
6,396 701,484
CREDITORS
Amounts falling due within one year 6 (1,317,677 ) (733,978 )
NET CURRENT LIABILITIES (1,311,281 ) (32,494 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,358,514

2,017,506

CREDITORS
Amounts falling due after more than one
year

7

-

(645,000

)
NET ASSETS 1,358,514 1,372,506

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 968,025 968,025
Retained earnings 390,389 404,381
SHAREHOLDERS' FUNDS 1,358,514 1,372,506

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





K Z Drazdzewska - Director


Skerritt Properties Limited (Registered number: 01787457)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Skerritt Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has net current liabilities and as such would be unable to discharge its liabilities were they to be called upon. In the directors' opinion the financial support of the parent and companies under common control will enable the company to continue for the foreseeable future and that the going concern basis, used in the preparation of these financial statements, is appropriate.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Skerritt Properties Limited (Registered number: 01787457)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 2,050,000
Additions 619,795
At 31 December 2023 2,669,795
NET BOOK VALUE
At 31 December 2023 2,669,795
At 31 December 2022 2,050,000

The freehold investment properties are held at the directors' estimate of open market value.


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 37 -
Other debtors 5,932 200
5,969 200

Other debtors includes prepayments and accrued income of £5,932 (2022 - £200).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 70,000
Trade creditors - 2,168
Amounts owed to group undertakings 42,827 38,027
Taxation and social security - 56,813
Other creditors 1,274,850 566,970
1,317,677 733,978

Creditors includes accruals and deferred income of £10,699 (2022 - £13,247).

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 645,000

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans - 715,000

The bank loan is secured on the investment property.

Skerritt Properties Limited (Registered number: 01787457)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Morris FCA (Senior Statutory Auditor)
for and on behalf of Torr Waterfield Limited

10. RELATED PARTY DISCLOSURES

Other related parties
31.12.23 31.12.22
£ £
Rental income from related parties 200,000 200,000
Amounts due to related parties 1,264,151 553,723

Other related parties are entities under common control.

Loan interest paid to related parties during the year amounted to £52,241 (2022: £NIL)