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Registered number: 14734703
B&L Skillen Property Investments Ltd
Unaudited Financial Statements
For the Period 16 March 2023 to 31 March 2024
Nijjer Accountants Ltd
Chartered Accountants
5-7 Station Road
Longfield
Kent
DA3 7QD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 14734703
31 March 2024
Notes £ £
FIXED ASSETS
Investment Properties 4 525,000
525,000
CURRENT ASSETS
Cash at bank and in hand 233
233
Creditors: Amounts Falling Due Within One Year 5 (151,897 )
NET CURRENT ASSETS (LIABILITIES) (151,664 )
TOTAL ASSETS LESS CURRENT LIABILITIES 373,336
Creditors: Amounts Falling Due After More Than One Year 6 (237,124 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (37,317 )
NET ASSETS 98,895
CAPITAL AND RESERVES
Called up share capital 7 100
Revaluation reserve 8 111,952
Profit and Loss Account (13,157 )
SHAREHOLDERS' FUNDS 98,895
Page 1
Page 2
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ben Skillen
Director
25 September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
B&L Skillen Property Investments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14734703 . The registered office is 16 Allen Close, Chatham, Kent, ME5 8LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.5. Debtors
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.
2.6. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the period was: NIL
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4. Investment Property
31 March 2024
£
Fair Value
As at 16 March 2023 -
Additions 375,731
Revaluations 149,269
As at 31 March 2024 525,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
31 March 2024
£
Cost 375,731
Accumulated depreciation and impairment 7,515
Carrying amount 368,216
5. Creditors: Amounts Falling Due Within One Year
31 March 2024
£
Other creditors 151,897
6. Creditors: Amounts Falling Due After More Than One Year
31 March 2024
£
Bank loans 237,124
7. Share Capital
31 March 2024
£
Allotted, Called up and fully paid 100
8. Reserves
Revaluation Reserve
£
Surplus on revaluation 111,952
As at 31 March 2024 111,952
Page 4