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Registration number: 11961431

Scorpio Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Scorpio Properties Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Scorpio Properties Limited

(Registration number: 11961431)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

124

169

Investment property

5

1,128,986

1,058,248

 

1,129,110

1,058,417

Current assets

 

Debtors

6

30,018

17,308

Cash at bank and in hand

 

53,147

485,935

 

83,165

503,243

Creditors: Amounts falling due within one year

7

(7,038)

(360,632)

Net current assets

 

76,127

142,611

Net assets

 

1,205,237

1,201,028

Capital and reserves

 

Called up share capital

8

200

200

Share premium reserve

1,247,765

1,247,765

Profit and loss account

(42,728)

(46,937)

Shareholders' funds

 

1,205,237

1,201,028

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 



 

Mr D Norris
Director

 

Scorpio Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
68 Oxhey Road
Watford
WD19 4QQ

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention 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.

The presentation currency is sterling.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises management and rental income received or receivable and the proceeds of property sales in the ordinary course of the company's activities.

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.

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

 

Scorpio Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

At 1 May 2023

180

180

At 30 April 2024

180

180

Depreciation

At 1 May 2023

11

11

Charge for the year

45

45

At 30 April 2024

56

56

Net book value

At 30 April 2024

124

124

At 30 April 2023

169

169

5

Investment property

2024
£

2023
£

At 1 May

1,058,248

1,765,000

Additions

340,738

338,248

Disposals

(270,000)

(1,045,000)

At 30 April

1,128,986

1,058,248

The directors have reviewed the market value of the properties using current market data for similar properties in the same areas and consider that there is no significant change at the balance sheet date.

 

Scorpio Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Trade debtors

163

58

Other debtors

29,649

17,149

Prepayments

206

101

30,018

17,308

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

3,237

741

Other creditors

1,124

1,083

Other loans

-

326,334

Accruals

2,677

32,474

7,038

360,632

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £0.01 each

20,000

200

20,000

200

         

9

Related party transactions

Directors’ advances

The company provided the directors with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. During the year £48,937 (2023 - £nil) was advanced and £39,231 (2023 - £nil) was repaid.

Advances were unsecured and interest has been charged at HMRC's beneficial loan interest rate.