Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Hon M A Morrison GCVO Mr M S Thorpe 01/02/2017 29 October 2024 The principle activity of the company is that of property investment. 01075183 2024-01-31 01075183 bus:Director2 2024-01-31 01075183 2023-01-31 01075183 core:CurrentFinancialInstruments 2024-01-31 01075183 core:CurrentFinancialInstruments 2023-01-31 01075183 core:ShareCapital 2024-01-31 01075183 core:ShareCapital 2023-01-31 01075183 core:RetainedEarningsAccumulatedLosses 2024-01-31 01075183 core:RetainedEarningsAccumulatedLosses 2023-01-31 01075183 2023-02-01 2024-01-31 01075183 bus:FilletedAccounts 2023-02-01 2024-01-31 01075183 bus:SmallEntities 2023-02-01 2024-01-31 01075183 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 01075183 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 01075183 bus:Director1 2023-02-01 2024-01-31 01075183 bus:Director2 2023-02-01 2024-01-31 01075183 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 01075183 (England and Wales)

SKERROLS PROPERTY COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

SKERROLS PROPERTY COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

SKERROLS PROPERTY COMPANY LIMITED

BALANCE SHEET

As at 31 January 2024
SKERROLS PROPERTY COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 2,120,000 2,120,000
2,120,000 2,120,000
Current assets
Debtors 4 22,178 7,711
Cash at bank and in hand 76,030 284,576
98,208 292,287
Creditors: amounts falling due within one year 5 ( 20,710) ( 29,358)
Net current assets 77,498 262,929
Total assets less current liabilities 2,197,498 2,382,929
Net assets 2,197,498 2,382,929
Capital and reserves
Called-up share capital 1,625 1,625
Profit and loss account 2,195,873 2,381,304
Total shareholders' funds 2,197,498 2,382,929

Included within the profit and loss account reserves is £168,042 (2023: £168,042) of non-distributable reserves.

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Skerrols Property Company Limited (registered number: 01075183) were approved and authorised for issue by the Board of Directors on 29 October 2024. They were signed on its behalf by:

Mr M S Thorpe
Director
SKERROLS PROPERTY COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
SKERROLS PROPERTY COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Skerrols Property Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is:
The Pavilion
Botleigh Grange Business Park
Hedge End
Southampton
SO30 2AF
United Kingdom

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rent receivable for the year, stated after deduction of value added tax. Rental income is recognised in the period to which it relates. Rent received in advance is deferred and presented within accruals and deferred income in creditors. Rent not received but that has been invoiced by the period end is included in trade debtors.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Investment property

Investment property
£
Valuation
As at 01 February 2023 2,120,000
As at 31 January 2024 2,120,000

The investment properties were revalued on 31 January 2019 by Brackenridge Hanson Tate, Savills and John Arkwright & Co, RICS qualified surveyors who are external to the company. The basis of valuation was open market value.

4. Debtors

2024 2023
£ £
Other debtors 22,178 7,711

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 1,675
Corporation tax 0 12,483
Other creditors 20,710 15,200
20,710 29,358