Registered number
01776688
Scillonian Properties Limited
Filleted Accounts
31 March 2024
Scillonian Properties Limited
Balance Sheet as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 460,015 458,785
Current assets
Debtors 4 48,715 52,696
Cash at bank and in hand 2,207 4,461
50,922 57,157
Creditors: amounts falling due within one year 5 (26,687) (27,099)
Net current assets 24,235 30,058
Total assets less current liabilities 484,250 488,843
Provisions for liabilities
Deferred taxation (62,575) (62,341)
Net assets 421,675 426,502
Capital and reserves
Called up share capital 100 100
Profit and loss account 421,575 426,402
Shareholders' funds 421,675 426,502
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………..
R T Jackman
Director
Approved by the board on 20 November 2024
Scillonian Properties Limited
Notes to the Accounts
For the Year Ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified to include the revaluation of certain assets and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value of rental income receivable for the year.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation has been provided at the following rates in order to write off the cost, less estimated residual value, of each asset evenly over its expected useful life:
Motor vehicles 20% per annum on a reducing balance basis
Fixtures and fittings 10% per annum on a reducing balance basis
Office equipment 25% per annum on a reducing balance basis
Freehold investment properties
Investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.
Government Grants
Government grants received as compensation for expenses or losses incurred are recognised in the profit and loss account when receivable.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company
(excluding directors) 1 1
3 Tangible fixed assets
Freehold Investment property Motor vehicles Fixtures, fittings and equipment Total
£ £ £ £
Cost/Fair Value
At 1 April 2023 450,000 1,100 26,114 477,214
Additions - 2,800 515 3,315
Disposals - (1,100) - (1,100)
At 31 March 2024 450,000 2,800 26,629 479,429
Depreciation
At 1 April 2023 - 537 17,892 18,429
Charge for the year - 560 962 1,522
On disposals - (537) - (537)
At 31 March 2024 - 560 18,854 19,414
Net book value
At 31 March 2024 450,000 2,240 7,775 460,015
At 31 March 2023 450,000 563 8,222 458,785
The freehold investment property was valued as at 31 March 2024 by a director of the company, Mr R T Jackman. The historical cost of the investment property was £45,266.
4 Debtors 2024 2023
£ £
Trade debtors 2,371 1,352
Other debtors 46,344 51,344
48,715 52,696
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,590 6,010
Deposits in advance 19,041 19,169
Other taxes and social security costs 448 187
Directors loan 1,608 1,733
26,687 27,099
6 Contingent liabilities
It was agreed by the Board of Directors that the Managing Director and Chairman, Mr R T Jackman, should be rewarded for his efforts and input into the company affairs during his many years in office. It was agreed that on his eventual retirement, Mr. Jackman should be awarded a bonus representative of these efforts. The amount to be agreed by the Board at that time is currently computed to be £168,161. .
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