Scillonian Holdings Limited |
|
Balance Sheet as at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
3,940,875 |
|
|
3,940,141 |
|
Current assets |
Debtors |
4 |
|
4,744 |
|
|
6,130 |
Investments held as current assets |
5 |
|
2,600 |
|
|
3,362 |
Cash at bank and in hand |
|
|
79,476 |
|
|
137,510 |
|
|
|
86,820 |
|
|
147,002 |
|
Creditors: amounts falling due within one year |
6 |
|
(845,802) |
|
|
(115,984) |
|
Net current (liabilities)/assets |
|
|
|
(758,982) |
|
|
31,018 |
|
Total assets less current liabilities |
|
|
|
3,181,893 |
|
|
3,971,159 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
- |
|
|
(800,015) |
|
Provisions for liabilities |
Deferred taxation |
|
|
|
(412,577) |
|
|
(412,271) |
|
|
Net assets |
|
|
|
2,769,316 |
|
|
2,758,873 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
509,552 |
|
|
509,552 |
Profit and loss account |
|
|
|
2,259,764 |
|
|
2,249,321 |
|
Shareholders' funds |
|
|
|
2,769,316 |
|
|
2,758,873 |
|
|
|
|
|
|
|
|
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 Holdings 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 on the letting of the company's properties. |
|
|
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 |
|
Equipment |
25% per annum on a reducing balance |
|
Fixtures and fittings |
20% per annum on a reducing balance |
|
Computer |
20% per annum on a reducing balance |
|
|
|
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. |
|
Leased assets |
|
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rentals payable is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. All other leases are classified as operating leases and the lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
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 properties |
|
Fixtures,fittings and equipment |
|
Total |
£ |
£ |
£ |
|
Cost/Fair value |
|
At 1 April 2023 |
3,918,204 |
|
88,894 |
|
4,007,098 |
|
Additions |
- |
|
6,512 |
|
6,512 |
|
At 31 March 2024 |
3,918,204 |
|
95,406 |
|
4,013,610 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2023 |
- |
|
66,957 |
|
66,957 |
|
Charge for the year |
- |
|
5,778 |
|
5,778 |
|
At 31 March 2024 |
- |
|
72,735 |
|
72,735 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
3,918,204 |
|
22,671 |
|
3,940,875 |
|
At 31 March 2023 |
3,918,204 |
|
21,937 |
|
3,940,141 |
|
|
The freehold investment properties were valued as at 31 March 2024 by a director of the company, Mr R T Jackman. The historical cost of the investment properties was £1,841,515. |
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
4,744 |
|
6,130 |
|
|
|
|
|
|
|
|
|
|
|
5 |
Investments held as current assets |
2024 |
|
2023 |
£ |
£ |
|
Fair value |
|
Listed investments |
2,600 |
|
3,362 |
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in fair value included in the profit and loss account for the financial year |
|
Listed investments |
(762) |
|
(679) |
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loan (secured) |
720,037 |
|
- |
|
Trade creditors |
15,031 |
|
19,539 |
|
Corporation tax |
2,650 |
|
1,690 |
|
Other taxes and social security costs |
2,067 |
|
2,007 |
|
Other creditors |
59,624 |
|
62,344 |
|
Directors loans |
46,393 |
|
30,404 |
|
|
|
|
|
|
845,802 |
|
115,984 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after more than one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loan (secured) |
- |
|
800,015 |
|
|
|
|
|
|
|
|
|
|
8 |
Bank loan |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loan |
720,037 |
|
800,015 |
|
|
|
|
|
|
|
|
|
|
The bank loan totalling £720,037 is secured on the assets of the company. |
|
|
9 |
Other financial commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
24,251 |
|
13,174 |
|
|
|
|
|
|
|
|
|
|
10 |
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 on his eventual retirement Mr Jackman should be awarded a bonus representative of these efforts. The amount agreed by the Board at that time is currently computed to be £557,067 . |