Registered number
01698776
Scillonian Holdings Limited
Filleted Accounts
31 March 2024
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 .
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