Limited Liability Partnership registration number OC346167 (England and Wales)
SKILLCROWN HOMES (UK) LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SKILLCROWN HOMES (UK) LLP
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 August 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
22,221,602
22,204,634
Current assets
Debtors
4
2,187,798
2,346,219
Cash at bank and in hand
66,607
32,020
2,254,405
2,378,239
Creditors: amounts falling due within one year
5
(1,596,031)
(6,160,321)
Net current assets/(liabilities)
658,374
(3,782,082)
Total assets less current liabilities
22,879,976
18,422,552
Creditors: amounts falling due after more than one year
6
(4,744,864)
-
Net assets attributable to members
18,135,112
18,422,552
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
2,900,000
2,900,000
Other amounts
4,976,512
5,280,917
7,876,512
8,180,917
Members' other interests
Other reserves classified as equity
10,258,600
10,241,635
18,135,112
18,422,552
Total members' interests
Amounts due from members
(1,759,080)
(1,014,080)
Loans and other debts due to members
7,876,512
8,180,917
Members' other interests
10,258,600
10,241,635
16,376,032
17,408,472
SKILLCROWN HOMES (UK) LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -

For the financial period ended 30 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the members and authorised for issue on 30 January 2025 and are signed on their behalf by:
30 January 2025
A S  Osman
Designated member
Limited Liability Partnership registration number OC346167 (England and Wales)
SKILLCROWN HOMES (UK) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Amounts due to members
5,280,917
Amounts due from members
(1,014,080)
Members' interests at 1 September 2023
10,241,635
2,900,000
4,266,837
7,166,837
17,408,472
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
649,095
649,095
649,095
Profit for the period available for discretionary division among members
16,965
-
-
-
16,965
Members' interests after profit and remuneration for the period
10,258,600
2,900,000
4,915,932
7,815,932
18,074,532
Drawings on account and distributions of profit
-
-
(1,698,500)
(1,698,500)
(1,698,500)
Members' interests at 30 April 2024
10,258,600
2,900,000
3,217,432
6,117,432
16,376,032
Amounts due to members
4,976,512
Amounts due from members, included in debtors
(1,759,080)
3,217,432
SKILLCROWN HOMES (UK) LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 4 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
4,593,746
Amounts due from members
(559,080)
Members' interests at 1 March 2022
9,253,457
2,900,000
4,034,666
6,934,666
16,188,123
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
1,539,636
1,539,636
1,539,636
Profit for the period available for discretionary division among members
988,178
-
-
-
988,178
Members' interests after profit and remuneration for the period
10,241,635
2,900,000
5,574,302
8,474,302
18,715,937
Drawings on account and distributions of profit
-
-
(1,307,465)
(1,307,465)
(1,307,465)
Members' interests at 30 April 2023
10,241,635
2,900,000
4,266,837
7,166,837
17,408,472
Amounts due to members
5,280,917
Amounts due from members, included in debtors
(1,014,080)
4,266,837
SKILLCROWN HOMES (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Skillcrown Homes (UK) LLP is a limited liability partnership incorporated in England and Wales. The registered office is Terrance House, 151 Hastings Road, Bromley, Kent, BR2 8NQ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The financial year end of the company was changed from 31 August to 30 April. Accordingly, the current financial statements are prepared for the 8 months from 1 September 2023 to 30 April 2024 and as a result, the comparative figures stated in the statement of comprehensive income, statement of financial position, reconciliation of members' interests and the related notes may not be comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" (published December 2018). The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

The members have prepared detailed cash flow forecasts for the partnership and its parent company (the “group”) covering the period to 31 January 2026. These forecasts show that the group will have adequate cash resources to enable it to pay its debts as they fall due for at least that period.

 

Accordingly, the members have, after careful consideration, concluded that it is appropriate to prepare these financial statements on the going concern basis as the partnership will be able to pay its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements.

1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

 

Turnover in respect of rental income is recognised over the period to which it relates.

 

Turnover in respect of car park income is recognised on receipt of income.

SKILLCROWN HOMES (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

SKILLCROWN HOMES (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors (including accruals), bank loans and loans from related companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

SKILLCROWN HOMES (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 8 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 September 2023
22,204,634
Net gains or losses through fair value adjustments
16,968
At 30 April 2024
22,221,602

Investment property comprises freehold buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2024 by the members. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The investment property is stated in the financial statements net of a rent free debtor which is included in other debtors in accordance with operating lease incentive accounting under FRS102.

SKILLCROWN HOMES (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 9 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,373
8,547
Amounts owed by members
1,759,080
1,014,080
Other debtors
136,795
1,057,053
1,921,248
2,079,680
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
266,550
266,539
Total debtors
2,187,798
2,346,219
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
265,384
5,068,550
Trade creditors
2,987
6,429
Taxation and social security
163,271
188,695
Other creditors
1,164,389
896,647
1,596,031
6,160,321

Bank loans of £265,384 (31 August 2023: £5,068,550) are secured by a fixed and floating charge over the assets of the partnership.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,744,864
-

Bank loans of £4,744,864 (31 August 2023: £-) are secured by a fixed and floating charge over the assets of the partnership.

7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

SKILLCROWN HOMES (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 10 -
8
Financial commitments, guarantees and contingent liabilities

The LLP has provided guarantees totalling £5,814,000 (31 August 2023: £5,014,000) in respect of loans provided to Skillcrown Holdings Limited.

 

The partnership is included in a group registration for VAT purposes and is therefore jointly and severally liable for all other group companies' unpaid debts in this connection.

9
Operating lease commitments
Lessor

At the reporting end date the limited liability partnership had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
1,322,890
1,332,490
Between two and five years
5,254,576
5,292,154
In over five years
9,246,177
9,753,695
15,823,643
16,378,339

 

10
Related party transactions
Transactions with related parties

During the period the limited liability partnership entered into the following transactions with related parties:

Entities under common control
2024
2023
£
£
Expenses paid by
27,574
163
Management charges from
10,000
22,500
Loans to
500,000
365,000

The following amounts were outstanding at the reporting end date and included in debtors:

2024
2023
Amounts due from related parties
£
£
Entities under common control
-
991,074
SKILLCROWN HOMES (UK) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 11 -
11
Parent company

The smallest groups in which the results of the company are consolidated is that headed by Skillcrown Holdings (2018) Limited. The consolidated accounts of Skillcrown Holdings (2018) Limited are available form its registered office, Terrance House, 151 Hastings Road, Bromley, Kent, BR2 8NQ.

The ultimate controlling party is Y Osman by virtue of his shareholding in Skillcrown Holdings (2018) Limited.

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