Company registration number 08751790 (England and Wales)
SKILLCROWN HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SKILLCROWN HOLDINGS LIMITED
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
20,101,457
20,087,270
Investments
4
7,675,128
7,979,533
27,776,585
28,066,803
Current assets
Debtors falling due after more than one year
5
475,872
467,686
Debtors falling due within one year
5
3,579,231
2,383,620
Cash at bank and in hand
38,154
3,232
4,093,257
2,854,538
Creditors: amounts falling due within one year
6
(12,549,331)
(4,620,605)
Net current liabilities
(8,456,074)
(1,766,067)
Total assets less current liabilities
19,320,511
26,300,736
Creditors: amounts falling due after more than one year
7
(1,600,000)
(9,183,622)
Provisions for liabilities
(459,678)
(459,678)
Net assets
17,260,833
16,657,436
Capital and reserves
Called up share capital
96
96
Revaluation reserve
1,393,220
1,379,033
Profit and loss reserves
15,867,517
15,278,307
Total equity
17,260,833
16,657,436
SKILLCROWN HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
For the financial period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
A S Osman
Director
Company registration number 08751790 (England and Wales)
SKILLCROWN HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
96
13,038,657
13,038,753
Period ended 31 August 2023:
Profit and total comprehensive income
-
-
3,618,683
3,618,683
Transfers
-
1,379,033
(1,379,033)
-
Balance at 31 August 2023
96
1,379,033
15,278,307
16,657,436
Period ended 30 April 2024:
Profit and total comprehensive income
-
-
603,397
603,397
Transfers
-
14,187
(14,187)
-
Balance at 30 April 2024
96
1,393,220
15,867,517
17,260,833
SKILLCROWN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Skillcrown Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Terrance House, 151 Hastings Road, Bromley, Kent, BR2 8NQ.
1.1
Reporting period
The financial year end of the company was changed from 31 August to 30 April 2024. Accordingly, the current financial statements are prepared for 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, statement of changes in equity 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 requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 company. 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. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover in respect of rental income and service charges is recognised over the period to which it relates.
1.4
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.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 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.
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 company 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SKILLCROWN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
4
4
The directors received remuneration of £Nil (18 months to 31 August 2023: £Nill) during the period.
3
Investment property
2024
£
Fair value
At 1 September 2023
20,087,270
Revaluations
14,187
At 30 April 2024
20,101,457
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 directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
7,675,128
7,979,533
SKILLCROWN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023
7,979,533
Share of retained profit for the period
649,095
Drawings
(953,500)
At 30 April 2024
7,675,128
Carrying amount
At 30 April 2024
7,675,128
At 31 August 2023
7,979,533
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,365
623
Corporation tax recoverable
26,556
Other debtors
3,574,866
2,356,441
3,579,231
2,383,620
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
475,872
467,686
Total debtors
4,055,103
2,851,306
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,260,203
232,074
Trade creditors
28,147
24,549
Corporation tax
372,191
224,382
Other taxation and social security
211,402
53,875
Other creditors
2,677,388
4,085,725
12,549,331
4,620,605
SKILLCROWN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
6
Creditors: amounts falling due within one year
(Continued)
- 8 -
Bank loans of £9,260,203 (31 August 2023: £232,074) are secured by a fixed and floating charge over the assets of the company and a cross guarantee provided by Skillcrown Homes (UK) LLP (see note 8).
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,600,000
9,183,622
Bank loans of £1,600,000 (31 August 2023: £9,183,622) are secured by a fixed and floating charge over the assets of the company and a cross guarantee provided by Skillcrown Homes (UK) LLP (see note 8).
8
Financial commitments, guarantees and contingent liabilities
Skillcrown Homes (UK) LLP has provided guarantees totalling £5,814,000 (31 August 2023: £5,814,000) in respect of loans taken out by the company.
The company 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.
SKILLCROWN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 9 -
9
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
Within one year
1,038,000
1,038,000
Between two and five years
4,152,000
4,152,000
In over five years
18,159,659
18,851,659
23,349,659
24,041,659
10
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Entities under common control
30 April 2024
31 August 2023
£
£
Costs recharged from
2,373
-
Managemant charges from
10,000
23,750
Express paid on behalf of
13
67,986
Construction contracts
-
1,009,690
Loans to / (from)
465,600
377,389
The following amounts were outstanding at the reporting end date and included in creditors:
30 April 2024
31 August 2023
Amounts due to related parties
£
£
Entities under common control
2,357,437
1,534,293
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
906,947
2,410,989
SKILLCROWN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 10 -
11
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loans
-
-
2,600,000
2,600,000
-
2,600,000
2,600,000
12
Parent company
The parent company of Skillcrown Holdings Limited is Skillcrown Holdings (2018) Limited and its registered office is, 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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