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Registration number: 13875239

Busysky (Sutherland Street) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Busysky (Sutherland Street) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Busysky (Sutherland Street) Ltd

Company Information

Director

J J P Priestley

Registered office

Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

Accountants

CHF Accountancy Limited
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

 

Busysky (Sutherland Street) Ltd

(Registration number: 13875239)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

2,339,160

2,339,160

Current assets

 

Debtors

5

63,054

49,124

Cash at bank and in hand

 

17,779

76

 

80,833

49,200

Creditors: Amounts falling due within one year

6

(133,242)

(89,472)

Net current liabilities

 

(52,409)

(40,272)

Total assets less current liabilities

 

2,286,751

2,298,888

Creditors: Amounts falling due after more than one year

6

(1,401,193)

(1,446,426)

Net assets

 

885,558

852,462

Capital and reserves

 

Called up share capital

7

829,560

829,560

Retained earnings

55,998

22,902

Shareholders' funds

 

885,558

852,462

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 February 2025
 

.........................................
J J P Priestley
Director

 

Busysky (Sutherland Street) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD
United Kingdom

These financial statements were authorised for issue by the director on 4 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents rent received from operating leases, which is recognised on a straight line basis
over the period of the lease.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. Changes in fair value are recognised in profit or loss

 

Busysky (Sutherland Street) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Busysky (Sutherland Street) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 February

2,339,160

At 31 January

2,339,160

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5

Debtors

Current

2024
£

2023
£

Trade debtors

17,738

17,468

Prepayments

2,308

1,442

Other debtors

43,008

30,214

 

63,054

49,124

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

45,233

42,715

Trade creditors

 

2,842

662

Taxation and social security

 

22,384

9,030

Accruals and deferred income

 

59,976

37,065

Other creditors

 

2,807

-

 

133,242

89,472

 

Busysky (Sutherland Street) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,401,193

1,446,426

2024
£

2023
£

Due after more than five years

After more than five years by instalments

1,191,984

1,248,860

-

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

829,560

829,560

829,560

829,560

       
 

Busysky (Sutherland Street) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,401,193

1,446,426

Current loans and borrowings

2024
£

2023
£

Bank borrowings

45,233

42,715

Bank borrowings

Bank loan is denominated in £ GB with a nominal interest rate of 5.74%, and the final instalment is due on 19 July 2042. The carrying amount at year end is £1,446,426 (2023 - £1,489,142).

The bank loan is secured by a charge on the company's investment property.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

£1,191,984 of the bank loan is repayable by instalments falling due after more than 5 years.

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company's investment property was transferred to Busysky (Sutherland Street) Ltd at market value during the year ended 31 January 2023 from Busysky Holdings Limited, a company under common control,

During the year, BusySky Limited, a company under common control, collected rental income and paid expenses on behalf of Busysky (Sutherland Street) Ltd. A balance of £36,442 (2023 : £23,875) was owed to Busysky (Sutherland Street) Lid at 31 January 2024 and is included in other debtors.