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REGISTERED NUMBER: 14088881 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

SKYBUS HOMES LIMITED

SKYBUS HOMES LIMITED (REGISTERED NUMBER: 14088881)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

SKYBUS HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: S A Watts
L Watts





REGISTERED OFFICE: 80 Richmond Park Avenue
Bournemouth
United Kingdom
Dorset
BH8 9DR





REGISTERED NUMBER: 14088881 (England and Wales)





ACCOUNTANTS: Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

SKYBUS HOMES LIMITED (REGISTERED NUMBER: 14088881)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,248,273 343,914

CURRENT ASSETS
Debtors 5 5,604 6,000
Cash at bank and in hand 5,594 3,031
11,198 9,031
CREDITORS
Amounts falling due within one year 6 597,619 600
NET CURRENT (LIABILITIES)/ASSETS (586,421 ) 8,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

661,852

352,345

CREDITORS
Amounts falling due after more than one
year

7

677,481

352,429
NET LIABILITIES (15,629 ) (84 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (15,631 ) (86 )
(15,629 ) (84 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SKYBUS HOMES LIMITED (REGISTERED NUMBER: 14088881)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:





S A Watts - Director


SKYBUS HOMES LIMITED (REGISTERED NUMBER: 14088881)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Skybus Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Despite creditors exceeding debtors the accounts have been prepared on a going concern basis as the directors have indicated that they will continue to support the company.

Turnover
Turnover represents rental income receivable during the period.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

In accordance with the provisions of FRS 102 freehold investment buildings are not depreciated.

This is in contravention to the Companies Act 2006 which requires all tangible fixed assets to be depreciated. The directors are of the opinion that this departure from the Companies Act 2006 is needed to present a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SKYBUS HOMES LIMITED (REGISTERED NUMBER: 14088881)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 343,914
Additions 904,359
At 31 May 2024 1,248,273
NET BOOK VALUE
At 31 May 2024 1,248,273
At 31 May 2023 343,914

The investment property is currently included at original cost. The directors have considered the fair value of the property as at 31 May 2024 and they believe that the original cost is a reasonable estimate.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 5,604 6,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 597,619 600

SKYBUS HOMES LIMITED (REGISTERED NUMBER: 14088881)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 432,049 200,999
Other creditors 245,432 151,430
677,481 352,429

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 432,049 200,999

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 432,049 200,999

The bank loan is secured against the investment property.

9. RELATED PARTY DISCLOSURES

At the year end the company had received loans from the directors of £597,000 (2023 - £nil). This is a non interest bearing loan on which no terms of repayment have been agreed.

Skybus Ltd

A company under common control.

The amount due to Skye's Ltd at the balance sheet date was £245,432 (2023 - £151,430). Interest is being charged on this balance at a rate considered below market value.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SKYBUS HOMES LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Skybus Homes Limited for the year ended 31 May 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Skybus Homes Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Skybus Homes Limited and state those matters that we have agreed to state to the Board of Directors of Skybus Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skybus Homes Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Skybus Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Skybus Homes Limited. You consider that Skybus Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Skybus Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE


21 February 2025