REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2023 TO 31 MARCH 2024 |
FOR |
COVENTRY SKYLINE DEVELOPMENTS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2023 TO 31 MARCH 2024 |
FOR |
COVENTRY SKYLINE DEVELOPMENTS LTD |
COVENTRY SKYLINE DEVELOPMENTS LTD (REGISTERED NUMBER: 09419630) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 August 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
COVENTRY SKYLINE DEVELOPMENTS LTD |
COMPANY INFORMATION |
for the period 1 August 2023 to 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Coventry University |
Technology Park |
Puma Way |
Coventry |
CV1 2TT |
COVENTRY SKYLINE DEVELOPMENTS LTD (REGISTERED NUMBER: 09419630) |
STATEMENT OF FINANCIAL POSITION |
31 March 2024 |
31.3.24 | 31.7.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
COVENTRY SKYLINE DEVELOPMENTS LTD (REGISTERED NUMBER: 09419630) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 August 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Coventry Skyline Developments Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Significant judgements |
There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the letting of student accomodation stated net of discounts. |
Financial instruments |
The company holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortisied cost. |
Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. |
COVENTRY SKYLINE DEVELOPMENTS LTD (REGISTERED NUMBER: 09419630) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 August 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2023 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.7.23 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.7.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
COVENTRY SKYLINE DEVELOPMENTS LTD (REGISTERED NUMBER: 09419630) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 August 2023 to 31 March 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
The company is in receipt of a Coronavirus business interruption loan. The lender has been provided with a partial guarantee from the UK Government. |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.7.23 |
£ | £ |
Bank loans |
The company is in receipt of a Coronavirus business interruption loan. The lender has been provided with a partial guarantee from the UK Government. |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.7.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.7.23 |
value: | £ | £ |
Ordinary | 300 | 300 | 300 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | OTHER FINANCIAL COMMITMENTS |
The company has provided a cross guarantee in respect of bank loans of £21 million advanced to Coventry Parkside Developments LLP by way of a fixed and floating charge over assets held by the company. |
COVENTRY SKYLINE DEVELOPMENTS LTD (REGISTERED NUMBER: 09419630) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 August 2023 to 31 March 2024 |
11. | RELATED PARTY DISCLOSURES |
The company has a major interest in the property and paid rent amounting to £1,100,000 (2023 - £1,650,000) to Coventry Parkside Developments LLP, a LLP under common ownership. |
The total balance owed by related parties who are under common control is £777,953 (2023 - £953,153). |