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Registered number: 12035594










SKY-HOUSE CO. (OUGHTIBRIDGE MILL) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SKY-HOUSE CO. (OUGHTIBRIDGE MILL) LIMITED
REGISTERED NUMBER:12035594

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,192
15,467

Current assets
  

Stocks
  
4,744,092
4,111,489

Debtors: amounts falling due within one year
 5 
79,463
151,549

Cash at bank and in hand
  
5,719
1,240,501

  
4,829,274
5,503,539

Creditors: amounts falling due within one year
 6 
(4,728,457)
(4,912,381)

Net current assets
  
 
 
100,817
 
 
591,158

Total assets less current liabilities
  
113,009
606,625

Creditors: amounts falling due after more than one year
 7 
(11,668)
(21,667)

Provisions for liabilities
  

Deferred tax
 8 
(3,048)
(3,867)

Net assets
  
98,293
581,091


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
98,193
580,991

  
98,293
581,091


Page 1

 
SKY-HOUSE CO. (OUGHTIBRIDGE MILL) LIMITED
REGISTERED NUMBER:12035594
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2025.




D B Cross
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SKY-HOUSE CO. (OUGHTIBRIDGE MILL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Sky-House Co. (Oughtibridge Mill) Limited is a private company limited by shares, incorporated in England and Wales (registered number: 12035594). Its registered office is First Floor Unit F, 150 Little London Road, Sheffield, South Yorkshire, S8 0UJ. The principal activity throughout the year continued to be that of domestic building construction.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentaion currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
SKY-HOUSE CO. (OUGHTIBRIDGE MILL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value.
(a) Land held for and under development
Land held for and under development includes purchase costs and costs directly attributable to enhancing land value.
(b) Work in progress
House developments in progress are valued at the lower of cost and net realisable value. Cost comprises direct expenditure, together with an appropriate proportion of production overheads, excluding borrowing costs. Net realisable value represents the estimated amount at which stock could be realised after allowing for costs of completion and realisation.

 
2.6

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 
SKY-HOUSE CO. (OUGHTIBRIDGE MILL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,  the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
SKY-HOUSE CO. (OUGHTIBRIDGE MILL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 April 2023
17,607


Additions
1,127



At 31 March 2024

18,734



Depreciation


At 1 April 2023
2,140


Charge for the year on owned assets
4,402



At 31 March 2024

6,542



Net book value



At 31 March 2024
12,192



At 31 March 2023
15,467

Page 6

 
SKY-HOUSE CO. (OUGHTIBRIDGE MILL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Other debtors
79,463
151,549



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Other loans
957,782
2,732,061

Trade creditors
209,187
1,378,156

Amounts owed to group undertakings
2,150,561
545,982

Corporation tax
-
132,521

Other creditors
1,398,177
111,161

Accruals and deferred income
2,750
2,500

4,728,457
4,912,381


Amounts held in other loans are secured via fixed and floating charges over the assets, property, and undertaking, both present and future, of the Company. The loans were fully repaid after the year-end, and the associated charges were satisfied on 17 September 2024.
Included within bank loans is a Government-backed Bounce Back Loan, which is unsecured.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,668
21,667


Included within bank loans due after more than one year is a Government-backed Bounce Back Loan, which is unsecured.

Page 7

 
SKY-HOUSE CO. (OUGHTIBRIDGE MILL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024


£






At beginning of year
3,867


Utilised in year
(819)



At end of year
3,048

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
3,048
3,867


9.


Controlling party

Sky-House Co. (Oughtibridge Mill) Limited is jointly controlled by Harp Property Investments Limited whose registered address is Unit C4 Centenary Business Park, 150 Little London Road, Sheffield, S8 0UJ. and Crossbow Investments Limited whose registered address is First Floor Unit F, 150 Little London Road, Sheffield, S8 0UJ.

 
Page 8