Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-312024-03-319false2023-04-01Domestic Building Construction5falsefalsefalse 12035504 2023-04-01 2024-03-31 12035504 2022-04-01 2023-03-31 12035504 2024-03-31 12035504 2023-03-31 12035504 2022-04-01 12035504 c:Director1 2023-04-01 2024-03-31 12035504 c:Director2 2023-04-01 2024-03-31 12035504 c:Director3 2023-04-01 2024-03-31 12035504 c:Director4 2023-04-01 2024-03-31 12035504 c:Director5 2023-04-01 2024-03-31 12035504 c:Director5 2024-03-31 12035504 c:RegisteredOffice 2023-04-01 2024-03-31 12035504 c:Agent1 2023-04-01 2024-03-31 12035504 c:Agent2 2023-04-01 2024-03-31 12035504 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 12035504 d:Buildings d:LongLeaseholdAssets 2024-03-31 12035504 d:Buildings d:LongLeaseholdAssets 2023-03-31 12035504 d:MotorVehicles 2023-04-01 2024-03-31 12035504 d:FurnitureFittings 2023-04-01 2024-03-31 12035504 d:FurnitureFittings 2024-03-31 12035504 d:FurnitureFittings 2023-03-31 12035504 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12035504 d:OfficeEquipment 2023-04-01 2024-03-31 12035504 d:OfficeEquipment 2024-03-31 12035504 d:OfficeEquipment 2023-03-31 12035504 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12035504 d:ComputerEquipment 2023-04-01 2024-03-31 12035504 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12035504 d:CurrentFinancialInstruments 2024-03-31 12035504 d:CurrentFinancialInstruments 2023-03-31 12035504 d:Non-currentFinancialInstruments 2024-03-31 12035504 d:Non-currentFinancialInstruments 2023-03-31 12035504 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12035504 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12035504 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 12035504 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12035504 d:ShareCapital 2024-03-31 12035504 d:ShareCapital 2023-03-31 12035504 d:ShareCapital 2022-04-01 12035504 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 12035504 d:RetainedEarningsAccumulatedLosses 2024-03-31 12035504 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 12035504 d:RetainedEarningsAccumulatedLosses 2023-03-31 12035504 d:RetainedEarningsAccumulatedLosses 2022-04-01 12035504 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 12035504 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 12035504 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 12035504 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 12035504 d:RetirementBenefitObligationsDeferredTax 2024-03-31 12035504 d:RetirementBenefitObligationsDeferredTax 2023-03-31 12035504 c:OrdinaryShareClass1 2023-04-01 2024-03-31 12035504 c:OrdinaryShareClass1 2024-03-31 12035504 c:OrdinaryShareClass1 2023-03-31 12035504 c:OrdinaryShareClass2 2023-04-01 2024-03-31 12035504 c:OrdinaryShareClass2 2024-03-31 12035504 c:OrdinaryShareClass2 2023-03-31 12035504 c:OrdinaryShareClass3 2023-04-01 2024-03-31 12035504 c:OrdinaryShareClass3 2024-03-31 12035504 c:OrdinaryShareClass3 2023-03-31 12035504 c:OrdinaryShareClass4 2023-04-01 2024-03-31 12035504 c:OrdinaryShareClass4 2024-03-31 12035504 c:OrdinaryShareClass4 2023-03-31 12035504 c:FRS102 2023-04-01 2024-03-31 12035504 c:Audited 2023-04-01 2024-03-31 12035504 c:FullAccounts 2023-04-01 2024-03-31 12035504 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12035504 d:Subsidiary1 2023-04-01 2024-03-31 12035504 d:Subsidiary1 1 2023-04-01 2024-03-31 12035504 d:Subsidiary2 2023-04-01 2024-03-31 12035504 d:Subsidiary2 1 2023-04-01 2024-03-31 12035504 d:Subsidiary3 2023-04-01 2024-03-31 12035504 d:Subsidiary3 1 2023-04-01 2024-03-31 12035504 d:Subsidiary4 2023-04-01 2024-03-31 12035504 d:Subsidiary4 1 2023-04-01 2024-03-31 12035504 d:Subsidiary5 2023-04-01 2024-03-31 12035504 d:Subsidiary5 1 2023-04-01 2024-03-31 12035504 c:Consolidated 2024-03-31 12035504 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 12035504 6 2023-04-01 2024-03-31 12035504 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12035504










SKY-HOUSE CO. LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SKY-HOUSE CO. LIMITED
 
 
COMPANY INFORMATION


Directors
I Bower 
D Cross 
P Prince 
R Prince 
M Rosindale (resigned 11 February 2025)




Registered number
12035504



Registered office
Hope Works 25 Mowbray Street

Sheffield

S3 8EL




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

Cedar House

63 Napier Street

Sheffield

South Yorkshire

S11 8HA




Bankers
Lloyds Bank





Santander UK plc





 
SKY-HOUSE CO. LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9
Company balance sheet
 
10 - 11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 35


 
SKY-HOUSE CO. LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present their Strategic Report for the year ended 31 March 2024.

Business review
 
The principal activity of Group is that of domestic building construction.
The Group’s key financial indicators during the year were turnover, gross margin and profit. 
Turnover increased to £8,245,382, a marginal decrease on the position at 31 March 2023. 
Gross margin of 7.0% (2023: 8.5%) was achieved, and an overall net loss, after taxation of £126,865 (2023: loss of £4,010). This is reflective of where the Group are on the development cycle. Looking ahead to the new financial year, a number of developments are nearing completion, with plots becoming available for sale.

Principal risks and uncertainties
 
Economic Risks
Demand for houses is closely linked to general economic conditions and therefore depressed economic conditions may have a detrimental impact on the demand for and the pricing of our houses, as well as the availability of mortgages, resulting in potentially reduced sales and profits.
Raw Material Price Risks
Inflationary increases and shortages of supply of raw materials could lead to increases in raw material prices resulting in reduced gross margins and profits.
Legislative Risks
Changes in government policy or legislation relating to planning and the environment could affect our operating costs and our ability to obtain materials.
Weather Risks
Periods of inclement weather can cause delays in construction and thereby could potentially increase costs and reduce profits.


This report was approved by the board on 3 April 2025 and signed on its behalf.



I Bower
Director

Page 1

 
SKY-HOUSE CO. LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The directors who served during the year were:

I Bower 
D Cross 
P Prince 
R Prince 
M Rosindale (resigned 11 February 2025)

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £126,865 (2023 - loss £4,010).

Qualifying third party indemnity provisions

The directors have been granted a qualifiying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Page 2

 
SKY-HOUSE CO. LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 3 April 2025 and signed on its behalf.
 





I Bower
Director

Page 3

 
SKY-HOUSE CO. LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKY-HOUSE CO. LIMITED
 

Qualified opinion

We have audited the financial statements of Sky-House Co. Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

Except for the matter described in the Basis for qualified opinion section of our report, in our opinion the financial statements:

give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were appointed as auditors of the Group for the year ended 31 March 2024 and, therefore, did not observe the work in progress attributable to the housing developments at the beginning of the period. We were unable to satisfy ourselves, through alternative means, regarding the existence of work in progress as at 31 March 2023. As opening work in progress affects the determination of financial performance and cash flows, we were unable to determine whether any adjustments might have been necessary in respect of the profit reported in the statement of comprehensive income.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Material uncertainty related to going concern

We draw attention to note 2.3 in the financial statements, which indicates that as at 31 March 2024, the Group’s liabilities exceeded its assets by £100,578. As stated in note 2.3, this position is not uncommon in the house-building sector, where significant development costs are incurred in advance of unit sales. The note also explains that while the Directors believe the Group remains viable and that the developments will ultimately be profitable, the assessment of going concern is dependent on continued support from existing funding providers, for which formal confirmation has not been obtained. These circumstances indicate the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

 
SKY-HOUSE CO. LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKY-HOUSE CO. LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

 
SKY-HOUSE CO. LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKY-HOUSE CO. LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:the engagement team collectively had the appropriate competence, capabilities and skills to identify or

recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the clients business, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicativeof potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing and correspondence with HMRC, relevant regulators and the Company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. 


 
Page 6

 
SKY-HOUSE CO. LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKY-HOUSE CO. LIMITED (CONTINUED)

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Other matters 

The financial statements of the Company for the year ended 31 March 2023 were not audited as a result of the previously available exemption under s477 of the Companies Act 2006.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Malcolm Pope BA FCA (Senior statutory auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
Cedar House
63 Napier Street
Sheffield
South Yorkshire
S11 8HA

3 April 2025
Page 7

 
SKY-HOUSE CO. LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,245,382
8,384,249

Cost of sales
  
(7,664,878)
(7,674,923)

Gross profit
  
580,504
709,326

Administrative expenses
  
(1,097,562)
(1,025,955)

Other operating income
 5 
536,246
383,110

Operating profit
  
19,188
66,481

Interest payable and similar expenses
 10 
(143,488)
(63,370)

(Loss)/profit before taxation
  
(124,300)
3,111

Tax on (loss)/profit
 11 
(2,565)
(7,121)

Loss for the financial year
  
(126,865)
(4,010)

  

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(126,865)
(4,010)

  
(126,865)
(4,010)

The notes on pages 16 to 35 form part of these financial statements.

Page 8

 
SKY-HOUSE CO. LIMITED
REGISTERED NUMBER:12035504

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
39,263
58,961

Current assets
  

Stocks
 14 
14,333,863
8,655,854

Debtors: amounts falling due within one year
 15 
2,442,191
1,973,539

Cash at bank and in hand
  
3,075,899
1,445,972

  
19,851,953
12,075,365

Creditors: amounts falling due within one year
 16 
(5,397,992)
(4,920,479)

Net current assets
  
 
 
14,453,961
 
 
7,154,886

Total assets less current liabilities
  
14,493,224
7,213,847

Creditors: amounts falling due after more than one year
 17 
(14,593,802)
(7,184,997)

Provisions for liabilities
  

Deferred taxation
 19 
-
(2,563)

Net (liabilities)/assets
  
(100,578)
26,287


Capital and reserves
  

Called up share capital 
 20 
108
108

Profit and loss account
 21 
(100,686)
26,179

  
(100,578)
26,287


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 April 2025.




I Bower
Director

The notes on pages 16 to 35 form part of these financial statements.

Page 9

 
SKY-HOUSE CO. LIMITED
REGISTERED NUMBER:12035504

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023 (restated)
Note
£
£

Fixed assets
  

Tangible assets
 12 
12,632
36,277

Fixed asset investments
 13 
1,104
1,003

  
13,736
37,280

Current assets
  

Stocks
 14 
155,373
320,908

Debtors: amounts falling due within one year
 15 
983,189
2,126,293

Cash at bank and in hand
  
10,809
22,693

  
1,149,371
2,469,894

Creditors: amounts falling due within one year
 16 
(1,140,499)
(2,469,087)

Net current assets
  
 
 
8,872
 
 
807

Total assets less current liabilities
  
22,608
38,087

  

Creditors: amounts falling due after more than one year
 17 
(15,833)
(25,833)

Provisions for liabilities
  

Deferred taxation
 19 
-
(3,489)

Net assets
  
6,775
8,765


Capital and reserves
  

Called up share capital 
 20 
108
108

Profit and loss account
 21 
6,667
8,657

  
6,775
8,765


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 April 2025.


I Bower
Director

The notes on pages 16 to 35 form part of these financial statements.

Page 10

 
SKY-HOUSE CO. LIMITED
REGISTERED NUMBER:12035504
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The result for the Company for the year was a loss of £1,990 (2023: loss of £1,989).

Page 11

 
SKY-HOUSE CO. LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 April 2022
108
30,189
30,297
30,297



Loss for the year
-
(4,010)
(4,010)
(4,010)



At 1 April 2023
108
26,179
26,287
26,287



Loss for the year
-
(126,865)
(126,865)
(126,865)


At 31 March 2024
108
(100,686)
(100,578)
(100,578)


The notes on pages 16 to 35 form part of these financial statements.

Page 12

 
SKY-HOUSE CO. LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
108
10,646
10,754



Loss for the year
-
(1,989)
(1,989)



At 1 April 2023
108
8,657
8,765



Loss for the year
-
(1,990)
(1,990)


At 31 March 2024
108
6,667
6,775


The notes on pages 16 to 35 form part of these financial statements.

Page 13

 
SKY-HOUSE CO. LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(126,865)
(4,010)

Adjustments for:

Depreciation of tangible assets
22,259
20,168

Loss on disposal of tangible assets
11,709
-

Government grants
(5,120)
(610)

Interest paid
143,488
318,225

Taxation charge
2,565
7,121

(Increase) in stocks
(5,678,009)
(6,180,606)

(Increase) in debtors
(468,652)
(36,535)

Increase in creditors
479,546
1,381,442

Corporation tax (paid)
(7,409)
(9,088)

Net cash generated from operating activities

(5,626,488)
(4,503,893)


Cash flows from investing activities

Purchase of tangible fixed assets
(14,270)
(33,726)

Government grants received
5,120
610

Net cash from investing activities

(9,150)
(33,116)

Cash flows from financing activities

New secured loans
7,409,053
6,060,147

Interest paid
(143,488)
(318,226)

Net cash used in financing activities
7,265,565
5,741,921

Net increase in cash and cash equivalents
1,629,927
1,204,912

Cash and cash equivalents at beginning of year
1,445,972
241,060

Cash and cash equivalents at the end of year
3,075,899
1,445,972


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,075,899
1,445,972

3,075,899
1,445,972


Page 14

 
SKY-HOUSE CO. LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,445,972

1,629,927

3,075,899

Debt due after 1 year

(7,184,997)

(7,408,805)

(14,593,802)

Debt due within 1 year

(1,019,952)

(249)

(1,020,201)


(6,758,977)
(5,779,127)
(12,538,104)

The notes on pages 16 to 35 form part of these financial statements.

Page 15

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

1.


General information

Sky-House Co. Limited is a private company limited by shares, incorporated in England and Wales (registered number: 12035504). Its registered office is First Floor Unit F, 150 Little London Road, Sheffield, South Yorkshire, Endland, S8 0UJ. The principal activity of the group 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The result for the Company for the year was a loss of £1,990 (2023: loss of £1,989).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

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

2.Accounting policies (continued)

 
2.3

Going concern

At the reporting date, the Group's liabilities exceeded its assets by £100,578.
This position is not unusual within the house-building sector, where significant costs are incurred upfront in the development cycle, prior to the recognition of revenue from completed unit sales.
The Directors have assessed the Group’s ability to continue as a going concern and believe the Group remains viable. Since the year-end, unit completions have begun to generate positive cash flows and contribute to the Group’s profitability. The Directors remain confident that the developments, once completed, will be profitable and cash generative overall.
This assessment is based on the assumption that the Group’s existing funding arrangements will remain in place until the developments become cash generative and return the Group to profitability. While formal confirmation of ongoing support has not been obtained, the Directors believe that relationships with both private and institutional lenders remain strong, with all parties aligned in their commitment to the successful completion of the ongoing developments.
Based on this assessment, the Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Page 17

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Group 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.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.


 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

Page 18

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

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 19

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

2.Accounting policies (continued)

 
2.11

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, as follows:

Depreciation is provided on the following basis:

Long-term leasehold property
-
25%
Straight Line
Motor vehicles
-
Fixtures and fittings
-
25%
Reducing Balance & Straight Line
Office equipment
-
25%
Reducing Balance
Computer equipment
-
25%
Straight Line

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

House developments in progress are valued at the lower of cost and net realisable value in accordance with FRS 102. Cost includes direct expenditure incurred on the development, along with any identifiable overheads that can be directly attributed to the project. Net realisable value represents the estimated selling price of the development, less the costs required to complete the project and any necessary selling expenses. At each reporting date, work in progress is reviewed for impairment, and if the carrying amount exceeds the net realisable value, a provision is made to write down the value accordingly.


Page 20

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

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Financial instruments

Basic financial instruments
Basic financial instrument 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 payables or receivables, 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.
Non-basic financial instruments
Other financial liabilities measured at amortised cost include loan notes that incorporate an embedded derivative. The embedded derivative grants the holder an option to acquire residential properties upon completion at a pre-agreed price as an alternative to cash settlement. In accordance with Section 12 'Other Financial Instruments' of FRS 102, a fair value adjustment will be recognised in the profit and loss account upon exercise of the option or when the risks and rewards of ownership transfer to the holder of the loan notes.  

Page 21

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. As a result, accounting estimates will seldom equal the actual outcomes. The estimates and assumptions that involve the greatest level of uncertainty are addressed below:
Housing developments - work in progress:
The valuation of work in progress at the year-end requires a degree of estimation, particularly in determining net realisable value. This involves assessing the estimated selling price of developments, considering current market conditions, and deducting the expected costs to complete and sell the properties. Management exercises judgement in evaluating these factors, including assumptions about future sales prices, demand levels, and potential changes in construction costs. Any changes in these estimates could impact the carrying value of work in progress and the corresponding financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
8,245,382
8,384,249


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
531,126
382,500

Government grants receivable
5,120
610

536,246
383,110



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
22,259
19,566

(Profit)/loss on disposal of tangible fixed assets
11,709
-

Operating lease rentals
6,325
3,909

Page 22

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

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
11,117
-


.


Fees payable to the Group's auditor in respect of:

2024
2023
£
£
Taxation compliance services

3,000

-
 
Taxation planning services

600

-
 
3,600

-
 


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,019,197
794,321

Social security costs
105,278
90,045

Cost of defined contribution scheme
21,928
16,216

1,146,403
900,582


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Admin
7
3
7
3



Sales/customer service
20
21
2
2

27
24
9
5

Page 23

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
9,000
1,682



10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,631
5,152

Other loan interest payable
141,826
58,047

Corporation tax - late payment interest
31
171

143,488
63,370


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
5,128
7,409

Adjustments in respect of previous periods
-
1,045


Total current tax
5,128
8,454

Deferred tax


Origination and reversal of timing differences
(1,955)
(2,563)

Effect of changes in tax rates
(608)
1,230

Total deferred tax
(2,563)
(1,333)


Taxation charge
2,565
7,121
Page 24

 
SKY-HOUSE CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(124,300)
3,111


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(31,075)
591

Effects of:


Fixed asset differences
2,613
1,391

Expenses not deductible for tax purposes
1,686
3,481

Remeasurement of current and deferred tax for changes in tax rates
(1,030)
613

Adjustments to tax charge in respect of prior periods
239
1,045

Movement in deferred tax not recognised
30,318
-

Marginal relief
(186)
-

Total tax charge for the year
2,565
7,121


Factors that may affect future tax charges

The Group had tax losses carried forward at the year end of £151,956 (2023: £25,134) to be relieved against future profits. A deferred tax asset has not been recognised in respect of these losses.

Page 25

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

12.


Tangible fixed assets

Group






Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
50,173
-
40,721
4,363
13,507
108,764


Additions
-
8,250
364
395
5,261
14,270


Disposals
(10,173)
-
-
-
(2,978)
(13,151)



At 31 March 2024

40,000
8,250
41,085
4,758
15,790
109,883



Depreciation


At 1 April 2023
30,000
-
11,560
2,277
5,966
49,803


Charge for the year on owned assets
10,000
413
7,978
522
3,346
22,259


Disposals
-
-
-
-
(1,442)
(1,442)



At 31 March 2024

40,000
413
19,538
2,799
7,870
70,620



Net book value



At 31 March 2024
-
7,837
21,547
1,959
7,920
39,263



At 31 March 2023
20,173
-
29,161
2,086
7,541
58,961




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
-
20,173


Page 26

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

           12.Tangible fixed assets (continued)


Company






Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 April 2023
50,173
23,146
4,363
77,682


Additions
-
-
395
395


Disposals
(10,173)
-
-
(10,173)



At 31 March 2024

40,000
23,146
4,758
67,904



Depreciation


At 1 April 2023
30,000
9,128
2,277
41,405


Charge for the year on owned assets
10,000
3,345
522
13,867



At 31 March 2024

40,000
12,473
2,799
55,272



Net book value



At 31 March 2024
-
10,673
1,959
12,632



At 31 March 2023
20,173
14,018
2,086
36,277





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
-
20,173


Page 27

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

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,003


Additions
101



At 31 March 2024
1,104





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Holding

Sky-House Co. (White Rose) Limited
Hope Works 25 Mowbray Street , Sheffield , England, S3 8EL
100%
Sky-House Construct Limited
Hope Works 25 Mowbray Street , Sheffield , England, S3 8EL
100%
Sky House Limited
150 First Floor Unit F, 150 Little London Road, Sheffield, South Yorkshire, England, S8 0UJ
100%
Sky-House Co. (Copper St) Ltd
Hope Works 25 Mowbray Street, Sheffield, England, S3 8EL
100%
Sky-House Co. (NW) Limited
Osprey House The Nest, 217 - 227 Broadway, Salford, United Kingdom, M50 2UE
100%

Page 28

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

Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Holding

Sky-House Co. (Wirral Waters) Limited
Osprey House The Nest, 217 - 227 Broadway, Salford, United Kingdom, M50 2UE
100%

Sky-House Co. (Wirral Waters) Limited is a 100% subsidary of Sky-House Co. (NW) Limited.


14.


Stocks

Group
Group
Company
Company
2024
2023 (restated)
2024
2023 (restated)
£
£
£
£

Work in progress
14,333,863
8,655,854
155,373
320,908

14,333,863
8,655,854
155,373
320,908



15.


Debtors

Group
Group
Company
Company
2024
2023 (restated)
2024
2023 (restated)
£
£
£
£


Trade debtors
573,798
573,495
-
352,750

Amounts owed by group undertakings
-
-
750,469
1,650,840

Other debtors
1,821,072
1,316,252
232,720
107,203

Prepayments and accrued income
47,321
83,792
-
15,500

2,442,191
1,973,539
983,189
2,126,293


Page 29

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

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
1,020,201
1,019,952
10,000
10,000

Trade creditors
1,706,835
1,596,038
34,554
40,627

Amounts owed to group undertakings
-
-
101
2,177,276

Corporation tax
5,128
7,409
4,530
3,126

Other taxation and social security
98,317
129,692
63,720
74,343

Other creditors
2,192,812
2,103,245
1,016,477
161,215

Accruals and deferred income
374,699
64,143
11,117
2,500

5,397,992
4,920,479
1,140,499
2,469,087


Company
Included within bank loans due within one year is a Government-backed Bounce Back Loan of £10,000 (2023: £10,000), which is unsecured.
Group
Bank loans totalling £1,000,000 (2023: £1,000,000), included in creditors due within one year, are secured by a legal mortgage and fixed charge over all buildings, fixtures, fittings, and the Chargor's rights and claims under all insurance policies. The loan was fully repaid after the reporting date, with the associated charge satisfied on 20 February 2025.
Included within bank loans due within one year are Government-backed Bounce Back Loans of £20,201 (2023: £19,952), which are unsecured.

Page 30

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

17.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank and other loans
14,593,802
7,184,997
15,833
25,833


Company
Included within bank loans falling due after more than one year is a Government-backed Bounce Back Loan of £15,833 (2023: £25,833), which is unsecured.
Group
Bank loans totalling £NIL (2023: £1,000,000), included in creditors due falling due after more than one year, are secured by a legal mortgage and fixed charge over all buildings, fixtures, fittings, and the Chargor's rights and claims under all insurance policies. The associated charge was satisfied on 20 February 2025.
Other loans of £14,565,744 (2023: £6,136,729) included in creditors falling due after more than one year above are secured by way of a legal mortgage over the property, an assignment of proceeds from disposals and insurance claims related to the charged assets, an assignment of property rights, and a fixed charge over any plant and machinery affixed to the property.
Included within bank loans falling due after more than one year are Government-backed Bounce Back Loans of £28,058 (2023: £48,268), which are unsecured.



18.


Non-basic financial instruments

Group
Group
2024
2023
£
£

Financial assets

Other financial liabilities measured at amortised cost
8,996,220
-




Other financial liabilities measured at amortised cost include loan notes with an embedded derivative.
This derivative provides the option to acquire residential properties upon completion at a pre-determined
price in lieu of cash repayment. However, as the option was not exercised and the risks and rewards of
ownership did not transfer to the lender, no transactions occurred during the year that would require a fair
value adjustment through the profit and loss account, in accordance with Section 12 'Other Financial
Instruments' of FRS 102.

Page 31

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

19.


Deferred taxation


Group



2024


£






At beginning of year
2,563


Charged to profit or loss
926


Utilised in year
(3,489)



At end of year
-

Company


2024


£






At beginning of year
3,489


Utilised in year
(3,489)



At end of year
-
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Fixed asset timing differences
-
9,245
-
3,574

Losses and other deductions
-
(6,368)
-
-

Short term timing differences
-
(314)
-
(85)

-
2,563
-
3,489

Page 32

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

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



34 (2023 - 34) A Ordinary shares of £1.00 each
34
34
34 (2023 - 34) B Ordinary shares of £1.00 each
34
34
34 (2023 - 34) C Ordinary shares of £1.00 each
34
34
6 (2023 - 6) D Ordinary shares of £1.00 each
6
6

108

108



21.


Reserves

Profit and loss account

This includes all current and prior period retained profits and losses and is considered by the directors to be fully distributable by the Group companies in which it is held.


22.


Prior year adjustment

A prior year adjustment has been made to correct an error identified in the financial statements of Sky-House Co. Limited for the year ended 31 March 2023. 
Income amounting to £252,063 relating to construction works completed before the year end had not been recognised, as the related sales invoice was issued after the year end on 5 April 2023. In line with FRS 102, income should be recognised when the work is performed, and therefore this amount should have been recorded as work in progress. An adjustment was previously made to accrued income.
The impact of the adjustments was to decrease debtors and increase work in progress. 
The impact on retained earnings as at 31 March 2023 was £NIL.


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £21,928 (2023: £16,216). Contributions totalling £8,160 (2023: £3,718) were payable to the fund at the balance sheet date and are included in creditors.

Page 33

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

24.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
6,325
3,856

Later than 1 year and not later than 5 years
21,421
7,693

27,746
11,549

Page 34

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

25.


Related party transactions

Welburn Estates Ltd is considered a related party by virtue of common directorship and ownership.  During the year, the Group made sales to Welburn Estates Ltd totalling £4,000 (2023: £6,730) and purchases from Welburn Estates Ltd totalling £6,453 (2023: £150,362). At the reporting date, the amount receivable from Welburn Estates Ltd was £766 (2023: amount payable of £3,105). 
Sky-House Co. (Killamarsh) Limited is considered a related party by virtue of common directorship and ownership. During the year, the Group made sales to Sky-House Co. (Killamarsh) Limited totalling £1,667,410 (2023: £705,109) and purchases from Sky-House Co. (Killamarsh) Limited totalling £5,192 (2023: £NIL). At the reporting date, the amount payable to Sky-House Co. (Killamarsh) Limited was £387,141 (2023: amount receivable of £217,665). 
Sky-House Co. (Waverley) Limited is considered a related party by virtue of common directorship and ownership. During the year, the Group made sales to Sky-House Co. (Waverley) Limited totalling £39,286 (2023: £170,100) and purchases from Sky-House Co. (Waverley) Limited totalling £142,643 (2023: £NIL). At the reporting date, the amount payable to Sky-House Co. (Waverley) Limited was £NIL (2023: amount payable of £9,118). 
Sky-House Co. (Oughtibridge Mill) Limited is considered a related party by virtue of common directorship and ownership. During the year, the Group made sales to Sky-House Co. (Oughtibridge Mill) Limited totalling £2,750,008 (2023: £3,746,814) and purchases from Sky-House Co. (Oughtibridge Mill) Limited totalling £143,500 (2023: £NIL). At the reporting date, the amount receivable from Sky-House Co. (Oughtibridge Mill) Limited was £1,550,209 (2023: amount receivable of £996,764). 
Consultancy costs of £55,625 (2023: £33,869) were paid to one director of the Group during the year.
Dimeling Holdings Limited is considered a related party by virtue of common directorship and ownership. During the year, the Group made sales to Dimeling Holdings Limited totalling £100,000 (2023: £135,000) and purchases from Dimeling Holdings Limited totalling £214,000 (2023: £27,500). At the reporting date, no balance was due to / due from Dimeling Holdings Limited (2023: £NIL). 
Crossbow Investments Limited is considered a related party by virtue of common directorship and ownership. During the year, the Group made sales to Crossbow Investments Limited totalling £NIL (2023: £834,400) and purchases from Crossbow Investments Limited totalling £NIL (2023: £NIL). At the reporting date, the amount payable to Crossbow Investments Limited was £1,008,574 (2023: £1,350,222). 
St Bride's White Rose Residential L.P. is considered a related party by virtue of its control over the Group as a result of the holding of loan notes, and therefore its ability to influence the financial and operating policies of the Group through its financial interest. At the reporting date, the balance outstanding between the Group and St Bride's White Rose Residential L.P. was £14,565,744 (2023: £6,136,729). During the year, interest of £603,095 (2023: £254,877) was charged on the outstanding balance.
All transactions with the related parties were conducted at an arm’s length basis and on normal commercial terms.


26.


Controlling party

There is no single ultimate controlling party. 

Page 35