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Registered number: 09499855










SKY-HOUSE CONSTRUCT LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SKY-HOUSE CONSTRUCT LIMITED
REGISTERED NUMBER: 09499855

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
18,312
11,391

Current assets
  

Stocks
 6 
221,081
1,014,802

Debtors: amounts falling due within one year
 7 
2,271,068
1,686,162

Cash at bank and in hand
  
16,328
13,552

  
2,508,477
2,714,516

Creditors: amounts falling due within one year
 8 
(2,490,906)
(2,686,250)

Net current assets
  
 
 
17,571
 
 
28,266

Creditors: amounts falling due after more than one year
 9 
(12,224)
(22,435)

Provisions for liabilities
  

Deferred tax
 10 
-
(2,534)

Net assets
  
23,659
14,688


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
23,657
14,686

  
23,659
14,688


Page 1

 
SKY-HOUSE CONSTRUCT LIMITED
REGISTERED NUMBER: 09499855
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 3 April 2025.




T G Cross
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

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

1.


General information

Sky-House Construct Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 09499855). Hope Works 25, Mowbray Street, Sheffield, England, S3 8EL. The principal activity of the Company during the year continued to be that of construction management services. 

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

The Company's functional and presentation currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date, the Company had net assets. However, it forms part of a wider group whose liabilities exceeded its assets overall.
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 Company’s ability to continue as a going concern, taking into account the financial position of the wider group. Since the year-end, unit completions within the group have begun to generate positive cash flows and contribute to overall profitability. The Directors remain confident that the developments, once completed, will be profitable and cash generative.
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, and having considered the Company’s position within the group, the Directors are satisfied that the Company 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 3

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

2.Accounting policies (continued)

 
2.3

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.

Page 4

 
SKY-HOUSE CONSTRUCT 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, as follows.

The depreciation rates used are:

Motor vehicles
-
20%
straight line
Fixtures and fittings
-
25%
straight line
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.

 
2.5

Operating leases: the Company 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 Statement of Income and Retained Earnings in the same period as the related expenditure.

 
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.

Page 5

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

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.9

Financial instruments

The company only enters into 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.

 
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 operates and generates 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.



Page 6

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

2.Accounting policies (continued)

 
2.11

Stocks

Housing developments - work in progress:
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.


3.


Judgments 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.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 19).

Page 7

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

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 April 2023
-
5,680
13,507
19,187


Additions
8,250
364
5,261
13,875


Disposals
-
-
(2,978)
(2,978)



At 31 March 2024

8,250
6,044
15,790
30,084



Depreciation


At 1 April 2023
-
1,830
5,966
7,796


Charge for the year on owned assets
413
1,659
3,346
5,418


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



At 31 March 2024

413
3,489
7,870
11,772



Net book value



At 31 March 2024
7,837
2,555
7,920
18,312



At 31 March 2023
-
3,850
7,541
11,391


6.


Stocks

2024
2023
£
£

Housing developments - work in progress
221,081
1,014,802


Page 8

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

7.


Debtors

2024
2023
£
£


Trade debtors
573,798
220,746

Amounts owed by group undertakings
436,485
1,346,748

Other debtors
1,214,945
51,860

Prepayments and accrued income
45,840
66,808

2,271,068
1,686,162



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,201
9,952

Trade creditors
1,366,433
1,160,879

Amounts owed to group undertakings
711,803
1,383,457

Corporation tax
598
4,283

Other taxation and social security
34,598
55,349

Other creditors
14,807
13,187

Accruals and deferred income
352,466
59,143

2,490,906
2,686,250


Included within bank loans is a Government-backed Bounce Back Loan, which is unsecured.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,224
22,435


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

Page 9

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

10.


Deferred taxation




2024


£






At beginning of year
2,534


Charged to profit or loss
(2,534)



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
2,848

Pension surplus
-
(314)

-
2,534


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £17,047 (2023: £14,085). Contributions totalling £6,259 (2023: £1,257) were payable to the fund at the reporting date and are included in creditors.


12.


Commitments under operating leases

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

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 10

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

13.


Related party transactions

During the year, sales of £1,621,910 (2023: £685,109) were made to Sky-House Co. (Killamarsh) Limited, a company under common ownership. At the reporting date, a balance of £393,141 (2023: £209,665) was owed from Sky-House Co. (Killamarsh) Limited and is included within trade debtors.  
During the year, sales of £2,366,860 (2023: £3,663,623) were made to Sky-House Co. (Oughtibridge Mill) Limited, a company under common ownership. In addition, purchases of £170,907 (2023: £108,000) were made from the Company. At the reporting date, a balance of £1,365,616 (2023: £889,561) was owed from Sky-House Co. (Oughtibridge Mill) Limited and is included within trade and other debtors.  
Sales of £39,286 (2023: purchases of £213,781) were made to Sky House (Waverley) Ltd, a company under common ownership. At the reporting date, a balance of £NIL (2023: £NIL) was due from Sky House (Waverley) Ltd.


14.


Controlling party

The ultimate parent company of Sky-House Construct Limited is Sky-House Co. Limited, by virture of its 100% ownership of the share capital of the Company. The registered address of Sky-House Co. Limited is Hope Works 25, Mowbray Street, Sheffield, England, S3 8EL.

Page 11

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

15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was qualified.

The qualification in the audit report was as follows:

Basis for qualified opinion
We were appointed as auditors of the Company 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 Company 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 2.2 in the financial statements, which describes the basis of the Directors’ assessment of the Company’s ability to continue as a going concern. Although the Company had net assets as at 31 March 2024, it forms part of a wider group in which certain entities have net liabilities. Due to the interconnected nature of the group’s financing and operations, the Directors' going concern assessment considers the position of the group as a whole. As explained in note 2.2, the assessment 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 Company’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
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.

The audit report was signed on 3 April 2025 by Malcolm Pope BA FCA (Senior Statutory Auditor) on behalf of Shorts.

 
Page 12