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Registration number: 14430741

Skymac Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Skymac Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Skymac Properties Limited

Company Information

Director

Lee Dewry Walker

Registered office

1 Dukes Close,
Gerrards Cross,
Bucks
SL9 7LH

Accountants

Seer Green Accountancy Ltd
Chartered Certified Accountants19 Howard Road
Seer Green
Beaconsfield
Bucks
HP9 2XT

 

Skymac Properties Limited

(Registration number: 14430741)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,238,084

620,044

Current assets

 

Debtors

5

2,758

-

Cash at bank and in hand

 

5,249

8,073

 

8,007

8,073

Creditors: Amounts falling due within one year

6

(272,587)

(169,064)

Net current liabilities

 

(264,580)

(160,991)

Total assets less current liabilities

 

973,504

459,053

Creditors: Amounts falling due after more than one year

6

(646,270)

(447,197)

Provisions for liabilities

(67,574)

-

Net assets

 

259,660

11,856

Capital and reserves

 

Called up share capital

7

100

100

Other reserves

288,081

-

Retained earnings

(28,521)

11,756

Shareholders' funds

 

259,660

11,856

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 April 2025
 

.........................................
Lee Dewry Walker
Director

 

Skymac Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1 Dukes Close,
Gerrards Cross,
Bucks
SL9 7LH

These financial statements were authorised for issue by the director on 28 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Skymac Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 November

620,044

Additions

262,385

Fair value adjustments

355,655

At 31 October

1,238,084

The investment properties were valued by an independent valuer at the year end.

 

Skymac Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Debtors

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

269,608

164,608

Taxation and social security

 

-

2,757

Accruals and deferred income

 

2,070

1,050

Other creditors

 

909

649

 

272,587

169,064

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

646,270

447,197

7

Share capital

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Non-distributable reserve
£

Total
£

Surplus on Fair value property revaluation

288,081

288,081

Investments
2024
£

Total amount of revalued assets

1,238,084

Amount of revaluation for the year

355,655

Total carrying amount of assets had they not been revalued

882,429

Deferred tax of £67,574 has been debited against non distributable Fair Value Reserves.

 

Skymac Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

646,270

447,197