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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Skerritt Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Environment House, 1 St. Marks Street, Nottingham, NG3 1DE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Rental income is recognised on the accruals basis, and is shown net of VAT and other sales related taxes.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors consider that the investment properties are held at their fair value and no impairment is required. Whilst there is a level of judgement involved with the valuation, the current value of the properties is based on independent valuations. These valuations are considered to be a true reflection of the value of the properties as assets held for the purposes of receiving rental income.

The average monthly number of persons (including directors) employed by the company during the year was:

Investment property comprises 3 separate commercial properties.

The fair value of one of the investment property has been arrived at on the basis of a valuation carried out in 2022 by a chartered surveyor, who is not connected with the company. The valuation of £2,300,000 was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The fair value of one of the investment property has been arrived at on the basis of a valuation carried out in 2022 by a chartered surveyor, who is not connected with the company. The valuation of £350,000 was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

The company has taken advantage of the exemption available under section 1AC.35 of FRS 102, from disclosing transactions entered into between two or more wholly-owned members of the group.

During the year, the company charged rent of £200,000 (2023: £200,000) to Devon Valley Limited and made purchases of £319,667 (2023: £nil) from Devon Valley Limited, a company with common directors. At the balance sheet date, the company was owed £nil (2023: £12,143) by Devon Valley Limited.

During the year, the company received interest of £211 (2023: £37) from Donlow Fininvest Limited and the company paid commission of £1,258 (2023: £685) to Donlow Fininvest Limited, a company with common directors. At the balance sheet date, the company owed £11,932 (2023: £2,385) to Donlow Fininvest Limited.

During the year, the company made purchases of £7,836 (2023: £Nil) from Bolton Plastic Components Limited, and £Nil (£14,930) from Purico Limited a company with common directors.

During the year, the company paid management charges of £82,701 to Purico Limited a company with common directors.

During the year the company paid loan interest of £19,070 (2023: £12,477) to Hollow Oak Limited and £6,311 (2023: £14,190) to Litchgate Limited a company with common directors.

At the balance sheet date, there are further balances due to other related parties, by virtue of the common directors. The loan due by the company was £1,275,508 (2023: £1,249,623).

The immediate and ultimate parent company is Ancefin Limited, by virtue of being a wholly owned subsidiary. The Ancefin Limited group is small and so is not consolidated.