ACCOUNTS - Final Accounts preparation

Registered number: 12313221

SKYE SANDS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024


SKYE SANDS LIMITED REGISTERED NUMBER:12313221

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		5,168		1,386
Investments	5		1,004,016		1,004,016
Investment property	6		15,767,570		11,577,570
			16,776,754		12,582,972
Current assets
Debtors: amounts falling due after more than one year	7	22,600		240,503
Debtors: amounts falling due within one year	7	321,650		142,346
Cash at bank and in hand	8	15,758		280,654
		360,008		663,503
Creditors: amounts falling due within one year	9	(16,877,810)		(394,061)
Net current (liabilities)/assets			(16,517,802)		269,442
Total assets less current liabilities			258,952		12,852,414
Creditors: amounts falling due after more than one year	10		(1,613,960)		(13,376,015)
Provisions for liabilities
Deferred tax	13	(324,954)		(247,967)
			(324,954)		(247,967)
Net liabilities			(1,679,962)		(771,568)

Capital and reserves
Called up share capital			6		6
Revaluation reserve	14		976,833		616,764
Other reserves	14		-		129,107
Merger reserve	14		731,757		809,462
Profit and loss account	14		(3,388,558)		(2,326,907)
			(1,679,962)		(771,568)

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SKYE SANDS LIMITED REGISTERED NUMBER:12313221

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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 by:

S Deards

Director

Date: 30 September 2025

The notes on pages 4 to 15 form part of these financial statements.

Page 2

		SKYE SANDS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

		Called up share capital	Revaluation reserve	Other reserves	Capital contribution reserve	Profit and loss account	Total equity
		£	£	£	£	£	£
	At 1 December 2022	6	315,296	180,039	679,702	(500,524)	674,519

	Loss for the period	-	-	-	-	(1,669,521)	(1,669,521)
	Unrealised revaluation loss	-	445,350	-	-	(445,350)	-
	Deferred tax on revaluations	-	(143,882)	-	-	143,882	-
	Fair value loss on cash flow hedge	-	-	(67,909)	-	-	(67,909)
	Deferred tax on cash flow hedge	-	-	16,977	-	(16,977)	-
	Additional capital contribution	-	-	-	291,343	-	291,343
	Transfer from capital contribution reserve	-	-	-	(161,583)	161,583	-

	At 1 January 2024	6	616,764	129,107	809,462	(2,326,907)	(771,568)

	Loss for the year	-	-	-	-	(967,167)	(967,167)
	Unrealised revaluation gain	-	480,092	-	-	(480,092)	-
	Deferred tax on revaluations	-	(120,023)	-	-	120,023	-
	Fair value loss on cash flow hedge	-	-	(172,143)	-	-	(172,143)
	Deferred tax on cash flow hedge	-	-	43,036	-	(43,036)	-
	Additional capital contribution	-	-	-	230,916	-	230,916
	Transfer from capital contribution reserve	-	-	-	(308,621)	308,621	-
	At 31 December 2024	6	976,833	-	731,757	(3,388,558)	(1,679,962)

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SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Skye Sands Limited is a private company limited by share capital, incorporated in England and Wales, registration number 12313221. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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 management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The director has reviewed the available resources and ongoing support from related parties, and has concluded that it it appropriate to continue preparing the accounts on a going concern basis.

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases

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

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4


SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

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.

2.7

Borrowing costs

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

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

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.

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.

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SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

				Fixtures and fittings	-	33%
				Computer equipment	-	33%

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.

2.11

Investment properties

Investment properties are carried at fair value determined annually by external valuers and the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.12

Valuation of investments

Investments in unlisted Company 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 Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6


SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

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.

2.17

Financial instruments

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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

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SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.18

Hedge accounting

The Company uses variable to fixed interest rate swaps to manage its exposure to interest rate risk on its mortgage facility. These derivatives are measured at fair value at each balance sheet date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year.

3.	Employees
	The average monthly number of employees, including the director, during the year was 3 (2023: 2).

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SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

		Fixtures and fittings	Computer equipment	Total
		£	£	£
	Cost
	At 1 January 2024	-	1,613	1,613
	Additions	3,436	1,759	5,195
	At 31 December 2024	3,436	3,372	6,808
	Depreciation
	At 1 January 2024	-	227	227
	Charge for the period	532	881	1,413
	At 31 December 2024	532	1,108	1,640
	Net book value
	At 31 December 2024	2,904	2,264	5,168
	At 31 December 2023	-	1,386	1,386

5.	Fixed asset investments

		Other fixed asset investments
		£
	Cost or valuation
	At 1 January 2024	1,004,016
	At 31 December 2024	1,004,016

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SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Investment properties

		Freehold investment properties
		£
	Valuation
	At 1 January 2024	11,577,570
	Additions at cost	3,951,283
	Surplus on revaluation	238,717
	At 31 December 2024	15,767,570

The 2024 valuations were made by external valuers and the director, on an open market value for existing use basis.

	If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
					2024	2023
					£	£

Historic cost

16,433,005

12,370,786

Page 10


SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Debtors
					2024	2023
					£	£

	Due after more than one year
	Other debtors	22,600	22,600
	Financial instruments	-	217,903
		22,600	240,503

					2024	2023
					£	£

	Due within one year
	Trade debtors	-	184
	Other debtors	176,936	91,211
	Prepayments and accrued income	32,491	50,951
	Financial instruments	112,223	-
		321,650	142,346

8.	Cash and cash equivalents
					2024	2023
					£	£

	Cash at bank and in hand	15,758	280,654
	Less: bank overdrafts	(159,064)	-
		(143,306)	280,654

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SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Creditors: Amounts falling due within one year
					2024	2023
					£	£

	Bank overdrafts	159,064	-
	Bank loans	10,214,750	-
	Other loans	5,714,286	-
	Trade creditors	48,030	41,919
	Corporation tax	1,400	1,900
	Other taxation and social security	64,222	32,155
	Other creditors	614,520	259,684
	Accruals and deferred income	61,538	58,403
		16,877,810	394,061

10.	Creditors: Amounts falling due after more than one year
					2024	2023
					£	£

	Bank loans	-	7,318,125
	Other loans	1,613,960	6,057,890
		1,613,960	13,376,015

The bank loans are secured by fixed charges of the investment properties to which they relate. Guarantees are also provided by related companies.

Page 12


SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Loans
	Analysis of the maturity of loans is given below:
					2024	2023
					£	£

	Amounts falling due within one year
	Bank loans	10,214,750	-
	Other loans	5,714,286	-
		15,929,036	-

	Amounts falling due greater than one year
	Bank loans	-	7,318,125
	Other loans from related parties	1,613,960	6,057,890

		17,542,996	13,376,015

On 9 June 2025, the Company agreed an extension to its existing loan facility with the lender. The maturity date of the facility was extended from 31 July 2025 to 31 July 2030 and the total facility extended from £15m to £25m.

12.	Financial instruments

Financial assets measured at fair value through profit or loss comprise the fair value of the interest rate swap on the Company's mortgage facility.

The Company is exposed to interest rate risk with respect to its variable-rate debt such that any increase in interest rates would result in a higher interest expense. To mitigate this risk, the Company has entered into an interest rate swap The Company seeks to manage its exposure to interest rate increases by entering into an interest rate hedging agreement to fix all of its variable rate debt.
The hedge being used is a cash flow hedge against interest rate risk for the mortgage facility based on a floating rate of interest. The period for which the cash flows are expected to occur include the period from the end of the financial statements to July 2025.
At 31 December 2023, the hedge was deemed to be effective, and the effective portion recognised in other comprehensive income was £172,143.
At 31 December 2024, the hedge was no longer deemed effective and hedge accounting was discontinued. The fair value of the hedge at 31 December 2024 is £112,223 (at 31 December 2023: £217,903), with the full movement in fair value recognised in the profit or loss statement. The effective portion previously recognised in other comprehensive income has also been released to the profit or loss statement.

Page 13


SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Deferred taxation

		2024
		£

	At beginning of year	(247,967)
	Charged to profit or loss	(120,023)
	Charged to other comprehensive income	43,036
	At end of year	(324,954)

	The provision for deferred taxation is made up as follows:
					2024	2023
					£	£

	Fair value adjustments	(324,954)	(204,931)
	Fair value gain on interest rate swaps	-	(43,036)
		(324,954)	(247,967)

14.

Reserves

Revaluation reserve

Other reserves relates to undistributable reserves arising from revaluation of investment property less any deferred tax arising thereon.

Other reserves

Other reserves relates to the fair value of the effective portion of the interest rate swap entered into by the Company, less any deferred tax arising thereon.

Capital contribution reserve

The capital contribution reserve relates to below market rate of intercompany loans, less nominal interest paid for the respective period.

Profit and loss account

Retained earnings represents accumulated comprehensive income for the year and prior periods.

Page 14


SKYE SANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	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 £13,211 (2023: £10,555). Contributions totalling £10,489 (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

16.	Related party transactions

Included within other creditors greater than one year is an amount of £1,613,960 (2023: £6,057,890) owed to the shareholders of the company.
Included within other creditors within one year is an amount of £26,991 due to a connected company, this amount is non-interest bearing and repayable on demand. There is also an amount of £5,714,286 owed to the shareholders of the company.
Included within other debtors within one year is an amount of £29,618 (2023: £2,457) due from a company under common control, this is non-interest bearing and repayable on demand.
The company has entered into an interest rate swap with the shareholders of the company, details of which can be found in note 12 to these accounts.

Page 15