1.
General Information
Sky Properties (Scotland) Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC397400
. The registered office is Sky House, Spurryhillock Industrial Estate, Broomhill Road, Stonehaven, AB39 2NH.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3.
Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on these adjustments at the rate expected to apply when the properties are sold.
2.4.
Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the company's contractual obligations are discharged.
2.5.
Taxation
2.5.
Taxation - continued
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Sky Properties (Scotland) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: 2)
4.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 April 2024 |
|
| Additions |
|
| Disposals |
( |
| Revaluations | (100,000) |
| As at 31 March 2025 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 486,602 | 1,104,819 | |
|
NET BOOK VALUE
|
|
|
At 31 March 2025
|
486,602
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
<line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
|
At 31 March 2024
|
1,200,000
|
|
Fair value at 31 March 2025 is represented by:
|
£
|
|
Valuation in 2013
|
295,181
|
|
Valuation in 2016
|
100,000
|
|
Valuation in 2024
|
(300,000)
|
|
Valuation in 2025
|
(100,000)
|
|
Disposal 2025
|
4,819
|
|
Cost
|
486,602
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
|
486,602
|
The investment property was valued on an open market basis on 31 March 2025 by the directors.
Sky Properties (Scotland) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income | - |
|
|
| Other debtors | - |
|
|
| Amounts owed by associates | - |
|
|
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - |
|
|
| Corporation tax |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
|
|
|
|
|
||
7.
Secured Creditors
The company has granted standard security in favorof HSBC Bank Plc on subjects lying to the southeast of broomhill road stonehaven KNC15825. This charge has been satisfied on 02 April 2025.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - | 449,392 |
8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 April 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 March 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Graham Truscott |
( |
|
( |
- |
( |
The above loan is interest free and has no fixed repayment terms.
9.
Ultimate Controlling Party
The company's ultimate controlling party is
Skyline Holdings (Scotland) Ltd.
by virtue of his ownership of 100% of the issued share capital in the company.