For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

Skelhurst Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Copper Room, Deva City Office Park, Trinity Way, Manchester, M3 7BG.

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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover is the total amount receivable by the company in respect of rental income, dilapidations and insurance commission.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

In accordance with Financial Reporting Standard 19 'Accounting for deferred tax', deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Provision is made at the rates expected to apply when the timing differences reverse.

Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in taxable profits in periods different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

Investment property comprises various freehold and long leasehold properties. The fair value of the investment property has been arrived at by reference to valuations carried out by the directors as at 31 March 2025 and by reference to Colliers International and Lambert Smith Hampton, Chartered Surveyors who conducted independent valuations in respect of the year ended 31 March 2022. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The company has given security in respect of properties included above to a value of £415,000 in relation to related companies borrowings.

Unlisted investments are valued at cost.

The bank loans are secured on the company's investment properties.

The bank loans are secured on the company's investment properties.

At the Balance Sheet date the company had ground rent lease commitments in respect of two properties of 114.75 years at £11,700 pa and 96.75 years at £13,500 pa (2024 : 115.75 years at £11,700 pa and 97.75 years at £13,500 pa).

The company had other lease commitments in addition to the above as follows:

The company has a 50% interest in a joint venture, Skelhurst Properties Limited, with London & District Investments Limited, a company in which R S Pine is a director and shareholder. Skelhurst Properties Limited rents out two properties as nominee on behalf of the joint venture. The company's interest in the income, expenditure, assets and liabilities of Skelhurst Properties Limited are all shown in the accounts of Skelhurst Limited on an equity basis.

The company has made an interest free loan of £71,731 (2024 - £71,731) to Duncombe Investments Limited a company of which the directors E Pine and D Pine are directors and shareholders. Full provision has been made against this amount.

The company has made an interest free loan of £25,040 (2024 - £25,040) to Grenflex Limited a company of which the directors E Pine and D Pine are directors and shareholders. Full provision has been made against this amount.

The company has made a loan of £1,782,538 (2024 - £1,736,538) to 2 Maresfield Limited a company of which the directors E Pine and D Pine are directors and shareholders. This loan carries interest at 6% per annum. The balance is net of a provision against the potential irrecoverability of this loan in the sum of £1,587,000 (2024 - £1,528,000). This amount is included in Other debtors falling due within one year.

The company has received an interest free loan from London & District Investments Limited with a year end balance of £397,708 (2024 - £397,708). This is a company in which Mrs R Pine is a director and shareholder. This amount is included in Other Creditors falling due within one year.

The company has made interest free loans of £538,791 including an advance during the year of £45,500 (2024 - £493,291) to Pinzauer Limited a company of which the directors E Pine and D Pine are directors and shareholders. A provision of £493,291 was made against the balance outstanding at 31 March 2024 and a further provision of £45,500 has been made this year against the total amount outstanding at 31 March 2025.

During the year the company made loan repayments to 44 Great Russell Limited of £124,161 resulting in a balance due to 44 Great Russell Limited of £160,854 at 31 March 2025.(2024 - £285,015). E Pine and D Pine are directors and D Pine is a shareholder. This amount is included in Other creditors falling due within one year.

The company has made an interest free loan of £334,027 (2024 - £414,414 to Skelhurst Two Limited a company of which the director E Pine is a director and of which the directors E Pine, D Pine, Dr D Pine and A Pine are shareholders. This amount is included in Other Debtors falling due within one year.

The company has made an interest free loan of £2,898,243 (2024 - £2,932,369) to Fitzjohns Capital Partners Limited a company of which the director E Pine is a director and shareholder. This amount is included in Other Debtors falling due within one year

Advances or credits have been granted by the company to its directors as follows:

At the balance sheet date D Pine had a director's loan account of £29,315 (2024 - £34,440) owed by the company. The amount is unsecured and repayable on demand.

At the balance sheet date A Pine had a director's loan of £15,988 (2024 - £3,988) owed by the company. The amount is unsecured and repayable on demand.

At the balance sheet date E Pine had a director's loan of £11,598 (2024 - £8,679) owed by the company. The amount is unsecured and repayable on demand.

During the year monies totalling £310,000 (2024 - £0) were advanced to R Pine a director and 50% shareholder. This amount was outstanding to the company at 31 March 2025. Interest has not been charged on this loan.