Sykes Capital Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05773396 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

SYKES CAPITAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J J Sykes

A J Strong

REGISTERED OFFICE:

First Floor

23/24 Market Place

Reading

Berkshire

RG1 2DE

REGISTERED NUMBER:

05773396 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy

Accountants

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

FIXED ASSETS

Tangible assets

4

2,863

3,818

Investments

5

301

-

Investment property

6

36,340,000

40,814,249

36,343,164

40,818,067

CURRENT ASSETS

Debtors

7

72,078

173,000

Cash at bank

542,020

375,585

614,098

548,585

CREDITORS

Amounts falling due within one year

8

21,118,005

20,405,897

NET CURRENT LIABILITIES

(20,503,907

)

(19,857,312

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,839,257

20,960,755

CREDITORS

Amounts falling due after more than one year

9

(3,147,961

)

(8,261,549

)

PROVISIONS FOR LIABILITIES

(1,971,691

)

(1,933,967

)

NET ASSETS

10,719,605

10,765,239

CAPITAL AND RESERVES

Called up share capital

11

100

100

Investment property

fair value reserve

12

10,719,505

10,765,139

SHAREHOLDERS' FUNDS

10,719,605

10,765,239

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 August 2019 and were signed on its behalf by:

J J Sykes - Director

1.	STATUTORY INFORMATION

Sykes Capital Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial

Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies

Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the

nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that

affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues

and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those

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

recognised in the financial statements.

Revenue recognition

The key judgements made by management in respect of revenue is the point at which that revenue should be recognised.

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which

to recognise revenue based upon the these terms and in particular where the risks and rewards of ownership transfer.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The

actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual

value assessment consider issues such as the remaining life of the asset and the projected disposal value.

Investment Property

The director has also made key assumptions in the determination of the fair value of the investment properties in respect

of the state of the property market in the location where the property is situated and in respect of the range of reasonable

fair value estimates of the asset.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover relates to the sales within the UK market. The policies adopted for the recognition of turnover are as follows:

Sales of goods

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the

amount of turnover can be measured reliable, it is probable that the economic benefits associated with the transaction will

flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliable. This

is usually on dispatch of the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the

service is performed.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating lease commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

Payments in respect of other post-retirement benefits are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

and 31 December 2018

4,473

DEPRECIATION

At 1 January 2018

655

Charge for year

955

At 31 December 2018

1,610

NET BOOK VALUE

At 31 December 2018

2,863

At 31 December 2017

3,818

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

301

At 31 December 2018

301

NET BOOK VALUE

At 31 December 2018

301

6.	INVESTMENT PROPERTY

Investment

property

£

FAIR VALUE

At 1 January 2018

40,814,250

Additions

242,000

Disposals

(5,927,500

)

Fair value adjustment

1,211,250

At 31 December 2018

36,340,000

NET BOOK VALUE

At 31 December 2018

36,340,000

At 31 December 2017

40,814,250

Investment properties were subject to valuation by the director who is not a professionally qualified valuer, but has recent

experience in the location and class of investment properties being revalued.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Trade debtors

17,493

60,541

Other debtors

54,585

112,459

72,078

173,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/18

31/12/17

£

£

Bank loans and overdrafts

901,102

1,357,061

Trade creditors

38,662

12,499

Amounts owed to group undertakings

1,503,069

940,154

Taxation and social security

393,469

654,143

Other creditors

18,281,703

17,442,040

21,118,005

20,405,897

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/18

31/12/17

£

£

Bank loans

3,147,961

8,261,549

31/12/18

31/12/17

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,756,650

4,919,220

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/18

31/12/17

£

£

Bank loans

4,049,063

9,618,610

The loans are secured against the properties for which they relate to.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/18

31/12/17

value:

£

£

100

Ordinary

£1.00

100

100

12.

RESERVES

Investment

property

fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2018

-

10,765,139

10,765,139

Profit for the year

1,457,435

1,457,435

Dividends

(1,503,069

)

(1,503,069

)

Property revaluation

45,634

(45,634

)

-

At 31 December 2018

-

10,719,505

10,719,505

13.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is AG (AHL) Limited incorporated in England and Wales.