Skerrols Property Company Limited - Period Ending 2019-01-31
Skerrols Property Company Limited - Period Ending 2019-01-31
Year Ended
Registration number:
Skerrols Property Company Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Skerrols Property Company Limited
Company Information
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Directors |
Hon M A Morrison GCVO Mr M S Thorpe |
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Company secretary |
Mrs V M Meeker |
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Registered office |
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Accountants |
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Page 1 |
Skerrols Property Company Limited
Balance Sheet
31 January 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Included within the profit and loss account reserves is £168,042 (2018: £268,042) of non-distributable reserves.
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Page 2 |
Skerrols Property Company Limited
Balance Sheet
31 January 2019
For the financial year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 01075183
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Page 3 |
Skerrols Property Company Limited
Notes to the Financial Statements
Year Ended 31 January 2019
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents rent receivable for the year, stated after deduction of value added tax. Rental income is recognised in the period to which it relates. Rent received in advance is deferred and presented within accruals and deferred income in creditors. Rent not received but that has been invoiced by the period end is included in trade debtors.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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Page 4 |
Skerrols Property Company Limited
Notes to the Financial Statements
Year Ended 31 January 2019
Investment property
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Taxation |
Tax charged/(credited) in the profit and loss account
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2019 |
2018 |
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Current taxation |
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UK corporation tax |
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Page 5 |
Skerrols Property Company Limited
Notes to the Financial Statements
Year Ended 31 January 2019
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Investment properties |
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2019 |
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At 1 February |
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Fair value adjustments |
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At 31 January |
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The investment properties were revalued on 31 January 2019 by Brackenridge Hanson Tate, Savills and John Arkwright & Co, RICS qualified surveyors who are external to the company. The basis of valuation was open market value.
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Debtors |
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2019 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2019 |
2018 |
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Due within one year |
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Corporation tax |
10,730 |
28,963 |
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Social security and other taxes |
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Other creditors |
- |
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Accruals and deferred income |
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Page 6 |