Skylla Properties Limited - Accounts to registrar (filleted) - small 18.2

SKYLLA PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 10178499 (England and Wales)

Financial Statements for the Year Ended 31 December 2020

for

Skylla Properties Limited

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTORS:

J A Heinrich

C R Nichol

REGISTERED OFFICE:

27 Old Gloucester Street

London

United Kingdom

WC1N 3AX

REGISTERED NUMBER:

10178499 (England and Wales)

SENIOR STATUTORY
AUDITOR:

Melissa Bowers FCCA

AUDITOR:

Harts Limited

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

FIXED ASSETS

Tangible assets

42,391

33,398

Investment property

29,780,146

29,756,017

29,822,537

29,789,415

CURRENT ASSETS

Debtors

487,495

676,225

Cash at bank

930,772

628,614

1,418,267

1,304,839

CREDITORS

Amounts falling due within one year

27,004,766

23,892,954

NET CURRENT LIABILITIES

(25,586,499

)

(22,588,115

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,236,038

7,201,300

CREDITORS

Amounts falling due after more than one
year

(9,179,875

)

(9,383,375

)

PROVISIONS FOR LIABILITIES

(124,742

)

(124,742

)

NET LIABILITIES

(5,068,579

)

(2,306,817

)

CAPITAL AND RESERVES

Called up share capital

100

Fair value reserves

531,793

Retained earnings

(5,600,472

)

(2,838,710

)

SHAREHOLDERS' FUNDS

(5,068,579

)

(2,306,817

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 24 March 2022 and were signed on its behalf by:

C R Nichol - Director

1.	STATUTORY INFORMATION

Skylla Properties Limited 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.

Principal place of business is 15 Rathbone Street, London, W1T 1NB.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

20% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern

After reviewing the company's financial situation, the directors have a reasonable expectation that the company has adequate resources, including the continuing financial support of its long term intra-group lender, to continue in operational existence for the foreseeable future.The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	AUDITORS' REMUNERATION

31.12.20

31.12.19

Fees payable to the company's auditor for the audit of the
company's financial statements

9,250

10,750

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

COST

At 1 January 2020

43,277

Additions

28,124

At 31 December 2020

71,401

DEPRECIATION

At 1 January 2020

9,879

Charge for year

19,131

At 31 December 2020

29,010

NET BOOK VALUE

At 31 December 2020

42,391

At 31 December 2019

33,398

6.	INVESTMENT PROPERTY

Total

FAIR VALUE

At 1 January 2020

29,756,017

Additions

24,129

At 31 December 2020

29,780,146

NET BOOK VALUE

At 31 December 2020

29,780,146

At 31 December 2019

29,756,017

Fair value at 31 December 2020 is represented by:

Valuation in 2017

(1,024,288

)

Valuation in 2019

1,680,824

Cost

29,123,610

29,780,146

Three of the properties that were valued by Lambert Smith Hampton, chartered building surveyors, on 1st December 2017 were valued based on property net initial yield totalling £13,250,000. The directors have considered market conditions and consider these valuations to remain appropriate at 31 December 2020. One of the properties valued at £7,000,000 has now been considered on a capital value basis as opposed to the rest of the properties which had been valued at the net initial yield basis.

One of the other properties has been revalued during the previous year by Jones Lang LaSalle, chartered building surveyors, in March 2019 for £5,700,000 based on property net initial yield. The valuation was considered by the directors to remain appropriate at 31 December 2020.

The remaining property is accounted for at cost totalling £10,806,018. A desktop valuation was sought from Savills, in November 2020 and their desktop valuation was £11,050,000. Therefore the directors consider the valuation held at cost to be a reasonable reflection of the fair value at 31 December 2020.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

Trade debtors

235,120

71,582

Amounts owed by group undertakings

6,637

17,815

Amounts owed by associates

7,604

Other debtors

238,134

579,224

487,495

676,225

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

Bank loans and overdrafts

203,500

Trade creditors

504,519

310,630

Amounts owed to group undertakings

7,963,376

Amounts owed to associates

22,812,737

11,248,106

Other creditors

3,484,010

4,167,342

27,004,766

23,892,954

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

31.12.20

31.12.19

Bank loans

9,179,875

9,383,375

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

Bank loans

9,383,375

9,586,875

Aramis Holding

22,811,951

11,247,320

Argo Holding

7,963,376

32,195,326

28,797,571

A fixed charge over the company's property assets is held to secure loans made by group undertakings and associates. The bank loan is secured by a floating charge over all assets and a fixed charge over certain property assets.

11.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

Deferred tax

124,742

Deferred

tax

Balance at 1 January 2020

124,742

Balance at 31 December 2020

124,742

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

100

Ordinary

£1

100

13.

RESERVES

Fair

value

reserves

At 1 January 2020

and 31 December 2020

531,793

The fair value reserve consists of investment property revaluation of £656,535 and a deferred tax liability adjustment of £124,742.

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Melissa Bowers FCCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

15.	POST BALANCE SHEET EVENTS

Since 31 December 2020, the outbreak of COVID-19 and related global responses continued to cause material disruptions to businesses around the world, leading to an economic slowdown. Global equity markets had experienced significant volatility and weakness. As at the date that these financial statements were authorised for issue, based on the improving fiscal performance in the country, the development of viable COVID-19 vaccines to mitigate the effect of closures, social distancing, and the continual review of the local property market the directors consider that there is no material impact on fair value of the Investment Property.

16.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Argo Holding GmbH, a company incorporated in Germany whose registered office is at Willy-Brandt-Platz 2, 12529 Schoenefeld, Germany.