Shillibeer Property Limited
Shillibeer Property Limited
Registered number: 09987837
Unaudited Financial Statements
For The Year Ended
28 February 2023
Shillibeer Property Limited
Unaudited Financial Statements
For The Year Ended
28 February 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Page 1
Shillibeer Property Limited
Balance Sheet
As At
28 February 2023
Balance Sheet
Registered number:
09987837
For the year ending 28 February 2023 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Fixed Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Fair Value Reserve | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 260,555 | 260,442 | |||
Page 1
Page 2
Shillibeer Property Limited
Balance Sheet (continued)
As At
28 February 2023
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Shillibeer Property Limited
Notes to the Financial Statements
For The Year Ended
28 February 2023
Notes to the Financial Statements
1.
General Information
Shillibeer Property Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09987837
. The registered office is Sadlers Barn, Denbigh Road, Hooe, Battle, East Sussex, TN33 9HP.
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.
Tangible Fixed Assets and Depreciation
The company's investment property is presented on the balance sheet under the main heading of Tangible Fixed Assets.
2.3.
Investment Properties
All investment properties are included on the balance sheet at fair value at the balance sheet date. Changes in fair value are recognised in the profit and loss account and are transferred to a non-distributable fair value reserve.
Depreciation is not provided on investment properties. This treatment is a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, the properties are held for investment purposes and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view.
2.4.
Taxation
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 profit and loss account 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 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.
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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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: 2 (2022: 2)
Page 3
Page 4
Shillibeer Property Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2023
4.
Tangible Fixed Assets
| Investment Properties | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at
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| As at
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| Net Book Value | |
| As at
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| As at
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Cost or valuation as at
28 February 2023
represented by:
| Investment Properties | |
|---|---|
| £ | |
| At valuation | 275,000 |
| 275,000 | |
Investment properties are carried at fair value determined annually based on the directors knowledge of current market rents and investment property yields for comparable residential properties, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
If investment properties had been accounted for under the historical cost accounting rules the amounts at the balance sheet date would be £192,004 (2022 = £192,004)
5.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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6.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Corporation tax |
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| Other creditors |
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| Director's current account (Mr Calvin Gregory-Lilley) |
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| Director's current account (Mrs Patricia Gregory-Lilley) |
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| Accruals and deferred income |
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7.
Share Capital
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Allotted, Called up and fully paid |
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Page 4
Page 5
Shillibeer Property Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2023
8.
Reserves
| Fair Value Reserve | |
|---|---|
| £ | |
| As at
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| Movements in fair value reserve | - |
| As at
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The movement in the fair value reserve is equal to the profit on revaluation of the investment property in the year less the associated deferred tax charge. The fair value reserve is non-distributable.
Page 5