Skan Properties Limited - Accounts to registrar (filleted) - small 23.2.5

Skan Properties Limited - Accounts to registrar (filleted) - small 23.2.5

SKAN PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 05821824 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Skan Properties Limited
Skan Properties Limited (Registered number: 05821824)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Skan Properties Limited (Registered number: 05821824)

Statement of Financial Position
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 112 160
Investment property 5 1,140,500 1,140,500
1,140,612 1,140,660

CURRENT ASSETS
Debtors 6 7,365 7,813
Cash at bank 5,232 1,855
12,597 9,668
CREDITORS
Amounts falling due within one year 7 249,114 613,303
NET CURRENT LIABILITIES (236,517 ) (603,635 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
904,095
537,025

CREDITORS
Amounts falling due after more than one year 8 (374,234 ) (20,267 )

PROVISIONS FOR LIABILITIES (66,357 ) (66,357 )
NET ASSETS 463,504 450,401

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 313,660 313,660
Retained earnings 149,744 136,641
SHAREHOLDERS' FUNDS 463,504 450,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 notes on pages 3 to 5 form part of these financial statements

Page 1 continued...
Skan Properties Limited (Registered number: 05821824)

Statement of Financial Position - continued
30 September 2023


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 30 May 2024 and were signed on its behalf by:





Mr Suresh Farmah - Director


The notes on pages 3 to 5 form part of these financial statements

Page 2
Skan Properties Limited (Registered number: 05821824)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Skan Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05821824

Registered office: Highdown House 11 Highdown Road
Sydenham
Leamington Spa
Warwickshire
CV31 1XT

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 statement of financial position date.


Page 3 continued...
Skan Properties Limited (Registered number: 05821824)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Other financial commitments
Svenska Handelsbanken Ab hold fixed and floating charges over the properties in which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2022
and 30 September 2023 693
DEPRECIATION
At 1 October 2022 533
Charge for year 48
At 30 September 2023 581
NET BOOK VALUE
At 30 September 2023 112
At 30 September 2022 160

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 1,140,500
NET BOOK VALUE
At 30 September 2023 1,140,500
At 30 September 2022 1,140,500

Page 4 continued...
Skan Properties Limited (Registered number: 05821824)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. INVESTMENT PROPERTY - continued

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2020 203,000
Valuation in 2019 178,017
Cost 759,483
1,140,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 7,365 7,365
Other debtors - 448
7,365 7,813

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts - 392,768
Trade creditors - 1,132
Taxation and social security 667 -
Other creditors 248,447 219,403
249,114 613,303

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£    £   
Bank loans 374,234 20,267

9. RESERVES
Fair
value
reserve
£   
At 1 October 2022
and 30 September 2023 313,660

Page 5