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

REGISTERED NUMBER: 10178499 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

Skylla Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

AUDITORS:

Harts Limited

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

FIXED ASSETS

Tangible assets

5

6,258

22,069

Investment property

6

12,430,000

24,960,000

12,436,258

24,982,069

CURRENT ASSETS

Debtors

7

1,938,015

721,393

Cash at bank

291,586

1,676,172

2,229,601

2,397,565

CREDITORS

Amounts falling due within one year

8

25,723,630

24,461,200

NET CURRENT LIABILITIES

(23,494,029

)

(22,063,635

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(11,057,771

)

2,918,434

CREDITORS

Amounts falling due after more than one year

9

-

(5,612,799

)

PROVISIONS FOR LIABILITIES

11

-

(819,982

)

NET LIABILITIES

(11,057,771

)

(3,514,347

)

CAPITAL AND RESERVES

Called up share capital

12

100

100

Fair value reserves

13

2,357,137

2,486,214

Retained earnings

(13,415,008

)

(6,000,661

)

SHAREHOLDERS' FUNDS

(11,057,771

)

(3,514,347

)

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:

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.

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

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 (2021 - NIL).

4.	AUDITORS' REMUNERATION

31.12.22

31.12.21

£

£

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

10,250

6,250

5.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

Equipment

Totals

£

£

£

COST

At 1 January 2022

and 31 December 2022

20,799

50,499

71,298

DEPRECIATION

At 1 January 2022

15,671

33,558

49,229

Charge for year

3,623

12,188

15,811

At 31 December 2022

19,294

45,746

65,040

NET BOOK VALUE

At 31 December 2022

1,505

4,753

6,258

At 31 December 2021

5,128

16,941

22,069

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

24,960,000

Additions

339,864

Disposals

(8,460,000

)

Impairments

(4,409,864

)

At 31 December 2022

12,430,000

NET BOOK VALUE

At 31 December 2022

12,430,000

At 31 December 2021

24,960,000

Fair value at 31 December 2022 is represented by:

£

Valuation in 2017

(731,982

)

Valuation in 2019

(58,002

)

Valuation in 2021

2,842,711

Valuation in 2022

(4,409,864

)

Cost

14,787,137

12,430,000

Limehouse Arts Foundation was valued on a comparables basis by Knight Frank RICS in June 2021 for £5,600,000 followed by a Savills RICS desktop indicative valuation of £5,100,000 in August 2023.The directors considered the independent valuations sought and their experience of the market and have valued at £5,030,000 for the 31 December 2022.

The Billiard Factory property that remained at 31 December 2022 was valued at 7,400,000. The basis of the valuation is linked to a post year end sale of the property in June and December 2023. The directors considered that the market conditions were similar to that at 31 December 2022 and therefore the basis of valuation was reasonable.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

41,191

163,646

Amounts owed by associates

93,779

7,604

Other debtors

1,803,045

550,143

1,938,015

721,393

Included in Other debtors is an amount of £920,000 (2021: £nil) which relates to deferred consideration for the partial sale of the Billiards Factory. The balance will be repaid in instalments over the next 2 years.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

-

320,898

Trade creditors

127,518

675,870

Amounts owed to associates

23,093,399

19,306,198

Taxation and social security

462,261

-

Other creditors

2,040,452

4,158,234

25,723,630

24,461,200

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

-

5,612,799

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank loans

-

5,816,299

Aramis Holding

23,075,832

19,305,412

23,075,832

25,121,711

A fixed charge over the company's property assets is held to secure loans made by group undertakings and associates.

11.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

-

819,982

Deferred

tax

£

Balance at 1 January 2022

819,982

Disposal/Revaluation Property

(819,982

)

Balance at 31 December 2022

-

12.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Share capital 1

£1

100

100

13.

RESERVES

Fair

value

reserves

£

At 1 January 2022

2,486,214

Fair value reserves

(129,077

)

At 31 December 2022

2,357,137

The fair value reserve consists of investment property revaluation of £2,357,137.

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

The Report of the Auditors was unqualified.

Melissa Bowers FCCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

15.	POST BALANCE SHEET EVENTS

In June 2023, Rare warehouse located in Holloway Road, London was sold for £3,900,000. In December 2023, Gatehouse and Mews located in Holloway Road, London was sold for £3,500,000. These amounts have been recognised as the properties' fair value at the year and fair value reserve was adjusted accordingly with the residual gains/losses being recognised in the profit and loss account.

16.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Argo Holding GmbH, a company incorporated in Germany whose registered office is at Kienberger Allee 4, 12529 Schoenefeld, Germany.