Skan Properties Limited - Accounts to registrar (filleted) - small 17.3

Skan Properties Limited - Accounts to registrar (filleted) - small 17.3

SKAN PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 05821824 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

SKAN PROPERTIES LIMITED









SKAN PROPERTIES LIMITED (REGISTERED NUMBER: 05821824)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2017




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


SKAN PROPERTIES LIMITED

COMPANY INFORMATION
for the year ended 30 September 2017







DIRECTOR: S Farmah



SECRETARY: Mrs K K Farmah



REGISTERED OFFICE: Highdown House
11 Highdown Road
Sydenham
Leamington Spa
Warwickshire
CV31 1XT



REGISTERED NUMBER: 05821824 (England and Wales)



BANKERS: Yorkshire Bank
Temple Point
1 Temple Row
Birmingham
B2 5JX
Page 1
SKAN PROPERTIES LIMITED (REGISTERED NUMBER: 05821824)

ABRIDGED BALANCE SHEET
30 September 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 755 -
Investment property 5 864,929 657,500
865,684 657,500

CURRENT ASSETS
Debtors 3,176 10,276
Cash at bank 6,291 8,306
9,467 18,582
CREDITORS
Amounts falling due within one year 204,853 231,421
NET CURRENT LIABILITIES (195,386 ) (212,839 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
670,298
444,661

CREDITORS
Amounts falling due after more than one
year
6
(453,295
)
(243,109
)

PROVISIONS FOR LIABILITIES (20,064 ) (26,303 )
NET ASSETS 196,939 175,249

CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair value reserve 9 129,770 123,531
Retained earnings 67,069 51,618
SHAREHOLDERS' FUNDS 196,939 175,249

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 form part of these financial statements

Page 2 continued...
SKAN PROPERTIES LIMITED (REGISTERED NUMBER: 05821824)

ABRIDGED BALANCE SHEET - continued
30 September 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 21 December 2017 and were signed by:





S Farmah - Director


The notes form part of these financial statements

Page 3
SKAN PROPERTIES LIMITED (REGISTERED NUMBER: 05821824)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2017

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 can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and is rounded
to the nearest £1.

These financial statements for the year ended 30 September 2017 are the first financial statements that comply
with FRS 102 Section 1A small entities. The date of transition is 1 October 2015.

The effects of transition to FRS 102 Section 1A small entities has resulted in gains and losses on investment
properties are now shown within the profit and loss for the year and deferred tax recognised as per the
requirements of FRS 102 1A.

At the balance sheet date the company had net current liabilities of £413,223 (2016 - £212,839) and total net
assets of £204,102 (2016 - £175,249). Included in creditors due within one year are directors loan of £386,855.
The director has expressed his willingness to support the company as necessary and along with the forecasted
profitable trade the business is considered a going concern. The accounts and financial statements have therefore
been prepared on a going concern basis.

Turnover
Turnover comprises rent received and the value of sales (excluding value added tax) of services provided in the
normal course of business.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

Investment property
Investment properties are included at fair value. Gains are recognised in the income statement. Deferred
taxation is provided on these gains at the rate expected to apply when the property is sold.

Government grants
Government grants towards investment property expenditure are released to the profit and loss account on the
sale of the asset to which the grant relates.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

Page 4 continued...
SKAN PROPERTIES LIMITED (REGISTERED NUMBER: 05821824)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2017

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2016 7,824
Additions 1,133
At 30 September 2017 8,957
DEPRECIATION
At 1 October 2016 7,824
Charge for year 378
At 30 September 2017 8,202
NET BOOK VALUE
At 30 September 2017 755
At 30 September 2016 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2016 657,500
Additions 207,429
At 30 September 2017 864,929
NET BOOK VALUE
At 30 September 2017 864,929
At 30 September 2016 657,500

Fair value at 30 September 2017 is represented by:

£   
Valuation in 2012 24,799
Valuation in 2015 125,035
Cost 715,095
864,929

Investment property was valued on an fair value basis on 30 September 2016 by the director .

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2017 2016
£    £   
Repayable by instalments
Bank loans - more than 5 years 125,000 -

Page 5 continued...
SKAN PROPERTIES LIMITED (REGISTERED NUMBER: 05821824)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2017

7. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank loan 492,395 257,209

The bank loan is secured against the properties and by personal guarantees given by S Farmah.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2017 2016
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Fair
value
reserve
£   
At 1 October 2016 123,531
Transfer to reserve 6,239

At 30 September 2017 129,770

Page 6