Company No:
Contents
Note | 31.03.2021 | 31.03.2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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711,126 | 622,488 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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139,441 | 160,665 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 100,813 | 132,240 | ||
Total assets less current liabilities | 811,939 | 754,728 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Richmond Skelly Properties Limited (registered number:
Sara Richmond Skelly
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Richmond Skelly Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 39 Royal Crescent, London, W11 4SN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Vehicles |
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% | Reducing balance | |||
Fixtures and fittings |
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years | Straight line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investments are recognised initially at cost which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related entities, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
31.03.2021 | 31.03.2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2020 |
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Additions |
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Disposals | (
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At 31 March 2021 |
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Accumulated depreciation | |||||
At 01 April 2020 |
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Charge for the financial year |
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Disposals | (
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At 31 March 2021 |
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Net book value | |||||
At 31 March 2021 |
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At 31 March 2020 |
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Listed investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 April 2020 |
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Additions |
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Disposals | (
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Movement in fair value |
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At 31 March 2021 |
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Provisions for impairment | |||
At 01 April 2020 |
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At 31 March 2021 |
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Carrying value at 31 March 2021 |
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Carrying value at 31 March 2020 |
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31.03.2021 | 31.03.2020 | ||
£ | £ | ||
Corporation tax |
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Other debtors |
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31.03.2021 | 31.03.2020 | ||
£ | £ | ||
Other creditors |
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Other taxation and social security |
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31.03.2021 | 31.03.2020 | ||
£ | £ | ||
Other creditors |
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Included within other creditors are net obligations under finance lease and hire purchase contracts of £8,520 (2020 - £nil) which are secured by fixed charges on the assets concerned.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
31.03.2021 | 31.03.2020 | ||
£ | £ | ||
Other creditors |
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31.03.2021 | 31.03.2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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