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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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SKYFALL ESTATES LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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FOR |
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SKYFALL ESTATES LIMITED |
SKYFALL ESTATES LIMITED (REGISTERED NUMBER: 09598316) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SKYFALL ESTATES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditor |
168 Church Road |
Hove |
East Sussex |
BN3 2DL |
SKYFALL ESTATES LIMITED (REGISTERED NUMBER: 09598316) |
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BALANCE SHEET |
31 MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SKYFALL ESTATES LIMITED (REGISTERED NUMBER: 09598316) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Skyfall Estates Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN. |
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2. | ACCOUNTING POLICIES |
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Accounting convention |
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. |
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Going concern |
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. |
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For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. |
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The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements. |
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Judgements and key sources of estimation uncertainty |
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
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Estimates - investment properties |
The key source of estimation uncertainty rests in the values of property assets, which significantly affects the value of investment properties in the Statement of Financial Position. The investment property portfolio are carried at fair value, which requires a number of judgements and estimates in assessing the company's assets relative to market transactions. |
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The approach to the valuations and the amounts affected are set out in the accounting policies and note 3. The company's has valued the investment properties at fair value. To the extent that any future valuation affects the fair value of the investment properties, this will impact on the company's results in the period in which this determination is made. Due to Covid-19, March 2021 valuations have an inherent material uncertainty. |
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The outbreak of the Novel Coronavirus (Covid-19), declared by the World Health Organisation as a "Global Pandemic" on 11 March 2020, has impacted global financial markets. Travel restrictions have been implemented by many countries. Market activity is being impacted in many sectors. The internal valuers can attach less weight to previous market evidence for comparison purposes to inform opinions of value. |
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The current response to Covid-19 means that we are faced with an unprecedented set of circumstances on which to base a judgement. The property valuations therefore have an inherent "material valuation uncertainty" and consequently, less certainty - and a higher degree of caution - should be attached to the valuations used in these financial statements than would normally be the case. Given the unknown future impact that Covid-19 might have on the real estate market, the directors will keep the valuation of the company's properties under review. |
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Turnover |
Turnover represents gross amounts receivable from rents charged to tenants and the invoice value of other services supplied. |
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Turnover is recognised when the rent is due from tenants on an accruals basis. |
SKYFALL ESTATES LIMITED (REGISTERED NUMBER: 09598316) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Investment properties are accounted for as follows: |
- Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. |
- Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the consolidated income statement and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in retained earnings for the year. |
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Depreciation is provided only on those investment properties that are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the applicable standard, FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial information to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2020 |
and 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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The freehold investment property was valued on 31 March 2021 on a fair value basis as at that date by the directors. |
SKYFALL ESTATES LIMITED (REGISTERED NUMBER: 09598316) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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The bank loans and overdrafts are secured over the investment property. |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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We draw attention to the disclosures made in the Investment Properties Estimates discussion in the accounting policies note. As described in the note, the valuation of the property portfolio requires significant judgement and estimation by the directors and is therefore considered a significant risk due to the subjective nature of certain assumptions inherent in the valuation. Due to the impact of the Novel Coronavirus (Covid-19) outbreak, the valuation of the company's investment properties has less weight attached to them for previous market evidence for comparison purposes and the property valuations therefore have an inherent 'material valuation uncertainty'. Consequently, less certainty should be attached to the valuation of the Investment Properties this year than would normally be the case. Our opinion is not modified in respect of this matter. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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There are no related party transactions that require disclosure under FRS102. |
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10. | ULTIMATE CONTROLLING PARTY |
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The parent company is Cygnet Properties & Leisure PLC, a company registered in England and Wales. |
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The company is controlled by some members of the Virani family, some of whom are directors of the company, through their shareholdings in Virani Net Limited and Virani Net Scheme. |