Registration number:
Skyline (Linton) Limited
for the Year Ended 31 March 2020
Skyline (Linton) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Skyline (Linton) Limited
Company Information
Directors |
Mr J Stoyles Mr L D Stoyles Mysing Development Capital Limited |
Registered office |
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Skyline (Linton) Limited
(Registration number: 11321084)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss account has been taken.
Approved and authorised by the
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Skyline (Linton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
General information |
The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Going concern
At 31 March 2020 the company had net liabilities of £23,254. The directors of the parent company have confirmed that repayment of indebtedness of £1,771,099 shown in note 6 will not be sought until such time as the company has the necessary financial resources. As at the date of the signing of the accounts, 4 out of the 5 domestic properties have sold and the final property is due to exchange imminently. Based on the sales proceeds received to date and the estimated proceeds of the remaining property, a profit and positive reserves are expected in the future. On this basis, the directors have prepared the financial statements on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.
Government grants
Government grants in relation to revenue expenditure that has already been incurred for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which they become receivable.
Tax
Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Skyline (Linton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.
Skyline (Linton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Accounting policies (continued) |
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) in the year, was
Stocks |
2020 |
2019 |
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Work in progress |
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Debtors |
2020 |
2019 |
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Other debtors |
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Prepayments |
3,556 |
5,211 |
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Creditors |
2020 |
2019 |
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Due within one year |
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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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Accrued expenses |
17,136 |
4,182 |
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Creditors include a loan owed to a group company which is secured of £1,771,099 (2019 - £722,500). The loan is secured by fixed and floating charges covering all property and undertakings of the company.
Skyline (Linton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Related party transactions |
Summary of transactions with all joint ventures
Parent and ultimate parent undertaking |
The company is controlled by its directors.