SKYTRON_LIMITED - Accounts
SKYTRON_LIMITED - Accounts
COMPANY REGISTRATION NUMBER 04238237
ABBREVIATED ACCOUNTS
FOR
31 MAY 2015
Shah Dodhia & Co
Chartered Accountants
173 Cleveland Street
London
W1T 6QR
SKYTRON LIMITED
ABBREVIATED ACCOUNTS
YEAR ENDED 31 MAY 2015
CONTENTS
PAGE
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
Page 1
SKYTRON LIMITED
ABBREVIATED BALANCE SHEET
31 MAY 2015
2015
2014
Note
£
£
£
£
FIXED ASSETS
Investments
2
3,600,000
2,186,417
CURRENT ASSETS
Debtors
2,650
1,250
Cash at bank and in hand
-
186
2,650
1,436
CREDITORS: Amounts falling due within one year
1,696,015
81,417
NET CURRENT LIABILITIES
(1,693,365)
(79,981)
TOTAL ASSETS LESS CURRENT LIABILITIES
1,906,635
2,106,436
CREDITORS: Amounts falling due after more than one year
384,585
1,992,173
1,522,050
114,263
CAPITAL AND RESERVES
Called up equity share capital
3
100
100
Revaluation reserve
1,413,583
-
Profit and loss account
108,367
114,163
SHAREHOLDERS' FUNDS
1,522,050
114,263
Director's responsibilities:
These abbreviated accounts were approved and signed by the director and authorised for issue on
10/02/2016
.Director
Company Registration Number: 04238237
The notes on pages 2 to 3 form part of these abbreviated accounts.
Page 2
SKYTRON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 MAY 2015
1.
ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
The turnover shown in the profit and loss account represents rent receivable during the year, exclusive of Value Added Tax.
Investment properties
In accordance with Statement of Standard Accounting Practice No 19 - Accounting for investment properties: Investment Properties are revalued annually by the directors at open market values. Surpluses and deficits arising and the aggregate surplus or deficit is transferred to the revaluation reserve except that any permanent diminution in the value of an investment property is taken to the profit and loss account for the year; and no depreciation is provided in respect of freehold investment properties.
This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Going concern
The company has net current liabilities of £1,693,365 (2014: £79,981) at 31 May 2015. The director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. On the basis of the assessment of the company's financial position, the company's director has a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Page 3
SKYTRON LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 MAY 2015
2.
FIXED ASSETS
Investments
£
COST OR VALUATION
At 1 June 2014
2,186,417
Revaluation
1,413,583
At 31 May 2015
3,600,000
NET BOOK VALUE
At 31 May 2015
3,600,000
At 31 May 2014
2,186,417
All the investment properties have been revalued by the directors and this valuation has been incorporated in these financial statements.
3.
SHARE CAPITAL
Allotted, called up and fully paid:
2015
2014
No
£
No
£
Ordinary shares of £1 each
100
100
100
100