Silverfin false 31/03/2022 31/03/2022 01/04/2021 Mr A E Browne Mr S H Gregory 02 September 2022 The principal activity of the Company during the financial year was the letting of owned commercial properties. 01952911 2022-03-31 01952911 2021-03-31 01952911 core:CurrentFinancialInstruments 2022-03-31 01952911 core:CurrentFinancialInstruments 2021-03-31 01952911 core:ShareCapital 2022-03-31 01952911 core:ShareCapital 2021-03-31 01952911 core:SharePremium 2022-03-31 01952911 core:SharePremium 2021-03-31 01952911 core:RetainedEarningsAccumulatedLosses 2022-03-31 01952911 core:RetainedEarningsAccumulatedLosses 2021-03-31 01952911 bus:OrdinaryShareClass1 2022-03-31 01952911 2021-04-01 2022-03-31 01952911 bus:FullAccounts 2021-04-01 2022-03-31 01952911 bus:SmallEntities 2021-04-01 2022-03-31 01952911 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 01952911 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 01952911 bus:Director1 2021-04-01 2022-03-31 01952911 bus:Director2 2021-04-01 2022-03-31 01952911 2020-04-01 2021-03-31 01952911 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 01952911 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 01952911 1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01952911 (England and Wales)

DAVIES HOLDINGS (SOMERTON) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2022
Pages for filing with the registrar

DAVIES HOLDINGS (SOMERTON) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2022

Contents

DAVIES HOLDINGS (SOMERTON) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2022
DAVIES HOLDINGS (SOMERTON) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2022
Note 2022 2021
£ £
Fixed assets
Investment property 3 1,475,000 5,800,500
1,475,000 5,800,500
Current assets
Debtors 4 6,344,096 2,106,339
Cash at bank and in hand 134,122 164,245
6,478,218 2,270,584
Creditors
Amounts falling due within one year 5 ( 40,561) ( 179,995)
Net current assets 6,437,657 2,090,589
Total assets less current liabilities 7,912,657 7,891,089
Provisions for liabilities ( 157,384) ( 112,964)
Net assets 7,755,273 7,778,125
Capital and reserves
Called-up share capital 6 1,049,104 1,049,104
Share premium account 124,000 124,000
Profit and loss account 6,582,169 6,605,021
Total shareholder's funds 7,755,273 7,778,125

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Davies Holdings (Somerton) Limited (registered number: 01952911) were approved and authorised for issue by the Director on 02 September 2022. They were signed on its behalf by:

Mr A E Browne
Director
DAVIES HOLDINGS (SOMERTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
DAVIES HOLDINGS (SOMERTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
1. Accounting policies

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.

General information and basis of accounting

Davies Holdings (Somerton) 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 (registered number: 01952911). The address of the Company's registered office is Senate Court, Southernhay Gardens, Exeter, England, EX1 1NT, 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.

The functional currency of Davies Holdings (Somerton) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Share premium account

The share premium account represents the difference between the nominal value of shares issued and the amount paid per share.

Reserves - Profit and loss account

General
The profit and loss account account represents the accumulated results less dividends.

Non distributable
The profit and loss account - non distributable represents the accumulated difference between the cost and valuations of the investment property held by the company less deferred tax.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 April 2021 5,800,500
Disposals (4,325,500)
As at 31 March 2022 1,475,000

Valuation

The 2022 valuations were made by the directors on an open market value for existing use basis.

4. Debtors

2022 2021
£ £
Trade debtors 35,807 116,539
Amounts owed by Group undertakings 6,163,378 1,766,111
Prepayments and accrued income 30,674 98,539
VAT recoverable 8,108 11,589
Other debtors 106,129 113,561
6,344,096 2,106,339

5. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 1,922 39,748
Other creditors 3,721 0
Accruals and deferred income 34,918 138,723
Corporation tax 0 1,524
40,561 179,995

6. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
1,049,104 Ordinary shares of £ 1.00 each 1,049,104 1,049,104

7. Contingencies

Contingent liabilities

2022 2021
£ £
Total indebtedness 0 3,225,000

An Unlimited Multilateral Company Guarantee has been given in favour of Lloyds Bank plc by M Baker (Property Services) Limited, M Baker (Retail) Limited, Davies Holdings (Somerton) Limited, M Baker (Holdings) Limited, M Baker (Newquay) Limited, M Baker (Falmouth) Limited and M Baker (Matford) Limited to secure all the present and future indebtedness and liabilities of M Baker (Property Services) Limited to the bank.

The loans were paid off in full in the year ended 31/03/2022.

8. Ultimate controlling party

The parent company is M Baker (Property Services) Limited (a company incorporated in the United Kingdom) and the directors consider that the ultimate parent company and controlling party is its parent company, M Baker (Holdings) Limited, a company incorporated in the United Kingdom.