Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07502267 2022-04-01 2023-03-31 07502267 2021-04-01 2022-03-31 07502267 2023-03-31 07502267 2022-03-31 07502267 c:Director1 2022-04-01 2023-03-31 07502267 c:Director3 2022-04-01 2023-03-31 07502267 d:Buildings 2022-04-01 2023-03-31 07502267 d:Buildings 2023-03-31 07502267 d:Buildings 2022-03-31 07502267 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07502267 d:FurnitureFittings 2022-04-01 2023-03-31 07502267 d:FurnitureFittings 2023-03-31 07502267 d:FurnitureFittings 2022-03-31 07502267 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07502267 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07502267 d:CurrentFinancialInstruments 2023-03-31 07502267 d:CurrentFinancialInstruments 2022-03-31 07502267 d:Non-currentFinancialInstruments 2023-03-31 07502267 d:Non-currentFinancialInstruments 2022-03-31 07502267 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07502267 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07502267 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07502267 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07502267 d:ShareCapital 2023-03-31 07502267 d:ShareCapital 2022-03-31 07502267 d:RetainedEarningsAccumulatedLosses 2023-03-31 07502267 d:RetainedEarningsAccumulatedLosses 2022-03-31 07502267 c:OrdinaryShareClass1 2022-04-01 2023-03-31 07502267 c:OrdinaryShareClass1 2023-03-31 07502267 c:OrdinaryShareClass1 2022-03-31 07502267 c:FRS102 2022-04-01 2023-03-31 07502267 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07502267 c:FullAccounts 2022-04-01 2023-03-31 07502267 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07502267 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 07502267









SILVERCLOUD PROPERTIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
SILVERCLOUD PROPERTIES LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 7


 
SILVERCLOUD PROPERTIES LIMITED
REGISTERED NUMBER: 07502267

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,493,974
3,234,234

Investments
 5 
100
100

  
3,494,074
3,234,334

Current assets
  

Debtors: amounts falling due within one year
 6 
312,582
218,004

Cash at bank and in hand
  
1,363
1,759

  
313,945
219,763

Creditors: amounts falling due within one year
 7 
(2,433,846)
(2,141,138)

Net current liabilities
  
 
 
(2,119,901)
 
 
(1,921,375)

Total assets less current liabilities
  
1,374,173
1,312,959

Creditors: amounts falling due after more than one year
 8 
(1,472,722)
(1,472,722)

  

Net liabilities
  
(98,549)
(159,763)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(98,649)
(159,863)

  
(98,549)
(159,763)


Page 1

 
SILVERCLOUD PROPERTIES LIMITED
REGISTERED NUMBER: 07502267

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R V Patel
U S Pilani
Director
Director
Date: 28 September 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SILVERCLOUD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Silvercloud Properties Limited is a private company, limited by shares, and is incorporated in England and Wales. The address of its registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4AP. This company is part of a group. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

As at the year end the company had net liabilities as the company was affected by the coronavirus pandemic since early 2020. Given the subsidiary's involvement in the hospitality sector this company had also seen a significant impact from the government restrictions put in place to combat the pandemic.
Included in creditors are amounts due to directors and companies controlled by the directors and the directors understand that these sums shall continue to be made available to the company and repayment shall not be sought for the foreseable future to the detriment of the company.  In addition, the directors are confident that the current bank facilities in place shall continue to be made available for the foreseeable future.
Based upon the above the directors consider the company will have sufficient resources to maintain its operations for the foreseeable future and the directors theferore consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 3

 
SILVERCLOUD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SILVERCLOUD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
The Financial Reporting Standards (FRS) states that all assets with a finite life must be depreciated over their useful economic lives.  The directors are of the opinion that the residual value of the freehold property will remain at least equal to the book value shown in the financial statements due to their policy of regular repairs and maintenance.  On this basis no charge is made in respect of freehold property.
Although the Companies Act requires all fixed assets to be depreciated, the directors consider a departure is necessary in order for the financial statements to show a true and fair view.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
SILVERCLOUD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost 


At 1 April 2022
3,156,878
463,614
3,620,492


Additions
279,082
-
279,082



At 31 March 2023

3,435,960
463,614
3,899,574



Depreciation


At 1 April 2022
-
386,258
386,258


Charge for the year on owned assets
-
19,342
19,342



At 31 March 2023

-
405,600
405,600



Net book value



At 31 March 2023
3,435,960
58,014
3,493,974



At 31 March 2022
3,156,878
77,356
3,234,234




5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 April 2022
100



At 31 March 2023
100





6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
282,572
213,303

Other debtors
30,010
4,701
Page 6

 
SILVERCLOUD PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.Debtors (continued)


312,582
218,004



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,664,671
1,724,671

Trade creditors
240
240

Other creditors
760,453
410,453

Accruals and deferred income
8,482
5,774

2,433,846
2,141,138



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
1,472,722
1,472,722


The aggregate amount of creditors for which security has been given at the balance sheet date amounted to £1,664,671 (2022 - £1,724,671).
The security is given by a fixed a floating charge over the freehold property held by the company.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
At the balance sheet date the amount owed to the shareholders and beneficial owners, including their related entities was £2,233,175 (2022 - £1,883,175).  These sums are interest free and £1,472,722 (2022 - £1,472,722) is repayable in more than one year.


Page 7