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Registration number: 04126239

Silverbeck Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Silverbeck Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Silverbeck Properties Limited

Company Information

Directors

Mrs K J Goode

G D Goode

Company secretary

Mrs K J Goode

Registered office

The Folly
Soars Lodge Farm
Foston
Leicester
LE8 5WP

Accountants

David Harris Accountants Limited
Trading as David Harris Chartered Accountants
The Stable Loft, Stoughton Grange
Gartree Road, Oadby
Leicester
LE2 2FB

 

Silverbeck Properties Limited

(Registration number: 04126239)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,488

2,927

Investment property

5

2,597,145

2,595,390

 

2,599,633

2,598,317

Current assets

 

Debtors

6

9,668

36,038

Cash at bank and in hand

 

163,991

92,402

 

173,659

128,440

Creditors: Amounts falling due within one year

7

(61,796)

(67,143)

Net current assets

 

111,863

61,297

Total assets less current liabilities

 

2,711,496

2,659,614

Creditors: Amounts falling due after more than one year

7

(698,703)

(698,703)

Provisions for liabilities

(63,440)

(63,440)

Net assets

 

1,949,353

1,897,471

Capital and reserves

 

Called up share capital

8

1

1

Revaluation reserve

773,521

773,521

Retained earnings

1,175,831

1,123,949

Shareholders' funds

 

1,949,353

1,897,471

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 August 2023 and signed on its behalf by:
 

 

Silverbeck Properties Limited

(Registration number: 04126239)
Balance Sheet as at 28 February 2023

.........................................
G D Goode
Director

 

Silverbeck Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Folly
Soars Lodge Farm
Foston
Leicester
LE8 5WP

These financial statements were authorised for issue by the Board on 9 August 2023.

2

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of rental in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Silverbeck Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Silverbeck Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Silverbeck Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

43,983

43,983

At 28 February 2023

43,983

43,983

Depreciation

At 1 March 2022

41,056

41,056

Charge for the year

439

439

At 28 February 2023

41,495

41,495

Carrying amount

At 28 February 2023

2,488

2,488

At 28 February 2022

2,927

2,927

5

Investment properties

2023
£

At 1 March

2,595,390

Additions

1,755

At 28 February

2,597,145

6

Debtors

Current

2023
£

2022
£

Trade debtors

9,668

-

Other debtors

-

36,038

 

9,668

36,038

7

Creditors

Creditors: amounts falling due within one year

 

Silverbeck Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

33,874

31,006

Taxation and social security

 

17,026

27,464

Accruals and deferred income

 

3,622

2,017

Other creditors

 

7,274

6,656

 

61,796

67,143

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

698,703

698,703

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

ordinary of £1 each

1

1

1

1

         

9

Related party transactions

 

Silverbeck Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Transactions with directors

2023

At 1 March 2022
£

Repayments by director
£

At 28 February 2023
£

G D Goode

Directors loan account

36,038

(36,038)

-

       
     

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

G D Goode

Directors loan account

(42,894)

78,932

36,038

       
     

 

 

Silverbeck Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Summary of transactions with parent

Danesbrook Limited
 

Loans from related parties

2023

Parent
£

Total
£

At start of period

698,703

698,703

At end of period

698,703

698,703

2022

Parent
£

Total
£

At start of period

698,703

698,703

At end of period

698,703

698,703

Terms of loans from related parties

Interest free loan