Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mark James Boyce Samantha Boyce 28/06/2001 04 October 2023 The principal activity of the Company during the financial year was that of investing in property for rent. 00231275 2023-03-31 00231275 bus:Director2 2023-03-31 00231275 2022-03-31 00231275 core:CurrentFinancialInstruments 2023-03-31 00231275 core:CurrentFinancialInstruments 2022-03-31 00231275 core:Non-currentFinancialInstruments 2023-03-31 00231275 core:Non-currentFinancialInstruments 2022-03-31 00231275 core:ShareCapital 2023-03-31 00231275 core:ShareCapital 2022-03-31 00231275 core:RevaluationReserve 2023-03-31 00231275 core:RevaluationReserve 2022-03-31 00231275 core:RetainedEarningsAccumulatedLosses 2023-03-31 00231275 core:RetainedEarningsAccumulatedLosses 2022-03-31 00231275 core:FurnitureFittings 2022-03-31 00231275 core:FurnitureFittings 2023-03-31 00231275 core:CostValuation 2022-03-31 00231275 core:AdditionsToInvestments 2023-03-31 00231275 core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 00231275 core:CostValuation 2023-03-31 00231275 core:ProvisionsForImpairmentInvestments 2022-03-31 00231275 core:ProvisionsForImpairmentInvestments 2023-03-31 00231275 2021-03-31 00231275 bus:OrdinaryShareClass1 2023-03-31 00231275 bus:OrdinaryShareClass2 2023-03-31 00231275 2022-04-01 2023-03-31 00231275 bus:FullAccounts 2022-04-01 2023-03-31 00231275 bus:SmallEntities 2022-04-01 2023-03-31 00231275 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00231275 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00231275 bus:Director1 2022-04-01 2023-03-31 00231275 bus:Director2 2022-04-01 2023-03-31 00231275 core:FurnitureFittings 2022-04-01 2023-03-31 00231275 2021-04-01 2022-03-31 00231275 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 00231275 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00231275 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 00231275 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 00231275 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00231275 (England and Wales)

GREENOVER INVESTMENTS

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

GREENOVER INVESTMENTS

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

GREENOVER INVESTMENTS

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
GREENOVER INVESTMENTS

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 958 1,064
Investment property 4 975,000 869,687
Investments 5 3,870 3,017
979,828 873,768
Current assets
Debtors 6 5,701 20,160
Investments 23,500 20,500
Cash at bank and in hand 18,333 17,720
47,534 58,380
Creditors: amounts falling due within one year 7 ( 69,204) ( 66,463)
Net current liabilities (21,670) (8,083)
Total assets less current liabilities 958,158 865,685
Creditors: amounts falling due after more than one year 8 ( 52,709) ( 77,122)
Provision for liabilities 9 ( 38,116) ( 39,159)
Net assets 867,333 749,404
Capital and reserves
Called-up share capital 10 900 900
Revaluation reserve 445,306 335,769
Profit and loss account 421,127 412,735
Total shareholders' funds 867,333 749,404

For the financial year ending 31 March 2023 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 Greenover Investments (registered number: 00231275) were approved and authorised for issue by the Director on 04 October 2023. They were signed on its behalf by:

Mark James Boyce
Director
GREENOVER INVESTMENTS

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
GREENOVER INVESTMENTS

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
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

Greenover Investments (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. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, England, United Kingdom. The principal place of business is 10 Holwell Road, Brixham, Devon, TQ5 9NE.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. 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.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 Statement of Income and Retained Earnings 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2022 1,577 1,577
At 31 March 2023 1,577 1,577
Accumulated depreciation
At 01 April 2022 513 513
Charge for the financial year 106 106
At 31 March 2023 619 619
Net book value
At 31 March 2023 958 958
At 31 March 2022 1,064 1,064

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 869,687
Fair value movement 105,313
As at 31 March 2023 975,000

Valuation

A full market valuation of investment property was completed by M J Boyce of L J Boyce at the statement of financial position date on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 481,338 481,338

5. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 April 2022 3,017 3,017
Additions 816 816
Movement in fair value 37 37
At 31 March 2023 3,870 3,870
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 3,870 3,870
Carrying value at 31 March 2022 3,017 3,017

6. Debtors

2023 2022
£ £
Amounts owed by directors 5,631 20,160
Prepayments 70 0
5,701 20,160

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 23,148 21,885
Amounts owed to directors 0 4
Accruals 2,450 2,450
Corporation tax 7,070 5,890
Other creditors 36,536 36,234
69,204 66,463

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 52,709 77,122

The bank loan is secured against the assets of the company.

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 39,159) ( 47,833)
Credited to the Statement of Income and Retained Earnings 1,043 8,674
At the end of financial year ( 38,116) ( 39,159)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
899 Ordinary A shares of £ 1.00 each 899 899
1 Ordinary B share of £ 1.00 1 1
900 900

Included within the profit and loss reserve is £445,306 (2022: £335,769) of revaluation surplus on investment properties and listed investments. This element of the profit and loss reserve is not distributable.

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Rental receipts from L J Boyce Limited 1,250 15,000

During the year, the company paid dividends totalling £21,000 (2022: £Nil) to the directors.

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by directors 5,631 20,160