Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31188000018200002022-02-01falseNo description of principal activity00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04631874 2022-02-01 2023-01-31 04631874 2021-02-01 2022-01-31 04631874 2023-01-31 04631874 2022-01-31 04631874 2021-02-01 04631874 1 2022-02-01 2023-01-31 04631874 1 2021-02-01 2022-01-31 04631874 2 2022-02-01 2023-01-31 04631874 d:Director1 2022-02-01 2023-01-31 04631874 e:OfficeEquipment 2022-02-01 2023-01-31 04631874 e:OfficeEquipment 2023-01-31 04631874 e:OfficeEquipment 2022-01-31 04631874 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 04631874 e:FreeholdInvestmentProperty 2023-01-31 04631874 e:FreeholdInvestmentProperty 2022-01-31 04631874 e:FreeholdInvestmentProperty 2 2022-02-01 2023-01-31 04631874 e:LeaseholdInvestmentProperty 2023-01-31 04631874 e:LeaseholdInvestmentProperty 2022-01-31 04631874 e:LeaseholdInvestmentProperty 2 2022-02-01 2023-01-31 04631874 e:CurrentFinancialInstruments 2023-01-31 04631874 e:CurrentFinancialInstruments 2022-01-31 04631874 e:Non-currentFinancialInstruments 2023-01-31 04631874 e:Non-currentFinancialInstruments 2022-01-31 04631874 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 04631874 e:CurrentFinancialInstruments e:WithinOneYear 2022-01-31 04631874 e:Non-currentFinancialInstruments e:AfterOneYear 2023-01-31 04631874 e:Non-currentFinancialInstruments e:AfterOneYear 2022-01-31 04631874 e:ShareCapital 2022-02-01 2023-01-31 04631874 e:ShareCapital 2023-01-31 04631874 e:ShareCapital 2021-02-01 2022-01-31 04631874 e:ShareCapital 2022-01-31 04631874 e:ShareCapital 2021-02-01 04631874 e:InvestmentPropertiesRevaluationReserve 2022-02-01 2023-01-31 04631874 e:InvestmentPropertiesRevaluationReserve 2023-01-31 04631874 e:InvestmentPropertiesRevaluationReserve 1 2022-02-01 2023-01-31 04631874 e:InvestmentPropertiesRevaluationReserve 2021-02-01 2022-01-31 04631874 e:InvestmentPropertiesRevaluationReserve 2022-01-31 04631874 e:InvestmentPropertiesRevaluationReserve 2021-02-01 04631874 e:InvestmentPropertiesRevaluationReserve 1 2021-02-01 2022-01-31 04631874 e:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 04631874 e:RetainedEarningsAccumulatedLosses 2023-01-31 04631874 e:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 04631874 e:RetainedEarningsAccumulatedLosses 2022-01-31 04631874 e:RetainedEarningsAccumulatedLosses 2021-02-01 04631874 d:FRS102 2022-02-01 2023-01-31 04631874 d:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 04631874 d:FullAccounts 2022-02-01 2023-01-31 04631874 d:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 04631874 e:AcceleratedTaxDepreciationDeferredTax 2023-01-31 04631874 e:AcceleratedTaxDepreciationDeferredTax 2022-01-31 04631874 e:TaxLossesCarry-forwardsDeferredTax 2023-01-31 04631874 e:TaxLossesCarry-forwardsDeferredTax 2022-01-31 04631874 e:OtherDeferredTax 2023-01-31 04631874 e:OtherDeferredTax 2022-01-31 04631874 6 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 04631874










SILVERCROSS PROPERTIES (NO.3) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
REGISTERED NUMBER: 04631874

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
584
790

Investment property
 5 
940,000
910,000

  
940,584
910,790

Current assets
  

Debtors: amounts falling due within one year
 6 
627
2,419

Current asset investments
 7 
3,846
5,640

Cash at bank and in hand
  
11,320
13,031

  
15,793
21,090

Creditors: amounts falling due within one year
 8 
(476,881)
(115,236)

Net current liabilities
  
 
 
(461,088)
 
 
(94,146)

Total assets less current liabilities
  
479,496
816,644

Creditors: amounts falling due after more than one year
 9 
(342,925)
(707,207)

Provisions for liabilities
  

Deferred tax
 10 
(11,346)
(5,394)

  
 
 
(11,346)
 
 
(5,394)

Net assets
  
125,225
104,043


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
147,000
117,000

Profit and loss account
  
(21,875)
(13,057)

  
125,225
104,043


Page 1

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
REGISTERED NUMBER: 04631874
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 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 comprehensive income 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: 






N Wareing
Director

Date: 16 October 2023

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2021
100
87,000
(20,273)
66,827


Comprehensive income for the year

Profit for the year
-
-
37,216
37,216
Total comprehensive income for the year
-
-
37,216
37,216

Transfer to/from profit and loss account
-
-
(30,000)
(30,000)

Transfer to/from profit and loss account
-
30,000
-
30,000


Total transactions with owners
-
30,000
(30,000)
-



At 1 February 2022
100
117,000
(13,057)
104,043


Comprehensive income for the year

Profit for the year
-
-
21,182
21,182
Total comprehensive income for the year
-
-
21,182
21,182

Transfer to/from profit and loss account
-
-
(30,000)
(30,000)

Transfer to/from profit and loss account
-
30,000
-
30,000


Total transactions with owners
-
30,000
(30,000)
-


At 31 January 2023
100
147,000
(21,875)
125,225


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Silvercross Properties (No.3) Limited is a private company limited by shares. It is incorporated in England and Wales and its registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. Its registered number is 04631874.

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

Going concern

At the balance sheet date the Company had net current liabilities of £461,088 (2022 - £94,146). The directors are confident that the Company can continue to trade for the foreseeable future.

 
2.3

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.

 
2.4

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

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25% straight line

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from market prices for similar properties. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.8

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.

 
2.9

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 5

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
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.

 
2.11

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 7

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 February 2022
824



At 31 January 2023

824



Depreciation


At 1 February 2022
34


Charge for the year on owned assets
206



At 31 January 2023

240



Net book value



At 31 January 2023
584



At 31 January 2022
790

Page 8

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 February 2022
460,000
450,000
910,000


Surplus on revaluation
20,000
10,000
30,000



At 31 January 2023
480,000
460,000
940,000


Comprising


Cost
361,000
432,000
793,000

Annual revaluation surplus/(deficit):



Up to 2021
79,000
8,000
87,000

2022
20,000
10,000
30,000

2023
20,000
10,000
30,000

At 31 January 2023
480,000
460,000
940,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 February 2022
117,000
87,000

Net surplus/(deficit) in movement properties
30,000
30,000

At 31 January 2023
147,000
117,000





6.


Debtors

2023
2022
£
£


Trade debtors
-
150

Prepayments and accrued income
627
2,269

627
2,419


Page 9

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Current asset investments

2023
2022
£
£

Unlisted investments
3,846
5,640



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
364,517
-

Other loans
94,701
95,472

Corporation tax
-
2,046

Other creditors
15,460
15,435

Accruals and deferred income
2,203
2,283

476,881
115,236


Secured Loans
The bank loans are secured by a 1st legal charge over the properties.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
342,925
707,207


Secured Loans
The bank loans are secured by a 1st legal charge over the properties.
£342,925 (2022 - £342,755) of the bank loans are interest only mortgages due to expire after more than 5 years and are repayable other than by instalments.

Page 10

 
SILVERCROSS PROPERTIES (NO.3) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(5,394)
(3,344)


Charged to profit or loss
(5,952)
(2,050)



At end of year
(11,346)
(5,394)

The deferred tax balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(146)
(150)

Tax losses carried forward
665
-

Deferred tax on investment property
(11,865)
(5,244)

(11,346)
(5,394)

Comprising:

Liability
(11,346)
(5,394)

(11,346)
(5,394)


 
Page 11