Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr L C Wills 20/01/2010 18 October 2023 The principal activity of the company during the financial year was property rental. 04416094 2023-05-31 04416094 bus:Director1 2023-05-31 04416094 2022-05-31 04416094 core:CurrentFinancialInstruments 2023-05-31 04416094 core:CurrentFinancialInstruments 2022-05-31 04416094 core:ShareCapital 2023-05-31 04416094 core:ShareCapital 2022-05-31 04416094 core:RetainedEarningsAccumulatedLosses 2023-05-31 04416094 core:RetainedEarningsAccumulatedLosses 2022-05-31 04416094 core:PlantMachinery 2022-05-31 04416094 core:PlantMachinery 2023-05-31 04416094 2022-06-01 2023-05-31 04416094 bus:FullAccounts 2022-06-01 2023-05-31 04416094 bus:SmallEntities 2022-06-01 2023-05-31 04416094 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 04416094 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 04416094 bus:Director1 2022-06-01 2023-05-31 04416094 core:PlantMachinery 2022-06-01 2023-05-31 04416094 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Company No: 04416094 (England and Wales)

FIRESTAN LTD

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

FIRESTAN LTD

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

FIRESTAN LTD

COMPANY INFORMATION

For the financial year ended 31 May 2023
FIRESTAN LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTOR Mr L C Wills
REGISTERED OFFICE Leanne House
6 Avon Close
Weymouth
DT4 9UX
United Kingdom
COMPANY NUMBER 04416094 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX
FIRESTAN LTD

BALANCE SHEET

As at 31 May 2023
FIRESTAN LTD

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,590 4,223
Investment property 4 335,000 0
338,590 4,223
Current assets
Debtors 0 9,723
Cash at bank and in hand 21,175 15,796
21,175 25,519
Creditors: amounts falling due within one year 5 ( 328,948) ( 6,470)
Net current (liabilities)/assets (307,773) 19,049
Total assets less current liabilities 30,817 23,272
Net assets 30,817 23,272
Capital and reserves
Called-up share capital 1,700 1,700
Profit and loss account 29,117 21,572
Total shareholder's funds 30,817 23,272

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Firestan Ltd (registered number: 04416094) were approved and authorised for issue by the Director on 18 October 2023. They were signed on its behalf by:

Mr L C Wills
Director
FIRESTAN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
FIRESTAN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

Firestan Ltd (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 Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 director, on an open market value for existing use basis.

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. 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

The company is run and administered by the director for whom no formal contract of service is in place.

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 June 2022 41,350 41,350
At 31 May 2023 41,350 41,350
Accumulated depreciation
At 01 June 2022 37,127 37,127
Charge for the financial year 633 633
At 31 May 2023 37,760 37,760
Net book value
At 31 May 2023 3,590 3,590
At 31 May 2022 4,223 4,223

4. Investment property

Investment property
£
Valuation
As at 01 June 2022 0
Additions 335,000
As at 31 May 2023 335,000

Valuation

The investment properties class of fixed assets were adjusted on 31 May 2023 to fair value by the director who is
internal to the company. The basis of this valuation was open market value.

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 335,000 0

5. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 1,918 4,885
Other creditors 327,030 1,585
328,948 6,470

6. Related party transactions

Transactions with the entity's director

The Directors loan account is interest free and repayable on demand.

At 1 June 2022, the balance owed by the director was £9,723. During the year, £nil was advanced to the director,
and £335,000 was repaid by the director. At 31 May 2023, the balance owed to the director was £325,277.
At 1 June 2021, the balance owed to the director was £59,782. During the year, £69,677 was advanced to the director,
and £172 was repaid by the director. At 31 May 2022, the balance owed by the director was £9,723.