Company Registration No. 09095883 (England and Wales)
Silverspring Properties Limited
Unaudited accounts
for the year ended 31 March 2023
Silverspring Properties Limited
Unaudited accounts
Contents
Silverspring Properties Limited
Company Information
for the year ended 31 March 2023
Directors
M Saul
I Saul
J Saul
Company Number
09095883 (England and Wales)
Registered Office
16 Breary Rise
Bramhope
Leeds
LS16 9AL
England
Accountants
Sleek Accounting Ltd
107 Kirkgate
Leeds
West Yorkshire
LS1 6DP
Silverspring Properties Limited
Statement of financial position
as at 31 March 2023
Tangible assets
3,947
4,983
Investment property
1,714,167
1,655,111
Cash at bank and in hand
28,579
12,076
Creditors: amounts falling due within one year
(239,645)
(336,287)
Net current liabilities
(162,966)
(324,211)
Total assets less current liabilities
1,555,148
1,335,883
Creditors: amounts falling due after more than one year
(1,268,144)
(1,134,406)
Provisions for liabilities
Deferred tax
(39,042)
(27,821)
Net assets
247,962
173,656
Called up share capital
3
3
Revaluation reserve
166,438
118,603
Profit and loss account
81,521
55,050
Shareholders' funds
247,962
173,656
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by
I Saul
Director
Company Registration No. 09095883
Silverspring Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
Silverspring Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 09095883. The registered office is 16 Breary Rise, Bramhope, Leeds, LS16 9AL, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents rents receivable during the year.
Stocks of properties are valued at their purchase price plus all costs of acquisitions and development costs to date. These are compared to estimated net realisable value at the balance sheet date and provisions are made for any potential loss so as to value the properties at the lower of cost and net realisable value
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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 accounts. 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.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Silverspring Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 April 2022
1,655,111
Net gain from fair value adjustments
59,056
At 31 March 2023
1,714,167
Amounts falling due within one year
Amounts due from group undertakings etc.
43,100
-
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
2,750
36,834
Taxes and social security
7,031
-
Loans from directors
228,364
297,953
Silverspring Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,268,144
1,134,406
Allotted, called up and fully paid:
3 Ordinary shares of £1 each
3
3
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).