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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
Page
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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
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Silverspring Properties Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,947 
4,983 
Investment property
1,714,167 
1,655,111 
1,718,114 
1,660,094 
Current assets
Debtors
48,100 
- 
Cash at bank and in hand
28,579 
12,076 
76,679 
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 
Capital and reserves
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
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Silverspring Properties Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents rents receivable during the year.
Stocks
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
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
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.
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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 
£ 
Cost or valuation
At cost 
At 1 April 2022
10,906 
Additions
1,296 
At 31 March 2023
12,202 
Depreciation
At 1 April 2022
5,923 
Charge for the year
2,332 
At 31 March 2023
8,255 
Net book value
At 31 March 2023
3,947 
At 31 March 2022
4,983 
5
Investment property
2023 
£ 
Fair value at 1 April 2022
1,655,111 
Net gain from fair value adjustments
59,056 
At 31 March 2023
1,714,167 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Amounts due from group undertakings etc.
43,100 
- 
Other debtors
5,000 
- 
48,100 
- 
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 
Accruals
1,500 
1,500 
239,645 
336,287 
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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 
9
Share capital
2023 
2022 
£ 
£ 
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).
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