Silverfin false 31/07/2022 01/08/2021 31/07/2022 A H Christie 04/07/2018 26 October 2023 The principal activity of the company was property development. 11448881 2022-07-31 11448881 bus:Director1 2022-07-31 11448881 2021-07-31 11448881 core:CurrentFinancialInstruments 2022-07-31 11448881 core:CurrentFinancialInstruments 2021-07-31 11448881 core:Non-currentFinancialInstruments 2022-07-31 11448881 core:Non-currentFinancialInstruments 2021-07-31 11448881 core:ShareCapital 2022-07-31 11448881 core:ShareCapital 2021-07-31 11448881 core:RetainedEarningsAccumulatedLosses 2022-07-31 11448881 core:RetainedEarningsAccumulatedLosses 2021-07-31 11448881 core:OtherPropertyPlantEquipment 2021-07-31 11448881 core:OtherPropertyPlantEquipment 2022-07-31 11448881 bus:OrdinaryShareClass1 2022-07-31 11448881 2021-08-01 2022-07-31 11448881 bus:FullAccounts 2021-08-01 2022-07-31 11448881 bus:SmallEntities 2021-08-01 2022-07-31 11448881 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 11448881 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 11448881 bus:Director1 2021-08-01 2022-07-31 11448881 core:OtherPropertyPlantEquipment 2021-08-01 2022-07-31 11448881 2020-08-01 2021-07-31 11448881 core:Non-currentFinancialInstruments 2021-08-01 2022-07-31 11448881 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 11448881 bus:OrdinaryShareClass1 2020-08-01 2021-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11448881 (England and Wales)

D12 DEVELOPMENTS LTD

Unaudited Financial Statements
For the financial year ended 31 July 2022
Pages for filing with the registrar

D12 DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2022

Contents

D12 DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2022
D12 DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 4 65,696 21,405
65,696 21,405
Current assets
Stocks 5 220,023 0
Debtors 6 963,942 288,942
Cash at bank and in hand 7 21,609 97,496
1,205,574 386,438
Creditors: amounts falling due within one year 8 ( 368,864) ( 115,559)
Net current assets 836,710 270,879
Total assets less current liabilities 902,406 292,284
Creditors: amounts falling due after more than one year 9 ( 45,563) ( 50,000)
Net assets 856,843 242,284
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 856,743 242,184
Total shareholder's funds 856,843 242,284

For the financial year ending 31 July 2022 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 D12 Developments Ltd (registered number: 11448881) were approved and authorised for issue by the Director. They were signed on its behalf by:

A H Christie
Director

26 October 2023

D12 DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2022
D12 DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2022
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

D12 Developments 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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. 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 Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 etc. 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.

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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2021 29,627 29,627
Additions 55,885 55,885
At 31 July 2022 85,512 85,512
Accumulated depreciation
At 01 August 2021 8,222 8,222
Charge for the financial year 11,594 11,594
At 31 July 2022 19,816 19,816
Net book value
At 31 July 2022 65,696 65,696
At 31 July 2021 21,405 21,405

5. Stocks

2022 2021
£ £
Stocks 220,023 0

6. Debtors

2022 2021
£ £
Trade debtors 36,090 12,500
Amounts owed by Group undertakings 270,111 270,111
Corporation tax 0 6,331
Other debtors 657,741 0
963,942 288,942

7. Cash and cash equivalents

2022 2021
£ £
Cash at bank and in hand 21,609 97,496

8. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 24,302 17,712
Taxation and social security 209,930 42,098
Other creditors 134,632 55,749
368,864 115,559

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

2022 2021
£ £
Bank loans 45,563 50,000

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

As At the year end, the company owed D12 Wyck Hill Limited £49,938