Company registration number 13894029 (England and Wales)
SILVERCITY LEISURE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SILVERCITY LEISURE LIMITED
COMPANY INFORMATION
Director
J P Ledwidge
(Appointed 4 February 2022)
Company number
13894029
Registered office
23-25 Great Sutton Street
London
England
EC1V 0DN
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
23-25 Great Sutton Street
London
England
EC1V 0DN
SILVERCITY LEISURE LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
SILVERCITY LEISURE LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 1 -
The director presents his annual report and financial statements for the period ended 30 June 2023.
Principal activities
The principal activity of the company is property development.
Director
The director who held office during the period and up to the date of signature of the financial statements was as follows:
J P Ledwidge
(Appointed 4 February 2022)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
..............................................
J P Ledwidge
Director
19 October 2023
SILVERCITY LEISURE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SILVERCITY LEISURE LIMITED FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Silvercity Leisure Limited for the period ended 30 June 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Silvercity Leisure Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Silvercity Leisure Limited and state those matters that we have agreed to state to the board of directors of Silvercity Leisure Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Silvercity Leisure Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Silvercity Leisure Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Silvercity Leisure Limited. You consider that Silvercity Leisure Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Silvercity Leisure Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Begbies
19 October 2023
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
SILVERCITY LEISURE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
Period
ended
30 June
2023
£
Turnover
-
Profit before taxation
Tax on profit
Profit for the financial period
-
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SILVERCITY LEISURE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 4 -
2023
Notes
£
£
Fixed assets
Investments
4
115
Current assets
Debtors
5
100,100
Creditors: amounts falling due within one year
6
(100,115)
Net current liabilities
(15)
Net assets
100
Capital and reserves
-
Called up share capital
7
100
For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 October 2023
..............................................
J P Ledwidge
Director
Company registration number 13894029 (England and Wales)
SILVERCITY LEISURE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 5 -
Share capital
Notes
£
Balance at 4 February 2022
Period ended 30 June 2023:
Profit and total comprehensive income
-
Issue of share capital
7
100
Balance at 30 June 2023
100
SILVERCITY LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
1
Accounting policies
Company information
Silvercity Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-25 Great Sutton Street, London, England, EC1V 0DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
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 current liabilities.
SILVERCITY LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.
SILVERCITY LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
4
Fixed asset investments
2023
£
Other investments other than loans
115
Movements in fixed asset investments
Investments
£
Cost or valuation
At 4 February 2022
-
Additions
115
At 30 June 2023
115
Carrying amount
At 30 June 2023
115
5
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
100,000
Other debtors
100
100,100
6
Creditors: amounts falling due within one year
2023
£
Other creditors
100,115
SILVERCITY LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 9 -
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
100
100