Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr N Stewart 09/07/2018 31 October 2023 The principal activity of the company during the financial year was property rental. 11453782 2023-03-31 11453782 bus:Director1 2023-03-31 11453782 2022-03-31 11453782 core:CurrentFinancialInstruments 2023-03-31 11453782 core:CurrentFinancialInstruments 2022-03-31 11453782 core:Non-currentFinancialInstruments 2023-03-31 11453782 core:Non-currentFinancialInstruments 2022-03-31 11453782 core:ShareCapital 2023-03-31 11453782 core:ShareCapital 2022-03-31 11453782 core:RetainedEarningsAccumulatedLosses 2023-03-31 11453782 core:RetainedEarningsAccumulatedLosses 2022-03-31 11453782 core:PlantMachinery 2022-03-31 11453782 core:PlantMachinery 2023-03-31 11453782 2022-04-01 2023-03-31 11453782 bus:FullAccounts 2022-04-01 2023-03-31 11453782 bus:SmallEntities 2022-04-01 2023-03-31 11453782 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11453782 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11453782 bus:Director1 2022-04-01 2023-03-31 11453782 core:PlantMachinery 2022-04-01 2023-03-31 11453782 2021-04-01 2022-03-31 11453782 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 11453782 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 11453782 (England and Wales)

DOWNING STREET PROPERTIES LTD

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

DOWNING STREET PROPERTIES LTD

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

DOWNING STREET PROPERTIES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
DOWNING STREET PROPERTIES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,419 1,892
Investment property 4 842,954 783,794
844,373 785,686
Current assets
Debtors 5 21,884 0
Cash at bank and in hand 18,492 3,318
40,376 3,318
Creditors: amounts falling due within one year 6 ( 251,656) ( 148,163)
Net current liabilities (211,280) (144,845)
Total assets less current liabilities 633,093 640,841
Creditors: amounts falling due after more than one year 7 ( 473,098) ( 479,989)
Provision for liabilities ( 39,227) ( 40,434)
Net assets 120,768 120,418
Capital and reserves
Called-up share capital 100 100
Profit and loss account 120,668 120,318
Total shareholder's funds 120,768 120,418

For the financial 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.

Director's responsibilities:

The financial statements of Downing Street Properties Ltd (registered number: 11453782) were approved and authorised for issue by the Director on 31 October 2023. They were signed on its behalf by:

Mr N Stewart
Director
DOWNING STREET PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
DOWNING STREET PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Downing Street Properties 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 C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, 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 £.

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.

Deferred tax
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 financial statements. 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. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % 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.

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.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

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

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 April 2022 4,035 4,035
At 31 March 2023 4,035 4,035
Accumulated depreciation
At 01 April 2022 2,143 2,143
Charge for the financial year 473 473
At 31 March 2023 2,616 2,616
Net book value
At 31 March 2023 1,419 1,419
At 31 March 2022 1,892 1,892

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 783,794
Additions 59,160
As at 31 March 2023 842,954

Valuation

The investment properties were valued by the director at the year end on an open market and existing use basis.

5. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 21,884 0

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 300 20,918
Amounts owed to director 195,449 68,719
Accruals 2,500 4,386
Taxation and social security 0 1,178
Other creditors 53,407 52,962
251,656 148,163

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

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

2023 2022
£ £
Bank loans (secured) 473,098 479,989

The bank loans are secured on freehold properties of the Company with a carrying value of £nil (2022: £783,794).

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Owed to BHCS Limited 0 20,618
Owed to BHCS Limited 21,884 0
Owed to The International Coaching Network Limited 0 300
Owed to ICAN Training 300 0

The balances are interest free and repayable on demand.

Transactions with the entity's director

2023 2022
£ £
Owed to Mr N Stewart 195,449 42,556

The loan is interest free and repayable on demand.