SILENT WATER LIMITED
Registered number: 04850651
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 77,914 -
Investment property 5 8,107,045 8,357,045
8,184,959 8,357,045
Current assets
Debtors 6 79,184 60,879
Cash at bank and in hand 1,068,295 633,836
1,147,479 694,715
Creditors: amounts falling due within one year 7 (1,571,455) (1,322,940)
Net current liabilities (423,976) (628,225)
Total assets less current liabilities 7,760,983 7,728,820
Creditors: amounts falling due after more than one year 8 (2,462,101) (2,580,933)
Provisions for liabilities 10 (276,154) (201,244)
Net assets 5,022,728 4,946,643
Capital and reserves
Called up share capital 11 1,000 1,000
Retained earnings 12 5,021,728 4,945,643
Shareholders' funds 5,022,728 4,946,643
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W Smith
Director
Approved by the board on 15 November 2023
SILENT WATER LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going Concern
At the balance sheet date the company had a strong net current asset position. At the time of signing these accounts, the directors have considered the continued effects of the Coronavirus on the going concern position and consider this does indicate that the company will continue to trade for at least 12 months from the date of signing as a result of maintaining its business throughout the pandemic, the banking facilities available and that they have not had to rely on the UK Government support avaliable to businesses during this time.
The financial forcasts prepared by the directors show that the company will be able to operate within the facilities available to it.
On that basis the directors have prepared these financial statements on a going concern basis.
Turnover
Turnover represents net invoiced rent and service charges,excluding value added tax.
Investment property
Investment properties are shown at their most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on cost
Financial Instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.
(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at the 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 profit and loss.
Financial Instruments (continued)
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or (b) substantially all the risks and rewards of the ownwership 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, 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.
Debt instruments are subsequently carried at amortised cost, using the effective rate of interest method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign currency exchange contracts are not basic financial instruments.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Significant estimates and assumptions are made in particular with regard to the revaluation of investment properties by the directors and external valuers.
Financial Instruments (continued)
Reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption on preparing these financial statements as permitted by FRS102:
. the requirements of Section 7 Statement of Cash Flows
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Richard Wesley FCA
Firm: Wesley Cooper Ltd
Date of audit report: 15 November 2023
3 Employees
Number Number
Average number of persons employed by the company - -
There are no employees of the company other than the unpaid officers of the company (2022 nil).
4 Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2022 385,964
Additions 78,569
At 31 March 2023 464,533
Amortisation
At 1 April 2022 385,964
Provided during the year 655
At 31 March 2023 386,619
Net book value
At 31 March 2023 77,914
At 31 March 2022 -
5 Investment property
Investment Properties
£
Fair valuation
At 1 April 2022 8,357,045
Disposals (250,000)
At 31 March 2023 8,107,045
Net book value
At 31 March 2023 8,107,045
At 31 March 2022 8,357,045
Freehold land and buildings: 2023 2022
£ £
Historical cost 6,271,471 6,456,701
The directors have valued the commercial properties based on rental returns and comparison to similar properties as at 31st March 2023 which is considered to be a fair value. All other investment properties were valued on the open market basis on 31st March 2023 by the directors.
6 Debtors 2023 2022
£ £
Trade debtors 13,021 20,854
Other debtors 66,163 40,025
79,184 60,879
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 111,474 108,527
Trade creditors 316,857 4,058
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,111,169 1,111,169
Corporation tax 15,699 62,855
Other taxes and social security costs - 20,075
Other creditors 16,256 16,256
1,571,455 1,322,940
Amounts owed to group undertakings are interest free and repayable on demand.
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,462,101 2,580,933
9 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,986,739 2,117,358
Secured bank loans 2,573,575 2,689,460
A first charge exists over properties held by Silent Water Limited, along with a floating charge over all the assets of the company, with regard to a bank loan which at the year end amounts to £2,573,575 (2022- £2,689,460).
10 Provisions for Liabilities 2023 2022
£ £
Deferred taxation
At 1 April 2022 201,244 201,244
Charge to statement of comprehensive income 16,390 -
Deferred taxation arising on the revaluation of land and buildings 58,520 -
At 31 March 2023 276,154 201,244
The provision for deferred tax provision is made up as follows:
2023 2022
£ £
Fixed asset timing differences 16,390 -
Revaluation of investment properties 259,764 201,244
276,154 201,244
Deferred tax has been relected at 25%.
11 Share Capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 1,000 1,000 1,000
12 Retained earnings
The split of retained earnings between distributable and non distributable is as follows:
Non
Distributable -distributable Total
£ £ £
At 1 April 3,246,543 1,699,100 4,945,643
Profit for the financial year 199,375 - 199,375
Release on disposal - (64,770) (64,770)
Deferred tax on investment property - (58,520) (58,520)
At 31 March 3,445,918 1,575,810 5,021,728
13 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 209,833 -
14 Events after the reporting date
The Company continued to refurbish one of the commercial properties in order to assist in accommodating the growth of its parent company which will be let at normal commercial rates.
15 Contingent liabilities
A bank cross gaurantee exists beteween Silent Water Limited and Smith & Byford Limited dated 12/12/2007.
16 Related party transactions
The company has taken advantage of the exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.
During 2023 no related party transactions took place- (2022 None).
15 Controlling party
.
The ultimate holding company and controlling party is Smith & Byford Limited, a UK company with 100% shareholding. Smith & Byford Limited is controlled by Mr W Smith and Mrs H Smith, acting in concert by virtue of owning 83.3% of the issued share capital.
16 Legal form of entity and country of incorporation
SILENT WATER LIMITED is a private company limited by shares and incorporated in England.
17 Presentation currency
The financial statements are presented in sterling.
18 Other information
SILENT WATER LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
St George House
Station Approach
Cheam
Surrey
SM2 7AT
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