Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 | - | |||||
Investment property | 5 | ||||||
Current assets | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 8 | ( |
( |
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Provisions for liabilities | 10 | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | 11 | ||||||
Retained earnings | 12 | ||||||
Shareholders' funds | |||||||
W Smith | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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. |
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Turnover | ||||||||
Investment property | ||||||||
Tangible fixed assets | ||||||||
Plant and machinery | 25% on cost | |||||||
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 | ||||||||
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 | ||||||||
Provisions | ||||||||
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 requirements of Section 7 Statement of Cash Flows | ||||||||
2 | Audit information | |||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
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 | ||||||||
Additions | ||||||||
At 31 March 2023 | ||||||||
Amortisation | ||||||||
At 1 April 2022 | ||||||||
Provided during the year | ||||||||
At 31 March 2023 | ||||||||
Net book value | ||||||||
At 31 March 2023 | ||||||||
At 31 March 2022 | - | |||||||
5 | Investment property | |||||||
Investment Properties | ||||||||
£ | ||||||||
Fair valuation | ||||||||
At 1 April 2022 | ||||||||
Disposals | ( |
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At 31 March 2023 | ||||||||
Net book value | ||||||||
At 31 March 2023 | ||||||||
At 31 March 2022 | ||||||||
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 | ||||||||
Other debtors | ||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Trade creditors | ||||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||||||
Corporation tax | ||||||||
Other taxes and social security costs | - | |||||||
Other creditors | ||||||||
Amounts owed to group undertakings are interest free and repayable on demand. | ||||||||
8 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans | ||||||||
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 | ||||||
10 | Provisions for Liabilities | 2023 | 2022 | |||||
£ | £ | |||||||
Deferred taxation | ||||||||
At 1 April 2022 | ||||||||
Charge to statement of comprehensive income | - | |||||||
Deferred taxation arising on the revaluation of land and buildings | - | |||||||
At 31 March 2023 | ||||||||
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 | - | |||||||
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 | |||||||
16 | Related party transactions | |||||||
During 2023 no related party transactions took place- (2022 None). | ||||||||
15 | Controlling party | |||||||
. | ||||||||
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 |