Silverfin false 28/02/2023 01/03/2022 28/02/2023 M A Meltzer 02/06/2014 D W Pollock 02/06/2014 14 February 2024 The principal activity of the company during the financial period was that of property investing. 09067229 2023-02-28 09067229 bus:Director1 2023-02-28 09067229 bus:Director2 2023-02-28 09067229 2022-02-28 09067229 core:CurrentFinancialInstruments 2023-02-28 09067229 core:CurrentFinancialInstruments 2022-02-28 09067229 core:Non-currentFinancialInstruments 2023-02-28 09067229 core:Non-currentFinancialInstruments 2022-02-28 09067229 core:ShareCapital 2023-02-28 09067229 core:ShareCapital 2022-02-28 09067229 core:RevaluationReserve 2023-02-28 09067229 core:RevaluationReserve 2022-02-28 09067229 core:RetainedEarningsAccumulatedLosses 2023-02-28 09067229 core:RetainedEarningsAccumulatedLosses 2022-02-28 09067229 2021-02-28 09067229 bus:OrdinaryShareClass1 2023-02-28 09067229 2022-03-01 2023-02-28 09067229 bus:FullAccounts 2022-03-01 2023-02-28 09067229 bus:SmallEntities 2022-03-01 2023-02-28 09067229 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 09067229 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09067229 bus:Director1 2022-03-01 2023-02-28 09067229 bus:Director2 2022-03-01 2023-02-28 09067229 2021-03-01 2022-02-28 09067229 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 09067229 1 2022-03-01 2023-02-28 09067229 1 2021-03-01 2022-02-28 09067229 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 09067229 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09067229 (England and Wales)

DOWNS ROAD LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

DOWNS ROAD LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

DOWNS ROAD LIMITED

BALANCE SHEET

As at 28 February 2023
DOWNS ROAD LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 8,105,000 9,765,698
8,105,000 9,765,698
Current assets
Debtors 4 12,211,787 10,209,953
Cash at bank and in hand 5 5,930 2,984
12,217,717 10,212,937
Creditors: amounts falling due within one year 6 ( 8,956,064) ( 6,603,975)
Net current assets 3,261,653 3,608,962
Total assets less current liabilities 11,366,653 13,374,660
Creditors: amounts falling due after more than one year 7 ( 922,695) ( 1,217,010)
Provision for liabilities 8 ( 252,178) ( 708,695)
Net assets 10,191,780 11,448,955
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 756,534 2,126,086
Profit and loss account 9,435,146 9,322,769
Total shareholders' funds 10,191,780 11,448,955

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Downs Road Limited (registered number: 09067229) were approved and authorised for issue by the Director. They were signed on its behalf by:

D W Pollock
Director

14 February 2024

DOWNS ROAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
DOWNS ROAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 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

Downs Road Limited (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 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Balance Sheet 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.

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 directors, on an open market value for existing use basis.

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/Statement of Comprehensive Income.

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.

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 Balance Sheet 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 March 2022 9,765,698
Fair value movement (1,660,698)
As at 28 February 2023 8,105,000

Valuation

The 2023 valuations were made by the directors on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 6,758,719 6,758,719

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 5,601,069 7,844,931
Other debtors 6,610,718 2,365,022
12,211,787 10,209,953

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 5,930 2,984
Less: Bank overdrafts ( 47,001) ( 45,868)
(41,071) (42,884)

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 47,001 45,868
Trade creditors 1,606 1,606
Other creditors 8,907,457 6,556,501
8,956,064 6,603,975

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

2023 2022
£ £
Bank loans 922,695 1,217,010

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

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 708,695) 0
Credited/(charged) to the Statement of Comprehensive Income 456,517 ( 708,695)
0 0
At the end of financial year ( 252,178) ( 708,695)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Other related party transactions

Included in other creditors is £1,634,313 (2022: £2,470.851) due to Cityshire Ltd, an entity in which D Pollock is a director and shareholder.