Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31No description of principal activity2022-06-01false00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12618869 2022-06-01 2023-05-31 12618869 2021-06-01 2022-05-31 12618869 2023-05-31 12618869 2022-05-31 12618869 c:Director1 2022-06-01 2023-05-31 12618869 d:FreeholdInvestmentProperty 2022-06-01 2023-05-31 12618869 d:FreeholdInvestmentProperty 2023-05-31 12618869 d:FreeholdInvestmentProperty 2022-05-31 12618869 d:CurrentFinancialInstruments 2023-05-31 12618869 d:CurrentFinancialInstruments 2022-05-31 12618869 d:Non-currentFinancialInstruments 2023-05-31 12618869 d:Non-currentFinancialInstruments 2022-05-31 12618869 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 12618869 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 12618869 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 12618869 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 12618869 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 12618869 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-05-31 12618869 d:RetainedEarningsAccumulatedLosses 2023-05-31 12618869 d:RetainedEarningsAccumulatedLosses 2022-05-31 12618869 c:FRS102 2022-06-01 2023-05-31 12618869 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 12618869 c:FullAccounts 2022-06-01 2023-05-31 12618869 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 12618869










SILVER ASSETS LTD








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 May 2023

 
SILVER ASSETS LTD
Registered number: 12618869

Balance sheet
As at 31 May 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
4,413,078
3,897,706

  
4,413,078
3,897,706

Current assets
  

Debtors: amounts falling due within one year
 5 
34,001
51,651

Cash at bank and in hand
  
2,265
598

  
36,266
52,249

Creditors: amounts falling due within one year
 6 
(928,233)
(912,291)

Net current liabilities
  
 
 
(891,967)
 
 
(860,042)

Total assets less current liabilities
  
3,521,111
3,037,664

Creditors: amounts falling due after more than one year
 7 
(3,741,771)
(3,135,344)

  

Net liabilities
  
(220,660)
(97,680)


Capital and reserves
  

Profit and loss account
  
(220,660)
(97,680)

  
(220,660)
(97,680)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Benny Hoffman
Director

Page 1

 
SILVER ASSETS LTD
Registered number: 12618869
    
Balance sheet (continued)
As at 31 May 2023

Date: 21 February 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
SILVER ASSETS LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 May 2023

1.


General information

Silver Assets Ltd is a company incorporated in England and Wales under the Companies Act. The address of the registered office is given on the Company Information page. The principal activity of the company is that of property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue represents gross rental income from the letting of property and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

  
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
SILVER ASSETS LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

  
2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

  
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

  
2.8

Reserves

The company's reserves are as follows:
• Called up share capital represents the nominal value of the shares issued
• Profit and Loss Account represents cummulative profits or losses, net of dividends and other adjustments.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 4

 
SILVER ASSETS LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 May 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
3,897,706


Additions at cost
515,372



At 31 May 2023
4,413,078

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





5.


Debtors

2023
2022
£
£


Other debtors
1
651

Prepayments and accrued income
34,000
51,000

34,001
51,651



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
182,000

Other creditors
922,233
730,291

Accruals and deferred income
6,000
-

928,233
912,291



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,741,771
3,135,344

3,741,771
3,135,344


Page 5

 
SILVER ASSETS LTD
 
 
 
Notes to the financial statements
For the Year Ended 31 May 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
182,000


-
182,000



Amounts falling due after more than 5 years

Bank loans
3,741,771
3,135,344

3,741,771
3,135,344

3,741,771
3,317,344


 
Page 6