Silverfin false false 31/10/2023 01/11/2022 31/10/2023 C M D Haynes 18/10/2007 J H C Haynes 18/10/2007 19 February 2024 The principal activity of the Company during the financial year was property rental and development. 06403097 2023-10-31 06403097 bus:Director1 2023-10-31 06403097 bus:Director2 2023-10-31 06403097 2022-10-31 06403097 core:CurrentFinancialInstruments 2023-10-31 06403097 core:CurrentFinancialInstruments 2022-10-31 06403097 core:ShareCapital 2023-10-31 06403097 core:ShareCapital 2022-10-31 06403097 core:FurtherSpecificReserve1ComponentTotalEquity 2023-10-31 06403097 core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-31 06403097 core:RetainedEarningsAccumulatedLosses 2023-10-31 06403097 core:RetainedEarningsAccumulatedLosses 2022-10-31 06403097 core:FurtherSpecificReserve1ComponentTotalEquity 2021-10-31 06403097 2022-11-01 2023-10-31 06403097 bus:FilletedAccounts 2022-11-01 2023-10-31 06403097 bus:SmallEntities 2022-11-01 2023-10-31 06403097 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 06403097 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06403097 bus:Director1 2022-11-01 2023-10-31 06403097 bus:Director2 2022-11-01 2023-10-31 06403097 2021-11-01 2022-10-31 06403097 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 06403097 core:FurtherSpecificReserve1ComponentTotalEquity 1 2022-11-01 2023-10-31 06403097 core:FurtherSpecificReserve1ComponentTotalEquity 2022-11-01 2023-10-31 06403097 core:FurtherSpecificReserve1ComponentTotalEquity 1 2021-11-01 2022-10-31 06403097 core:FurtherSpecificReserve1ComponentTotalEquity 2021-11-01 2022-10-31 06403097 1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Company No: 06403097 (England and Wales)

SENYAH LIMITED

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

SENYAH LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

SENYAH LIMITED

BALANCE SHEET

As at 31 October 2023
SENYAH LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 286,000 268,000
286,000 268,000
Current assets
Stocks 4 1,206,960 1,195,500
Debtors 5 1,066,097 389,600
Cash at bank and in hand 49,485 743,301
2,322,542 2,328,401
Creditors: amounts falling due within one year 6 ( 874,947) ( 884,691)
Net current assets 1,447,595 1,443,710
Total assets less current liabilities 1,733,595 1,711,710
Net assets 1,733,595 1,711,710
Capital and reserves
Called-up share capital 90 90
Fair value reserve 7 104,817 86,817
Profit and loss account 1,628,688 1,624,803
Total shareholders' funds 1,733,595 1,711,710

For the financial year ending 31 October 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 Senyah Limited (registered number: 06403097) were approved and authorised for issue by the Director on 19 February 2024. They were signed on its behalf by:

C M D Haynes
Director
J H C Haynes
Director
SENYAH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
SENYAH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Senyah 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 Hendford Manor, Hendford, Yeovil, BA20 1UN, United Kingdom. The principal place of business is Senyah Limited, Sparkford, Yeovil, BA22 7LH.

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 £.

Turnover

Turnover represents amounts receivable for rental income and development services which are recognised in the period to which they relate.

Turnover also represents amounts receivable from the sale of properties which is recognised when there is a right to consideration and is recorded at the value of the consideration due.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 November 2022 268,000
Fair value movement 18,000
As at 31 October 2023 286,000

Valuation

The investment properties were revalued at 31 October 2023 by the directors on an open market basis. The directors have considered the valuation of all investment properties at the balance sheet date and the conclusion drawn that they remain materially correct.

There has been no valuation of the investment property by an independent valuer.

4. Stocks

2023 2022
£ £
Stocks 557,029 557,029
Work in progress 649,931 638,471
1,206,960 1,195,500

5. Debtors

2023 2022
£ £
Other debtors 1,066,097 389,600

Within other debtors are loans receivable of £1,062,148 (2022 - £386,739) which are repayable on demand and interest free, and relate to companies controlled by the directors of the company.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,766 12,448
Accruals 3,210 2,525
Other creditors 869,971 869,718
874,947 884,691

Within other creditors are loans payable of £869,971 (2022 - £869,718) which are repayable on demand and interest free, and relate to a company controlled by the directors of the company.

In 2022 £2,000,000 of loan debt was novated from the company to another company controlled by the directors of the company and then subsequently waived.

7. Changes in equity

Fair value reserve
£
At 01 November 2022 86,817
Transfer of fair value adjustment from profit & loss 18,000
Total comprehensive income 18,000
At 31 October 2023 104,817
At 01 November 2021 68,817
Transfer of fair value adjustment from profit & loss 18,000
Total comprehensive income 18,000
At 31 October 2022 86,817

8. Events after the Balance Sheet date

The property held as stock has been sold in December 2023, with proceeds of £1,100,000, leading to an estimated profit of £550,000 on the sale.