Silverfin false false 31/12/2023 01/01/2023 31/12/2023 A J F Davies 10/11/2014 04 March 2024 The principal activity of the Company during the financial year was that of development and letting of rental property. 09303375 2023-12-31 09303375 bus:Director1 2023-12-31 09303375 2022-12-31 09303375 core:CurrentFinancialInstruments 2023-12-31 09303375 core:CurrentFinancialInstruments 2022-12-31 09303375 core:ShareCapital 2023-12-31 09303375 core:ShareCapital 2022-12-31 09303375 core:RetainedEarningsAccumulatedLosses 2023-12-31 09303375 core:RetainedEarningsAccumulatedLosses 2022-12-31 09303375 bus:OrdinaryShareClass1 2023-12-31 09303375 2023-01-01 2023-12-31 09303375 bus:FilletedAccounts 2023-01-01 2023-12-31 09303375 bus:SmallEntities 2023-01-01 2023-12-31 09303375 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09303375 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09303375 bus:Director1 2023-01-01 2023-12-31 09303375 2022-01-01 2022-12-31 09303375 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09303375 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09303375 (England and Wales)

AJF DAVIES LIMITED

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

AJF DAVIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

AJF DAVIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
AJF DAVIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 3,451,865 1,825,637
3,451,865 1,825,637
Current assets
Debtors 4 3,502 20,126
Cash at bank and in hand 56,926 7,329
60,428 27,455
Creditors: amounts falling due within one year 5 ( 3,210,585) ( 1,664,908)
Net current liabilities (3,150,157) (1,637,453)
Total assets less current liabilities 301,708 188,184
Net assets 301,708 188,184
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 301,608 188,084
Total shareholder's funds 301,708 188,184

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of AJF Davies Limited (registered number: 09303375) were approved and authorised for issue by the Director on 04 March 2024. They were signed on its behalf by:

A J F Davies
Director
AJF DAVIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
AJF DAVIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

AJF Davies 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 20 Richmond Hill, Clifton, Bristol, BS8 1BA, England, 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 director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has 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.

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 Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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

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.

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.

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 Statement of Financial Position 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 the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 1,825,637
Additions 1,626,228
As at 31 December 2023 3,451,865

4. Debtors

2023 2022
£ £
Prepayments and accrued income 3,462 20,026
Other debtors 40 100
3,502 20,126

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to director 2,632,286 1,138,102
Accruals and deferred income 46,670 28,606
Corporation tax 35,008 19,333
Other creditors 496,621 478,867
3,210,585 1,664,908

6. Called-up share capital

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

7. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed by the company to a company under common control 478,867 478,867
Amounts owed by the company to the director at year end. The loan is interest free and repayable on demand. 2,632,286 1,138,102