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Company No: 03655985 (England and Wales)

NUGENT (SW) LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

NUGENT (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

NUGENT (SW) LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
NUGENT (SW) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTORS Mr D G Nugent
Mr C Owen
SECRETARY Mrs G Nugent
REGISTERED OFFICE 19 The Terrace
Torquay
TQ1 1BN
United Kingdom
COMPANY NUMBER 03655985 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
NUGENT (SW) LIMITED

BALANCE SHEET

As at 30 November 2023
NUGENT (SW) LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,500,000 1,500,000
Investments 2,640,599 2,704,537
4,140,599 4,204,537
Current assets
Debtors 4 805,124 728,890
Cash at bank and in hand 5 134,543 60,100
939,667 788,990
Creditors: amounts falling due within one year 6 ( 57,991) ( 49,210)
Net current assets 881,676 739,780
Total assets less current liabilities 5,022,275 4,944,317
Provision for liabilities 7 7,484 ( 38,558)
Net assets 5,029,759 4,905,759
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 5,029,757 4,905,757
Total shareholder's funds 5,029,759 4,905,759

For the financial year ending 30 November 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 Nugent (SW) Limited (registered number: 03655985) were approved and authorised for issue by the Board of Directors on 04 April 2024. They were signed on its behalf by:

Mr D G Nugent
Director
NUGENT (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
NUGENT (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

Nugent (SW) 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 19 The Terrace, Torquay, TQ1 1BN, 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account 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.

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 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 1,500,000
As at 30 November 2023 1,500,000

Valuation

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

4. Debtors

2023 2022
£ £
Other debtors 805,124 728,890

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 134,543 60,100

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 5,124 0
Corporation tax 32,778 29,487
Other taxation and social security 4,954 4,588
Other creditors 15,135 15,135
57,991 49,210

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 38,558) ( 29,904)
Credited/(charged) to the Profit and Loss Account 46,042 ( 8,654)
At the end of financial year 7,484 ( 38,558)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Reserves

Included in the profit and loss account balance carried forward are non-distributable reserves of £293,820 (2022 - £411,595), These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment property and share portfolio.

10. Ultimate controlling party

Parent Company:

Robonet Limited
19 The Terrace, Torquay, Devon, TQ1 1BN