Silverfin false 31/03/2023 01/04/2022 31/03/2023 Ruth Maria Demenis 07 November 2023 The principal activity of the company during the financial year was property investment and management. 02409699 2023-03-31 02409699 2022-03-31 02409699 core:CurrentFinancialInstruments 2023-03-31 02409699 core:CurrentFinancialInstruments 2022-03-31 02409699 core:Non-currentFinancialInstruments 2023-03-31 02409699 core:Non-currentFinancialInstruments 2022-03-31 02409699 core:ShareCapital 2023-03-31 02409699 core:ShareCapital 2022-03-31 02409699 core:OtherCapitalReserve 2023-03-31 02409699 core:OtherCapitalReserve 2022-03-31 02409699 core:RetainedEarningsAccumulatedLosses 2023-03-31 02409699 core:RetainedEarningsAccumulatedLosses 2022-03-31 02409699 core:CurrentFinancialInstruments core:Secured 2023-03-31 02409699 core:MoreThanFiveYears 2023-03-31 02409699 core:MoreThanFiveYears 2022-03-31 02409699 bus:OrdinaryShareClass1 2023-03-31 02409699 bus:OrdinaryShareClass2 2023-03-31 02409699 2022-04-01 2023-03-31 02409699 bus:FullAccounts 2022-04-01 2023-03-31 02409699 bus:SmallEntities 2022-04-01 2023-03-31 02409699 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02409699 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02409699 bus:Director1 2022-04-01 2023-03-31 02409699 2021-04-01 2022-03-31 02409699 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 02409699 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 02409699 core:MoreThanFiveYears 2022-04-01 2023-03-31 02409699 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 02409699 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 02409699 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 02409699 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02409699 (England and Wales)

CARNFORTH ESTATES LIMITED

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

CARNFORTH ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

CARNFORTH ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
CARNFORTH ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 5,062,000 5,492,000
5,062,000 5,492,000
Current assets
Debtors
- due within one year 4 96,004 101,322
- due after more than one year 4 1,352,256 1,287,863
Cash at bank and in hand 210,469 24,364
1,658,729 1,413,549
Creditors: amounts falling due within one year 5 ( 370,556) ( 835,348)
Net current assets 1,288,173 578,201
Total assets less current liabilities 6,350,173 6,070,201
Creditors: amounts falling due after more than one year 6 ( 2,726,202) ( 2,675,880)
Provision for liabilities 0 ( 34,441)
Net assets 3,623,971 3,359,880
Capital and reserves
Called-up share capital 7 40,500 40,500
Other reserves 1,161,500 1,161,500
Profit and loss account 2,421,971 2,157,880
Total shareholders' funds 3,623,971 3,359,880

For the financial year ending 31 March 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 Carnforth Estates Limited (registered number: 02409699) were approved and authorised for issue by the Director on 07 November 2023. They were signed on its behalf by:

Ruth Maria Demenis
Director
CARNFORTH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
CARNFORTH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Carnforth Estates 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 The Holt, Aisholt, Bridgwater, TA5 1AS, 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.

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 Profit and Loss Account 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 Statement of Financial Position 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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

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 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.

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.

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 April 2022 5,492,000
Disposals (430,000)
As at 31 March 2023 5,062,000

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 4,300,500 4,825,500

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

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Prepayments 3,117 2,918
Other debtors 92,887 98,404
96,004 101,322
Debtors: amounts falling due after more than one year
Other debtors 1,352,256 1,287,863

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 19,244 276,972
Amounts owed to director 39,001 39,001
Other loans 118,626 318,626
Accruals and deferred income 11,971 12,284
Corporation tax 57,090 61,993
Other taxation and social security 366 2,214
Other creditors 124,258 124,258
370,556 835,348

The bank loans are secured against the assets to which they relate.

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

2023 2022
£ £
Bank loans (secured) 398,816 418,822
Other creditors 2,327,386 2,257,058
2,726,202 2,675,880

The bank loans are secured against the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 321,842 432,219

The bank loans are secured against the assets to which they relate.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
400,000 Ordinary shares of £ 0.10 each 40,000 40,000
500 Deferred ordinary shares of £ 1.00 each 500 500
40,500 40,500

8. Related party transactions

During the year, the director maintained a current account with the company. At the year end the amount owed to the director was £39,001 (2022: £39,001). The loan is interest free and there are no fixed repayment terms.