Silverfin false 31/03/2023 01/04/2022 31/03/2023 Ruth Maria Demenis 28/09/1993 07 November 2023 The principal activity of the Company during the financial year was property investment and management. 02857554 2023-03-31 02857554 bus:Director1 2023-03-31 02857554 2022-03-31 02857554 core:CurrentFinancialInstruments 2023-03-31 02857554 core:CurrentFinancialInstruments 2022-03-31 02857554 core:Non-currentFinancialInstruments 2023-03-31 02857554 core:Non-currentFinancialInstruments 2022-03-31 02857554 core:ShareCapital 2023-03-31 02857554 core:ShareCapital 2022-03-31 02857554 core:RetainedEarningsAccumulatedLosses 2023-03-31 02857554 core:RetainedEarningsAccumulatedLosses 2022-03-31 02857554 bus:OrdinaryShareClass1 2023-03-31 02857554 bus:OrdinaryShareClass2 2023-03-31 02857554 2022-04-01 2023-03-31 02857554 bus:FullAccounts 2022-04-01 2023-03-31 02857554 bus:SmallEntities 2022-04-01 2023-03-31 02857554 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02857554 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02857554 bus:Director1 2022-04-01 2023-03-31 02857554 2021-04-01 2022-03-31 02857554 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 02857554 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 02857554 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 02857554 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02857554 (England and Wales)

CARNFORTH MANAGEMENT SERVICES LTD.

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

CARNFORTH MANAGEMENT SERVICES LTD.

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

CARNFORTH MANAGEMENT SERVICES LTD.

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
CARNFORTH MANAGEMENT SERVICES LTD.

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 105,000 105,000
105,000 105,000
Current assets
Debtors
- due within one year 4 0 120
- due after more than one year 4 641,681 626,625
Cash at bank and in hand 8,708 502
650,389 627,247
Creditors: amounts falling due within one year 5 ( 7,456) ( 7,409)
Net current assets 642,933 619,838
Total assets less current liabilities 747,933 724,838
Net assets 747,933 724,838
Capital and reserves
Called-up share capital 6 13 13
Profit and loss account 747,920 724,825
Total shareholders' funds 747,933 724,838

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 Management Services Ltd. (registered number: 02857554) 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 MANAGEMENT SERVICES LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
CARNFORTH MANAGEMENT SERVICES LTD.

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 Management Services Ltd. (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 registered number is 02857554. The address of the Company's registered office is The Holt, Lower Aisholt, Bridgwater, Somerset, TA5 1AS, 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 Statement of Income and Retained Earnings 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.

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.

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.

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 105,000
As at 31 March 2023 105,000

Valuation

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

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 110,000 110,000

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
VAT recoverable 0 120
Debtors: amounts falling due after more than one year
Other debtors 641,681 626,625

5. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 2,039 1,962
Corporation tax 5,417 5,447
7,456 7,409

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
5 Deferred ordinary shares of £ 1.00 each 5 5
8 Ordinary shares of £ 1.00 each 8 8
13 13