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Company No: 12679245 (England and Wales)

SSH PANTLING LIMITED

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

SSH PANTLING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

SSH PANTLING LIMITED

BALANCE SHEET

As at 30 June 2023
SSH PANTLING LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 4,869 6,092
Investment property 5 450,000 400,000
454,869 406,092
Current assets
Cash at bank and in hand 31,528 0
31,528 0
Creditors: amounts falling due within one year 6 ( 1,111) ( 781)
Net current assets/(liabilities) 30,417 (781)
Total assets less current liabilities 485,286 405,311
Creditors: amounts falling due after more than one year 7 ( 418,238) ( 390,500)
Provision for liabilities ( 15,616) ( 2,557)
Net assets 51,432 12,254
Capital and reserves
Called-up share capital 8 90 90
Fair value reserve 50,572 13,072
Profit and loss account 770 ( 908 )
Total shareholders' funds 51,432 12,254

For the financial year ending 30 June 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 SSH Pantling Limited (registered number: 12679245) were approved and authorised for issue by the Board of Directors on 29 November 2023. They were signed on its behalf by:

Mr S Pantling
Director
SSH PANTLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
SSH PANTLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

SSH Pantling 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 C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is The Phoenix, Madeira Drive, Weymouth Bay, Bude, EX20 0AJ.

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 £.

Prior year error

The previous period has been restated for a correction to the deferred tax on the fair value gain. Further details are provided in note 2.

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 over its expected useful life, as follows:

Plant and machinery 5 years straight line
Fixtures and fittings 20 % reducing balance

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.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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. Prior year adjustment

The previous period has been restated for a correction to the deferred tax on the fair value gain.

As previously reported Adjustment As restated
Year ended 30 June 2022 £ £ £
Other non-operating income (Profit and loss) 13,072 4,358 17,430
Fair value reserve 17,430 (4,358) 13,072

3. Employees

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

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 July 2022 449 8,852 9,301
At 30 June 2023 449 8,852 9,301
Accumulated depreciation
At 01 July 2022 22 3,187 3,209
Charge for the financial year 90 1,133 1,223
At 30 June 2023 112 4,320 4,432
Net book value
At 30 June 2023 337 4,532 4,869
At 30 June 2022 427 5,665 6,092

5. Investment property

Investment property
£
Valuation
As at 01 July 2022 400,000
Fair value movement 50,000
As at 30 June 2023 450,000

Valuation

The revaluation of the property in the year was provided by the directors and is considered to be a fair representation of the property's market value.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 1,111 781

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

2023 2022
£ £
Amounts owed to directors 418,238 390,500

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
30 Ordinary A shares of £ 1.00 each 30 30
30 Ordinary B shares of £ 1.00 each 30 30
30 Ordinary C shares of £ 1.00 each 30 30
90 90