Company registration number 03265728 (England and Wales)
SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
COMPANY INFORMATION
Directors
Mr R Coates
Mr M Coates
Mrs D Coates
Secretary
Mr M Coates
Company number
03265728
Registered office
Sylvan Court
The Old Barn Venny Tedburn
Crediton
Devon
England
EX17 3QB
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,762
3,549
Investments
4
79,567
80,574
82,329
84,123
Current assets
Debtors
5
5,887
9,250
Cash at bank and in hand
85,279
47,103
91,166
56,353
Creditors: amounts falling due within one year
6
(106,071)
(80,832)
Net current liabilities
(14,905)
(24,479)
Total assets less current liabilities
67,424
59,644
Provisions for liabilities
(414)
(502)
Net assets
67,010
59,142
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
4,000
4,000
Retained earnings
62,010
54,142
Total equity
67,010
59,142
SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 February 2024 and are signed on its behalf by:
Mr R Coates
Director
Company Registration No. 03265728
SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Sylvan Developments (South West) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sylvan Court, The Old Barn Venny Tedburn, Crediton, Devon, England, EX17 3QB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents sales of properties and consultancy work done, excluding value added tax.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments

Interests in listed investments are initially measured at transaction price, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Basic financial instruments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts/payments discounted at a market rate of interest. Financial instruments classified as receivable or payable within one year are not amortised.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
16,642
11,792
28,434
Depreciation and impairment
At 1 June 2022
15,735
9,150
24,885
Depreciation charged in the year
136
651
787
At 31 May 2023
15,871
9,801
25,672
Carrying amount
At 31 May 2023
771
1,991
2,762
At 31 May 2022
907
2,642
3,549
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
79,567
80,574
Fixed asset investments revalued

The company holds shares in a listed construction group which, since purchasing, has suffered a substantial drop in its share valuation due to poor results and debt issues. This drop in share price has not recovered since the year end and therefore the investment held has been devalued to reflect this substantial reduction in value.

SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 June 2022
80,574
Valuation changes
(1,007)
At 31 May 2023
79,567
Carrying amount
At 31 May 2023
79,567
At 31 May 2022
80,574
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
5,887
9,250
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,000
6,008
Taxation and social security
20,632
15,883
Other creditors
81,439
58,941
106,071
80,832
7
Related party transactions
2023
2022
Amounts due to related parties
£
£
Sylvan Holdings Limited - Parent Company
3,806
3,806
SYLVAN DEVELOPMENTS (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
7
Related party transactions
(Continued)
- 8 -

The company is wholly owned subsidiary of Sylvan Holdings Limited, a company incorporated in

England and Wales. The loan is interest free with no repayment terms set.

8
Ultimate controlling party

The controlling party is R F Coates.

 

The company is under the control of Mr R F Coates, as at the balance sheet date he was the majority shareholder of Sylvan Holdings Limited, the parent company of this company.

2023-05-312022-06-01false12 February 2024CCH SoftwareCCH Accounts Production 2023.100 This is only required for iXBRL purposes and will not appear up in the financial statements.
Mr R CoatesMrs D CoatesMrs D CoatesMr M Coates
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