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Company No: 08121220 (England and Wales)

CRAY MILL LEISURE LIMITED

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

CRAY MILL LEISURE LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

CRAY MILL LEISURE LIMITED

BALANCE SHEET

As at 30 June 2023
CRAY MILL LEISURE LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,664,430 1,640,111
Investment property 840,955 840,955
2,505,385 2,481,066
Current assets
Debtors 5 4,002 3,598
Cash at bank and in hand 8,554 18,222
12,556 21,820
Creditors: amounts falling due within one year 6 ( 852,484) ( 852,414)
Net current liabilities (839,928) (830,594)
Total assets less current liabilities 1,665,457 1,650,472
Creditors: amounts falling due after more than one year 7 ( 1,748,020) ( 1,703,204)
Net liabilities ( 82,563) ( 52,732)
Capital and reserves
Called-up share capital 8 200 200
Profit and loss account ( 82,763 ) ( 52,932 )
Total shareholders' deficit ( 82,563) ( 52,732)

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 Cray Mill Leisure Limited (registered number: 08121220) were approved and authorised for issue by the Board of Directors on 13 March 2024. They were signed on its behalf by:

D W Ovenell
Director
CRAY MILL LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
CRAY MILL LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

General information and basis of accounting

Cray Mill Leisure 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 8 William House, 82 North Cray Road, Bexley, Kent, DA5 3NA, United Kingdom.

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' FRS 102 1A, and with the Companies Act 2006.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £82,563. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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 comprises the fair value of the consideration received or receivable for rental income and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Land and buildings not depreciated

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.

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.

Impairment of assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cashflows of the investment have been affected.

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 recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Fair value measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are required in determining the recoverability of trade debtors and the adoption of the going concern basis of preparation.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Tangible assets

Land and buildings Total
£ £
Cost
At 01 July 2022 1,640,111 1,640,111
Additions 24,319 24,319
At 30 June 2023 1,664,430 1,664,430
Accumulated depreciation
At 01 July 2022 0 0
At 30 June 2023 0 0
Net book value
At 30 June 2023 1,664,430 1,664,430
At 30 June 2022 1,640,111 1,640,111

5. Debtors

2023 2022
£ £
Trade debtors 700 700
Other debtors 3,302 2,898
4,002 3,598

6. Creditors: amounts falling due within one year

2023 2022
£ £
Other creditors 852,484 852,414

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

2023 2022
£ £
Other creditors 1,748,020 1,703,204

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100 Ordinary A shares of £ 1.00 each 100 100
200 200

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Directors' Loan Account 1,798,020 1,753,203

The above amounts are unsecured, repayable on demand, and interest free.