Silverfin false false 31/12/2023 01/01/2023 31/12/2023 S E Blatchford 05/02/2013 A G Denman 05/02/2013 D M Denman 05/02/2013 M D Denman 05/02/2013 28 March 2024 The principal activity of the Company during the financial year was that of holding an investment portfolio. 08389307 2023-12-31 08389307 bus:Director1 2023-12-31 08389307 bus:Director2 2023-12-31 08389307 bus:Director3 2023-12-31 08389307 bus:Director4 2023-12-31 08389307 2022-12-31 08389307 core:CurrentFinancialInstruments 2023-12-31 08389307 core:CurrentFinancialInstruments 2022-12-31 08389307 core:ShareCapital 2023-12-31 08389307 core:ShareCapital 2022-12-31 08389307 core:SharePremium 2023-12-31 08389307 core:SharePremium 2022-12-31 08389307 core:OtherCapitalReserve 2023-12-31 08389307 core:OtherCapitalReserve 2022-12-31 08389307 core:RetainedEarningsAccumulatedLosses 2023-12-31 08389307 core:RetainedEarningsAccumulatedLosses 2022-12-31 08389307 core:CostValuation 2022-12-31 08389307 core:CostValuation 2023-12-31 08389307 core:AdditionsToInvestments 2023-12-31 08389307 core:DisposalsRepaymentsInvestments 2023-12-31 08389307 core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 08389307 bus:OrdinaryShareClass1 2023-12-31 08389307 2023-01-01 2023-12-31 08389307 bus:FilletedAccounts 2023-01-01 2023-12-31 08389307 bus:SmallEntities 2023-01-01 2023-12-31 08389307 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08389307 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08389307 bus:Director1 2023-01-01 2023-12-31 08389307 bus:Director2 2023-01-01 2023-12-31 08389307 bus:Director3 2023-01-01 2023-12-31 08389307 bus:Director4 2023-01-01 2023-12-31 08389307 2022-01-01 2022-12-31 08389307 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 08389307 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08389307 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08389307 (England and Wales)

DENMAN TRUSTEES LIMITED

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

DENMAN TRUSTEES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

DENMAN TRUSTEES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
DENMAN TRUSTEES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 908,892 826,953
908,892 826,953
Current assets
Debtors 4 903,959 986,043
Cash at bank and in hand 150,081 167,347
1,054,040 1,153,390
Creditors: amounts falling due within one year 5 ( 10,889) ( 47,880)
Net current assets 1,043,151 1,105,510
Total assets less current liabilities 1,952,043 1,932,463
Net assets 1,952,043 1,932,463
Capital and reserves
Called-up share capital 6 1,000 1,000
Share premium account 1,113,821 1,113,821
Other reserves 420,420 420,420
Profit and loss account 416,802 397,222
Total shareholder's funds 1,952,043 1,932,463

For the financial year ending 31 December 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 Denman Trustees Limited (registered number: 08389307) were approved and authorised for issue by the Board of Directors on 28 March 2024. They were signed on its behalf by:

M D Denman
Director
DENMAN TRUSTEES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
DENMAN TRUSTEES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Denman Trustees 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 Camers Badminton Road, Old Sodbury, Bristol, BS37 6RG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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.

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 Income Statement as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

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 directors 4 4

3. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 50,505
At 31 December 2023 50,505
Carrying value at 31 December 2023 50,505
Carrying value at 31 December 2022 50,505

Listed investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 776,448 776,448
Additions 196,342 196,342
Disposals ( 89,353) ( 89,353)
Movement in fair value ( 25,050) ( 25,050)
At 31 December 2023 858,387 858,387
Carrying value at 31 December 2023 858,387 858,387
Carrying value at 31 December 2022 776,448 776,448

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £915,177 (2022 - £804,758) . Other investments are held at cost less impairment because their fair value cannot be measured reliably.

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 901,066 983,150
Other debtors 2,893 2,893
903,959 986,043

Amounts owed by Group undertakings are repayable on demand and bear interest at the applicable Federal short-term rate.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 4,050 3,840
Corporation tax 6,839 44,040
10,889 47,880

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

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

7. Related party transactions

At 31 December 2023, there was a balance due from the shareholders of £2,893 (2022 - £2,893). The loan is interest free and repayable on demand.