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COMPANY REGISTRATION NUMBER: 03749727
Silverstar Estates Limited
Filleted Unaudited Financial Statements
Year ended
30 September 2023
Silverstar Estates Limited
Financial Statements
Year ended 30 September 2023
Contents
Pages
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Accounting policies
4 to 5
Notes to the financial statements
6 to 7
Silverstar Estates Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Silverstar Estates Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Silverstar Estates Limited for the year ended 30 September 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
PORTER GARLAND Chartered accountants
Communication House Victoria Avenue Camberley Surrey GU15 3HX
20 February 2024
Silverstar Estates Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
4,009,180
2,712,329
Investments
5
50
50
------------
------------
4,009,230
2,712,379
Current assets
Debtors
6
474,574
440,766
Cash at bank and in hand
28,385
46,355
---------
---------
502,959
487,121
Creditors: amounts falling due within one year
7
2,937,902
1,577,264
------------
------------
Net current liabilities
2,434,943
1,090,143
------------
------------
Total assets less current liabilities
1,574,287
1,622,236
Provisions
52,077
107,594
------------
------------
Net assets
1,522,210
1,514,642
------------
------------
Silverstar Estates Limited
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
1
1
Fair value reserve
288,069
472,551
Profit and loss account
1,234,140
1,042,090
------------
------------
Shareholder funds
1,522,210
1,514,642
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 September 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr R.I.J. Rae
Director
Company registration number: 03749727
Silverstar Estates Limited
Accounting Policies
Year ended 30 September 2023
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the profit and loss account. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit and loss account.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received, excluding VAT and other sales taxes or duty. Rental income arising from investment properties is recognised for on a straight line basis over the term of the lease.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
33% straight line
Investment property
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Silverstar Estates Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Communication House, Victoria Avenue, Camberley, Surrey, GU15 3HX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
4. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost or valuation
At 1 October 2022
2,712,329
2,712,329
Additions
1,536,185
999
1,537,184
Revaluations
( 240,000)
( 240,000)
------------
----
------------
At 30 September 2023
4,008,514
999
4,009,513
------------
----
------------
Depreciation
At 1 October 2022
Charge for the year
333
333
------------
----
------------
At 30 September 2023
333
333
------------
----
------------
Carrying amount
At 30 September 2023
4,008,514
666
4,009,180
------------
----
------------
At 30 September 2022
2,712,329
2,712,329
------------
----
------------
In the opinion of the director, the investment properties are shown in the accounts at their open market values.
5. Investments
Shares in group undertakings
£
Cost
At 1 October 2022 and 30 September 2023
50
----
Impairment
At 1 October 2022 and 30 September 2023
----
Carrying amount
At 30 September 2023
50
----
At 30 September 2022
50
----
6. Debtors
2023
2022
£
£
Trade debtors
46,315
28,775
Other debtors
428,259
411,991
---------
---------
474,574
440,766
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
273
576
Social security and other taxes
57,922
36,788
Other creditors
2,879,707
1,539,900
------------
------------
2,937,902
1,577,264
------------
------------
8. Analysis of other comprehensive income
Fair value reserve
£
Year ended 30 September 2023
Revaluation of tangible assets
( 240,000)
Tax relating to components of other comprehensive income
55,518
---------
( 184,482)
---------
Year ended 30 September 2022
Revaluation of tangible assets
31,374
Tax relating to components of other comprehensive income
( 28,377)
--------
2,997
--------
9. Director's advances, credits and guarantees
The directors loan account is not disclosed as permitted under Section 1A of FRS 102.