Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs S M Corbett 30/10/1998 30 July 2024 The principal activity of the Company during the financial year was that of letting a property. 03478218 2024-03-31 03478218 bus:Director1 2024-03-31 03478218 2023-03-31 03478218 core:CurrentFinancialInstruments 2024-03-31 03478218 core:CurrentFinancialInstruments 2023-03-31 03478218 core:ShareCapital 2024-03-31 03478218 core:ShareCapital 2023-03-31 03478218 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 03478218 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 03478218 core:RetainedEarningsAccumulatedLosses 2024-03-31 03478218 core:RetainedEarningsAccumulatedLosses 2023-03-31 03478218 core:OfficeEquipment 2023-03-31 03478218 core:OfficeEquipment 2024-03-31 03478218 2023-04-01 2024-03-31 03478218 bus:FilletedAccounts 2023-04-01 2024-03-31 03478218 bus:SmallEntities 2023-04-01 2024-03-31 03478218 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03478218 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03478218 bus:Director1 2023-04-01 2024-03-31 03478218 core:OfficeEquipment 2023-04-01 2024-03-31 03478218 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 03478218 (England and Wales)

SOFTCHASE LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SOFTCHASE LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SOFTCHASE LTD

BALANCE SHEET

As at 31 March 2024
SOFTCHASE LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,357 1,595
Investment property 4 560,000 560,000
561,357 561,595
Current assets
Debtors 5 4,080 3,374
Cash at bank and in hand 21,474 23,493
25,554 26,867
Creditors: amounts falling due within one year 6 ( 53,800) ( 67,850)
Net current liabilities (28,246) (40,983)
Total assets less current liabilities 533,111 520,612
Provision for liabilities ( 37,326) ( 28,441)
Net assets 495,785 492,171
Capital and reserves
Called-up share capital 83,500 83,500
Fair value reserve 155,810 155,810
Profit and loss account 256,475 252,861
Total shareholders' funds 495,785 492,171

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Softchase Ltd (registered number: 03478218) were approved and authorised for issue by the Director on 30 July 2024. They were signed on its behalf by:

Mrs S M Corbett
Director
SOFTCHASE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SOFTCHASE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Softchase Ltd (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 Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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 the company's activities.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 15 % 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.

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.

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 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

The company is run and administered by the director of the company for whom no formal contract of service is in place.

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2023 3,911 3,911
At 31 March 2024 3,911 3,911
Accumulated depreciation
At 01 April 2023 2,316 2,316
Charge for the financial year 238 238
At 31 March 2024 2,554 2,554
Net book value
At 31 March 2024 1,357 1,357
At 31 March 2023 1,595 1,595

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 560,000
As at 31 March 2024 560,000

Valuation

The investment properties class of fixed assets have been valued on 31 March 2024 by the director who is internal to the company. The basis of this valuation was open market value.
The class of asset has a current value of £560,000 (2023 - £560,000) and a carrying amount at historical cost of £376,080 (2023 - £376,080). The depreciation on this historical cost is £nil (2023 - £nil).
There has been no valuation of investment property by an independent valuer.

5. Debtors

2024 2023
£ £
Trade debtors 4,080 3,374

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 6,506 5,874
Other creditors 47,294 61,976
53,800 67,850

7. Related party transactions

Transactions with the entity's director

During the year the director maintained an interest free loan which is repayable on demand. At the balance sheet date the amount due to the director was £45,730 (2022 - £60,506).