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Company No: 00896200 (England and Wales)

SCOTSGROVE HOLDINGS LIMITED

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

SCOTSGROVE HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SCOTSGROVE HOLDINGS LIMITED

BALANCE SHEET

As at 31 December 2023
SCOTSGROVE HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 4 22,390,000 25,020,000
22,390,000 25,020,000
Current assets
Debtors
- due within one year 5 725,871 494,525
- due after more than one year 5 1,510 7,553
Investments 6 22,490,723 12,906,514
Cash at bank and in hand 505,050 5,682,558
23,723,154 19,091,150
Creditors: amounts falling due within one year 7 ( 4,080,685) ( 3,382,345)
Net current assets 19,642,469 15,708,805
Total assets less current liabilities 42,032,469 40,728,805
Provision for liabilities ( 1,214,521) ( 1,084,955)
Net assets 40,817,948 39,643,850
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 6,961,983 7,267,249
Profit and loss account 33,855,865 32,376,501
Total shareholders' funds 40,817,948 39,643,850

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 Scotsgrove Holdings Limited (registered number: 00896200) were approved and authorised for issue by the Director on 01 May 2024. They were signed on its behalf by:

A E C Haimes
Director
E B A Haimes
Director
SCOTSGROVE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SCOTSGROVE HOLDINGS 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

Scotsgrove Holdings 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 Office 5 Riverside Place, Taunton, TA1 1JH, 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 £.

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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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.

Turnover

Turnover represents rents receivable net of VAT (where applicable) and is recognised in the period to which it relates.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 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:

Plant and machinery 5 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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.

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 Balance Sheet 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Current 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 January 2023 5,027 5,027
At 31 December 2023 5,027 5,027
Accumulated depreciation
At 01 January 2023 5,027 5,027
At 31 December 2023 5,027 5,027
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 25,020,000
Additions 1,286
Fair value movement (1,180,000)
Disposals (1,451,286)
As at 31 December 2023 22,390,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £22,390,000 (2022 - £25,020,000).

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 16,326,182 17,339,863

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 323,261 340,503
Other debtors 402,610 154,022
725,871 494,525
Debtors: amounts falling due after more than one year
Other debtors 1,510 7,553

6. Current asset investments

2023 2022
£ £
Listed investments – at fair value 22,490,723 12,906,514

The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.

7. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 307,278 62,190
Other taxation and social security 43,041 35,508
Other creditors 3,730,366 3,284,647
4,080,685 3,382,345

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 17,136 20,825

9. Related party transactions

Transactions with the entity's directors

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.


B & A Haimes

At 1 January 2023, the balance owed by the directors was £nil. During the year, £293,065 was advanced to the directors, and £nil was repaid by the directors. At 31 December 2023, the balance owed by the directors was £293,065.

At 1 January 2022, the balance owed by the directors was £nil. During the year, £nil was advanced to the directors, and £nil was repaid by the directors. At 31 December 2022, the balance owed by the directors was £nil.


A & J Haimes

At 1 January 2023, the balance owed by the directors was £47,057. During the year, £119,350 was advanced to the directors, and £88,422 was repaid by the directors. At 31 December 2023, the balance owed by the directors was £77,985.

At 1 January 2022, the balance owed by the directors was £175,986. During the year, £118,091 was advanced to the directors, and £247,020 was repaid by the directors. At 31 December 2022, the balance owed by the directors was £47,057.


E Haimes

At 1 January 2023, the balance owed by the director was £3,168. During the year, £15,365 was advanced to the director, and £5,568 was repaid by the director. At 31 December 2023, the balance owed by the director was £12,965.

At 1 January 2022, the balance owed by the director was £nil. During the year, £3,168 was advanced to the director, and £nil was repaid by the director. At 31 December 2022, the balance owed by the director was £3,168.