Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr M C Duncan 21/12/2021 18 July 2024 The principal activity of the Company is that of a holding company. 13812159 2024-01-31 13812159 bus:Director1 2024-01-31 13812159 2023-01-31 13812159 core:CurrentFinancialInstruments 2024-01-31 13812159 core:CurrentFinancialInstruments 2023-01-31 13812159 core:Non-currentFinancialInstruments 2024-01-31 13812159 core:Non-currentFinancialInstruments 2023-01-31 13812159 core:ShareCapital 2024-01-31 13812159 core:ShareCapital 2023-01-31 13812159 core:CapitalRedemptionReserve 2024-01-31 13812159 core:CapitalRedemptionReserve 2023-01-31 13812159 core:CapitalContributionReserve 2024-01-31 13812159 core:CapitalContributionReserve 2023-01-31 13812159 core:RetainedEarningsAccumulatedLosses 2024-01-31 13812159 core:RetainedEarningsAccumulatedLosses 2023-01-31 13812159 core:CostValuation 2023-01-31 13812159 core:CostValuation 2024-01-31 13812159 core:ProvisionsForImpairmentInvestments 2023-01-31 13812159 core:ImpairmentLossProvisionsForImpairmentInvestments 2024-01-31 13812159 core:ProvisionsForImpairmentInvestments 2024-01-31 13812159 core:CurrentFinancialInstruments core:Secured 2024-01-31 13812159 bus:OrdinaryShareClass1 2024-01-31 13812159 bus:PreferenceShareClass1 2024-01-31 13812159 bus:PreferenceShareClass2 2024-01-31 13812159 2023-02-01 2024-01-31 13812159 bus:FilletedAccounts 2023-02-01 2024-01-31 13812159 bus:SmallEntities 2023-02-01 2024-01-31 13812159 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13812159 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13812159 bus:Director1 2023-02-01 2024-01-31 13812159 2021-12-21 2023-01-31 13812159 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 13812159 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 13812159 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 13812159 bus:OrdinaryShareClass1 2021-12-21 2023-01-31 13812159 bus:PreferenceShareClass1 2023-02-01 2024-01-31 13812159 bus:PreferenceShareClass1 2021-12-21 2023-01-31 13812159 bus:PreferenceShareClass2 2023-02-01 2024-01-31 13812159 bus:PreferenceShareClass2 2021-12-21 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13812159 (England and Wales)

ISWIFA HOLDINGS LTD

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

ISWIFA HOLDINGS LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

ISWIFA HOLDINGS LTD

COMPANY INFORMATION

For the financial year ended 31 January 2024
ISWIFA HOLDINGS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTOR Mr M C Duncan
REGISTERED OFFICE The Hive
6 Beaufighter Road
Weston Super Mare
BS24 8EE
United Kingdom
COMPANY NUMBER 13812159 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
ISWIFA HOLDINGS LTD

BALANCE SHEET

As at 31 January 2024
ISWIFA HOLDINGS LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 31.01.2024 31.01.2023
£ £
Fixed assets
Investments 3 3,222,401 3,789,401
3,222,401 3,789,401
Current assets
Cash at bank and in hand 3,787 2,363
3,787 2,363
Creditors: amounts falling due within one year 4 ( 1,763,215) ( 2,075,301)
Net current liabilities (1,759,428) (2,072,938)
Total assets less current liabilities 1,462,973 1,716,463
Creditors: amounts falling due after more than one year 5 ( 500,000) ( 700,000)
Net assets 962,973 1,016,463
Capital and reserves
Called-up share capital 6 567,095 567,095
Capital redemption reserve 2,000 0
Capital contribution reserve 0 9,148
Profit and loss account 393,878 440,220
Total shareholders' funds 962,973 1,016,463

For the financial year ending 31 January 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 ISWIFA Holdings Ltd (registered number: 13812159) were approved and authorised for issue by the Director on 18 July 2024. They were signed on its behalf by:

Mr M C Duncan
Director
ISWIFA HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
ISWIFA HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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 period, unless otherwise stated.

General information and basis of accounting

ISWIFA Holdings 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 The Hive, 6 Beaufighter Road, Weston Super Mare, BS24 8EE, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that included within creditors due within one year are preference shares totalling £1,348,000 (2023: £1,350,000) which will not be redeemed until the Company is in a position to do so. The director has 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Dividend income

Dividend income is recognised when the company's right to receive payment has been established.

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.

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.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At inception the discount is recognised as a capital contribution within Equity. As the discount unwinds it is charged against profit.

An equivalent transfer is made annually between the Capital contribution reserve and the Profit and Loss reserve.

2. Employees

Year ended
31.01.2024
Period from
21.12.2021 to
31.01.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Fixed asset investments

Investments in subsidiaries

31.01.2024
£
Cost
At 01 February 2023 3,789,401
At 31 January 2024 3,789,401
Provisions for impairment
At 01 February 2023 0
Impairment 567,000
At 31 January 2024 567,000
Carrying value at 31 January 2024 3,222,401
Carrying value at 31 January 2023 3,789,401

4. Creditors: amounts falling due within one year

31.01.2024 31.01.2023
£ £
Bank loans (secured) 185,961 181,951
Trade creditors 10 9
Amounts owed to Group undertakings 227,499 227,499
Other creditors 1,349,745 1,665,842
1,763,215 2,075,301



Included within other creditors are preference shares totalling £1,348,000 (2023: £1,350,000)

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

31.01.2024 31.01.2023
£ £
Bank loans (secured) 500,000 700,000

The bank loan is secured over the assets of the company. A cross company guarantee is in place with Invest Southwest Limited, Will Management Services Limited and ISW Holdings Limited.

6. Called-up share capital

31.01.2024 31.01.2023
£ £
Allotted, called-up and fully-paid
95 Ordinary shares of £ 1.00 each 95 95
1,348,000 Redeemable preference shares of £ 1.00 each (31.01.2023: 1,350,000 shares of £ 1.00 each) 1,348,000 1,350,000
567,000 Non-redeemable preference shares of £ 1.00 each 567,000 567,000
1,915,000 1,917,000
1,915,095 1,917,095

The company has issued redeemable shares which are redeemable at the earliest date of 29 January 2023 and at latest 29 July 2032. The shares are redeemable at the option of the company.