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Company No: 04614009 (England and Wales)

THE ONE RELUCTANT LEMMING COMPANY LIMITED

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

THE ONE RELUCTANT LEMMING COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THE ONE RELUCTANT LEMMING COMPANY LIMITED

BALANCE SHEET

As at 31 March 2024
THE ONE RELUCTANT LEMMING COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated - note 3
Fixed assets
Tangible assets 5 287 0
Investments 6 41,408 41,788
41,695 41,788
Current assets
Debtors 7 126 25,158
Cash at bank and in hand 70,771 55,265
70,897 80,423
Creditors: amounts falling due within one year 8 ( 20,012) ( 18,027)
Net current assets 50,885 62,396
Total assets less current liabilities 92,580 104,184
Net assets 92,580 104,184
Capital and reserves
Called-up share capital 110 110
Fair value reserve ( 1,754 ) ( 5,114 )
Profit and loss account 94,224 109,188
Total shareholders' funds 92,580 104,184

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.

Directors' responsibilities:

The financial statements of The One Reluctant Lemming Company Limited (registered number: 04614009) were approved and authorised for issue by the Board of Directors on 07 August 2024. They were signed on its behalf by:

T C L Holt
Director
THE ONE RELUCTANT LEMMING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE ONE RELUCTANT LEMMING COMPANY LIMITED

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

The One Reluctant Lemming Company 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 Albert Goodman, Lupin Way, Yeovil, BA22 8WW, 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.

This is the first year in which the financial statements have been prepared in accordance with FRS102 Section 1A. The prior year figures were restated to include a fair value reserve for the movement in the fair value of fixed asset investments.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

The accounts for the year ended 31 March 2023 have been restated to correctly include details of the investment portfolio held by the company. The change has resulted in an increase in the profit and loss account and a decrease in the fair value reserve.

Turnover

Turnover is recognised at the fair value of royalties receivable, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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
Office equipment 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.

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.

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. 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.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2.Transition to FRS102

The Company has adopted FRS 102.1A for the year ended 31 March 2024 and has restated the comparative year amounts.

Reconciliation of equity

01.04.2022 31.03.2023
£ £
Capital and reserves (as previously stated) 82,355 104,184
Movement to fair value reserve (2,094) (5,114)
Movement from profit and loss account 2,094 5,114
Capital and reserves (as restated) 82,355 104,184

This has resulted in an increase in the profit and loss account of £5,114 and an introduction of a fair value reserve for (£5,114).

3. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Fixed assets 0 41,788 41,788
Current assets 122,211 (41,788) 80,423
Profit and loss account 104,074 5,114 109,188
Fair value reserve 0 (5,114) (5,114)

4. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

5. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 April 2023 1,336 17,275 18,611
Additions 0 317 317
At 31 March 2024 1,336 17,592 18,928
Accumulated depreciation
At 01 April 2023 1,336 17,275 18,611
Charge for the financial year 0 30 30
At 31 March 2024 1,336 17,305 18,641
Net book value
At 31 March 2024 0 287 287
At 31 March 2023 0 0 0

6. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 41,788 41,788
Disposals ( 3,740) ( 3,740)
Movement in fair value 3,360 3,360
At 31 March 2024 41,408 41,408
Carrying value at 31 March 2024 41,408 41,408
Carrying value at 31 March 2023 41,788 41,788

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 £46,902.

7. Debtors

2024 2023
£ £
Amounts owed by directors 0 24,709
Other debtors 126 449
126 25,158

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 112 563
Amounts owed to directors 2,042 0
Accruals 2,096 2,478
Taxation and social security 15,762 14,986
20,012 18,027

9. Related party transactions

Transactions with the entity's directors

Advances

The joint Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 per director at the official HMRC rates.

At 1 April 2023, the balance owed by the directors was £24,709. During the year, £45,061 was advanced to the directors, and £71,812 was repaid by the directors. At 31 March 2024, the balance owed to the directors was £2,042.

At 1 April 2022, the balance owed by the directors was £14,086. During the year, £51,623 was advanced to the directors, and £41,000 was repaid by the directors. At 31 March 2023, the balance owed by the directors was £24,709.