Silverfin false false 31/03/2024 01/04/2023 31/03/2024 C H R Morris 28/01/1980 M Morris 25/05/2023 19 August 2024 The principal activity of the Company during the financial period was that of property rental. 01475578 2024-03-31 01475578 bus:Director1 2024-03-31 01475578 bus:Director2 2024-03-31 01475578 2023-03-31 01475578 core:CurrentFinancialInstruments 2024-03-31 01475578 core:CurrentFinancialInstruments 2023-03-31 01475578 core:ShareCapital 2024-03-31 01475578 core:ShareCapital 2023-03-31 01475578 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 01475578 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 01475578 core:RetainedEarningsAccumulatedLosses 2024-03-31 01475578 core:RetainedEarningsAccumulatedLosses 2023-03-31 01475578 2023-04-01 2024-03-31 01475578 bus:FilletedAccounts 2023-04-01 2024-03-31 01475578 bus:SmallEntities 2023-04-01 2024-03-31 01475578 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01475578 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01475578 bus:Director1 2023-04-01 2024-03-31 01475578 bus:Director2 2023-04-01 2024-03-31 01475578 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 01475578 (England and Wales)

G.W. HURLEY & SONS LIMITED

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

G.W. HURLEY & SONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

G.W. HURLEY & SONS LIMITED

BALANCE SHEET

As at 31 March 2024
G.W. HURLEY & SONS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 198,118 198,118
198,118 198,118
Current assets
Debtors 4 0 5,242
Cash at bank and in hand 235,163 238,312
235,163 243,554
Creditors: amounts falling due within one year 5 ( 3,215) ( 3,146)
Net current assets 231,948 240,408
Total assets less current liabilities 430,066 438,526
Provision for liabilities ( 36,840) ( 41,926)
Net assets 393,226 396,600
Capital and reserves
Called-up share capital 100 100
Fair value reserve 167,705 167,705
Profit and loss account 225,421 228,795
Total shareholder's funds 393,226 396,600

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 G.W. Hurley & Sons Limited (registered number: 01475578) were approved and authorised for issue by the Board of Directors on 19 August 2024. They were signed on its behalf by:

C H R Morris
Director
G.W. HURLEY & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
G.W. HURLEY & SONS 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

G.W. Hurley & Sons 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 3 Filers Way, Weston Gateway Business Park, Weston-Super-Mare, BS24 7JP, 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 consists of rent received in the normal course of business. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the tenant.

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.

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.

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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 1

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 198,118
As at 31 March 2024 198,118

Valuation

The investment property was revalued by the director based on an open market valuation. This class of asset has a current value of £198,118 (2023 - £198,118).

4. Debtors

2024 2023
£ £
Amounts owed by directors 0 5,242

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 8 0
Accruals 1,611 1,561
Corporation tax 1,596 1,585
3,215 3,146

6. Related party transactions

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

At 1 April 2023, the balance owed the director was £5,242. During the year, £8,000 was advanced to the director, and £13,250 repaid by the director. At 31 March 2024, the balance owed to the director was £8.

At 1 April 2022, the balance owed the director was £10,997. During the year, £8,141 was advanced to the director, and £13,896 repaid by the director. At 31 March 2023, the balance owed by the director was £5,242.