Silverfin false false 30/11/2023 01/12/2022 30/11/2023 I Fradkin 30/11/2015 19 August 2024 The principal activity of the Company during the financial year was that of buying, developing, letting and selling of own or leased real estate. 09894251 2023-11-30 09894251 bus:Director1 2023-11-30 09894251 2022-11-30 09894251 core:CurrentFinancialInstruments 2023-11-30 09894251 core:CurrentFinancialInstruments 2022-11-30 09894251 core:Non-currentFinancialInstruments 2023-11-30 09894251 core:Non-currentFinancialInstruments 2022-11-30 09894251 core:ShareCapital 2023-11-30 09894251 core:ShareCapital 2022-11-30 09894251 core:RetainedEarningsAccumulatedLosses 2023-11-30 09894251 core:RetainedEarningsAccumulatedLosses 2022-11-30 09894251 2022-12-01 2023-11-30 09894251 bus:FilletedAccounts 2022-12-01 2023-11-30 09894251 bus:SmallEntities 2022-12-01 2023-11-30 09894251 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 09894251 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 09894251 bus:Director1 2022-12-01 2023-11-30 09894251 2021-12-01 2022-11-30 09894251 core:CurrentFinancialInstruments 2022-12-01 2023-11-30 09894251 core:Non-currentFinancialInstruments 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Company No: 09894251 (England and Wales)

F&K DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

F&K DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

F&K DEVELOPMENTS LIMITED

BALANCE SHEET

As at 30 November 2023
F&K DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investment property 4 1,720,005 895,360
1,720,005 895,360
Current assets
Debtors 5 165 1,400
Cash at bank and in hand 42,991 6,370
43,156 7,770
Creditors: amounts falling due within one year 6 ( 1,059,924) ( 959,889)
Net current liabilities (1,016,768) (952,119)
Total assets less current liabilities 703,237 (56,759)
Creditors: amounts falling due after more than one year 7 ( 787,750) 0
Net liabilities ( 84,513) ( 56,759)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 84,613 ) ( 56,859 )
Total shareholder's deficit ( 84,513) ( 56,759)

For the financial year ending 30 November 2023 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 F&K Developments Limited (registered number: 09894251) were approved and authorised for issue by the Director on 19 August 2024. They were signed on its behalf by:

I Fradkin
Director
F&K DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
F&K DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

F&K Developments 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 C/O Mcbrides Accountants Llp Nexus House, 2 Cray Road, Sidcup, DA14 5DA, England, 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 £.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On the basis of the continued support of the director, the company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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 each of the company's activities.

Taxation

Current tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

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.

Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 director, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, areas requiring judgement are the residual value of tangible fixed assets and using the going concern basis.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

4. Investment property

Investment property
£
Valuation
As at 01 December 2022 895,360
Additions 824,645
As at 30 November 2023 1,720,005

5. Debtors

2023 2022
£ £
Other debtors 165 1,400

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 44,384 267,160
Other creditors 1,015,540 692,729
1,059,924 959,889

There is a fixed and floating charge over the investment properties as security on the loans.

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

2023 2022
£ £
Bank loans 787,750 0

There is a fixed and floating charge over the investment properties as security on the loans.

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due to the Director 772,470 449,832