Company registration number 11861383 (England and Wales)
SHADOWFAX PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
SHADOWFAX PROPERTY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SHADOWFAX PROPERTY LIMITED
COMPANY INFORMATION
- 1 -
Directors
F C E Thelot
Mrs A Thelot
Company number
11861383
Registered office
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Accountants
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
SHADOWFAX PROPERTY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,583
-
0
Investment properties
4
379,500
405,436
Investments
5
292,045
292,045
677,128
697,481
Current assets
Debtors
7
567,745
370,308
Cash at bank and in hand
18,508
32,759
586,253
403,067
Creditors: amounts falling due within one year
8
(239,397)
(198,984)
Net current assets
346,856
204,083
Total assets less current liabilities
1,023,984
901,564
Creditors: amounts falling due after more than one year
9
(993,114)
(836,271)
Net assets
30,870
65,293
Capital and reserves
Called up share capital
10
1,298
1,298
Profit and loss reserves
29,572
63,995
Total equity
30,870
65,293
SHADOWFAX PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
F C E Thelot
Mrs A Thelot
Director
Director
Company Registration No. 11861383
SHADOWFAX PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Shadowfax Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
5 year straight line

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.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

SHADOWFAX PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
SHADOWFAX PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Property improvements
£
Cost
At 1 April 2023
-
0
Additions
6,974
At 31 March 2024
6,974
Depreciation and impairment
At 1 April 2023
-
0
Depreciation charged in the year
1,391
At 31 March 2024
1,391
Carrying amount
At 31 March 2024
5,583
At 31 March 2023
-
0
4
Investment property
2024
£
Fair value
At 1 April 2023
405,436
Revaluations
(25,936)
At 31 March 2024
379,500

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors.

 

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
292,045
292,045
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

SHADOWFAX PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Criteria Engineering US, Inc
1
Ordinary
100.00
Shadowfax Imobiliare SPV
2
Ordinary
100.00
SCI Varenne SUD
3
Ordinary
100.00
Unit 1G 111 Beach Street LLC
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
1330 Boylston Street, Chestnut Hill, 02467, MA, USA
2
Via Pietro Maroncelli, 17 Milano MI, Italy
3
5 rue des Artisans, ZA La Varenne, 93160 Noisy le Grand, France
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
359,391
370,308
Other debtors
157,788
-
0
517,179
370,308
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
50,566
-
0
Total debtors
567,745
370,308
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
50,566
-
0
Other creditors
188,831
198,984
239,397
198,984
SHADOWFAX PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
993,114
836,271
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Ordinary Shares of £1 each
1,298
1,298
1,298
1,298
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