Silverfin false false 30/11/2023 01/05/2023 30/11/2023 M P Thomas 21/12/2022 M D Thomas 22/05/2023 27 August 2024 The principal activity of the Company during the financial year was that of the development of building projects. 10121009 2023-11-30 10121009 bus:Director1 2023-11-30 10121009 bus:Director2 2023-11-30 10121009 2023-04-30 10121009 core:CurrentFinancialInstruments 2023-11-30 10121009 core:CurrentFinancialInstruments 2023-04-30 10121009 core:Non-currentFinancialInstruments 2023-11-30 10121009 core:Non-currentFinancialInstruments 2023-04-30 10121009 core:ShareCapital 2023-11-30 10121009 core:ShareCapital 2023-04-30 10121009 core:RetainedEarningsAccumulatedLosses 2023-11-30 10121009 core:RetainedEarningsAccumulatedLosses 2023-04-30 10121009 core:Non-currentFinancialInstruments core:Secured 2023-11-30 10121009 2023-05-01 2023-11-30 10121009 bus:FilletedAccounts 2023-05-01 2023-11-30 10121009 bus:SmallEntities 2023-05-01 2023-11-30 10121009 bus:AuditExemptWithAccountantsReport 2023-05-01 2023-11-30 10121009 bus:PrivateLimitedCompanyLtd 2023-05-01 2023-11-30 10121009 bus:Director1 2023-05-01 2023-11-30 10121009 bus:Director2 2023-05-01 2023-11-30 10121009 2022-05-01 2023-04-30 10121009 core:Non-currentFinancialInstruments 2023-05-01 2023-11-30 iso4217:GBP xbrli:pure

Company No: 10121009 (England and Wales)

FIREPOOL LOCK DEVELOPMENT LTD

Unaudited Financial Statements
For the financial period from 01 May 2023 to 30 November 2023
Pages for filing with the registrar

FIREPOOL LOCK DEVELOPMENT LTD

Unaudited Financial Statements

For the financial period from 01 May 2023 to 30 November 2023

Contents

FIREPOOL LOCK DEVELOPMENT LTD

BALANCE SHEET

As at 30 November 2023
FIREPOOL LOCK DEVELOPMENT LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 30.11.2023 30.04.2023
£ £
Fixed assets
Investment property 3 1,994,787 1,066,843
1,994,787 1,066,843
Current assets
Debtors 4 171,467 0
Cash at bank and in hand 2 10
171,469 10
Creditors: amounts falling due within one year 5 ( 865,275) ( 945,381)
Net current liabilities (693,806) (945,371)
Total assets less current liabilities 1,300,981 121,472
Creditors: amounts falling due after more than one year 6 ( 1,348,347) ( 29,167)
Net (liabilities)/assets ( 47,366) 92,305
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 47,368 ) 92,303
Total shareholder's (deficit)/funds ( 47,366) 92,305

For the financial period ending 30 November 2023 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 Firepool Lock Development Ltd (registered number: 10121009) were approved and authorised for issue by the Board of Directors on 27 August 2024. They were signed on its behalf by:

M P Thomas
Director
FIREPOOL LOCK DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 30 November 2023
FIREPOOL LOCK DEVELOPMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Firepool Lock Development 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 40 Kingston House, 1 Kingston Road, Taunton, TA2 7ED, 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

The financial statements have been prepared on a going concern basis. The company has net current liabilities of £693,806 at the year end and net liabilities of £47,366 . Included within creditors are amounts of £851,189 which are owed to fellow group companies and other companies which are under the control of M P Thomas (director). These companies will not seek repayment of the loans for at least 12 months to the extent that any such repayment would jeopardise the future of the company and therefore the director considers that the going concern basis is appropriate.

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:

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

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, that are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

Any borrowing costs in connection with development projects undertaken in the course of the company's principal trading activity are capitalised within work in progress during the year.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

2. Employees

Period from
01.05.2023 to
30.11.2023
Year ended
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 May 2023 1,066,843
Additions 927,944
As at 30 November 2023 1,994,787

4. Debtors

30.11.2023 30.04.2023
£ £
Amounts owed by Group undertakings 4,819 0
Other debtors 166,648 0
171,467 0

5. Creditors: amounts falling due within one year

30.11.2023 30.04.2023
£ £
Bank loans 10,000 10,000
Trade creditors 2,884 0
Amounts owed to Group undertakings 826,485 102,696
Other creditors 25,906 832,685
865,275 945,381

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

30.11.2023 30.04.2023
£ £
Bank loans (secured £ 1,325,014) 1,348,347 29,167

Bank loans totalling £1,325,014 are secured by way of fixed and floating charges and a negative pledge over investment property with a carrying value of £1,994,787.

7. Related party transactions

During the year the company entered into a number of transactions with fellow group companies. At the year end there are amounts included within debtors of £4,819 (2022 - £Nil) and creditors of £826,485 (2022 - £831,485) in connection with these transactions.
During the year the company entered into a number of transactions with other companies which are under the control of Mr M P Thomas (director). At the year end there are amounts included in other debtors of £166,448 (2022 - £2,784,064) and other creditors of £24,704 (2022 - £102,696) in connection with these transactions.