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Registered Number: 12298742


 

 

 

SILVER COAST PROPERTIES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of SILVER COAST PROPERTIES LTD for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SILVER COAST PROPERTIES LTD for the year ended 30 November 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of SILVER COAST PROPERTIES LTD , as a body, in accordance with the terms of our engagement letter dated 20 August 2024. Our work has been undertaken solely to prepare for your approval the accounts of SILVER COAST PROPERTIES LTD and state those matters that we have agreed to state to the Board of Directors of SILVER COAST PROPERTIES LTD , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SILVER COAST PROPERTIES LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that SILVER COAST PROPERTIES LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SILVER COAST PROPERTIES LTD . You consider that SILVER COAST PROPERTIES LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of SILVER COAST PROPERTIES LTD . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 November 2023



....................................................
Boffix & Co Accountancy Limited
Boffix & Co Accountancy Limited

St Alban Tower
Wood Street
London
EC2V 7AF
20 August 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 400,523    342,781 
400,523    342,781 
Current assets      
Cash at bank and in hand 54,493    1,510 
Creditors: amount falling due within one year (26,404)   (15,094)
Net current assets 28,089    (13,584)
 
Total assets less current liabilities 428,612    329,197 
Creditors: amount falling due after more than one year (373,986)   (354,636)
Net assets 54,626    (25,439)
 

Capital and reserves
     
Called up share capital 4 2    2 
Profit and loss account 54,624    (25,441)
Shareholders' funds 54,626    (25,439)
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 20 August 2024 and were signed on its behalf by:


-------------------------------
Andrew McFarlane
Director
2
General Information
SILVER COAST PROPERTIES LTD is a private company, limited by shares, registered in , registration number 12298742, registration address 62 SHELLEY ROAD, EAST GRINSTEAD WEST SUSSEX, RH19 1SY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33 Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Investment properties   Total
  £   £   £
At 01 December 2022 1,466    342,000    343,466 
Additions    
Disposals    
Revaluations   58,000    58,000 
At 30 November 2023 1,466    400,000    401,466 
Depreciation
At 01 December 2022 685      685 
Charge for year 258      258 
On disposals    
At 30 November 2023 943      943 
Net book values
Closing balance as at 30 November 2023 523    400,000    400,523 
Opening balance as at 01 December 2022 781    342,000    342,781 

In respect of the Freehold land & building stated at valuation, the historical costs are as follows:

Property   Original Cost
£
  Developments
£
  Fair Value Adjustment
£
  Disposal
£
  Fair Value Carrying Value
£
111B Queens Road 139,000  31,000  170,000 
1A Bailey Road 203,000  27,000  230,000 

4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
2 Class A shares of £1.00 each  
 

3