Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A R Cohen 09/08/2016 D S Cohen J N Cohen 08/09/2008 M S Cohen 03 September 2024 The principal activity of the company continued to be that of property investment. 00743361 2024-03-31 00743361 bus:Director1 2024-03-31 00743361 bus:Director3 2024-03-31 00743361 2023-03-31 00743361 core:CurrentFinancialInstruments 2024-03-31 00743361 core:CurrentFinancialInstruments 2023-03-31 00743361 core:Non-currentFinancialInstruments 2024-03-31 00743361 core:Non-currentFinancialInstruments 2023-03-31 00743361 core:ShareCapital 2024-03-31 00743361 core:ShareCapital 2023-03-31 00743361 core:RevaluationReserve 2024-03-31 00743361 core:RevaluationReserve 2023-03-31 00743361 core:RetainedEarningsAccumulatedLosses 2024-03-31 00743361 core:RetainedEarningsAccumulatedLosses 2023-03-31 00743361 core:FurnitureFittings 2023-03-31 00743361 core:ComputerEquipment 2023-03-31 00743361 core:FurnitureFittings 2024-03-31 00743361 core:ComputerEquipment 2024-03-31 00743361 2022-03-31 00743361 bus:OrdinaryShareClass1 2024-03-31 00743361 2023-04-01 2024-03-31 00743361 bus:FilletedAccounts 2023-04-01 2024-03-31 00743361 bus:SmallEntities 2023-04-01 2024-03-31 00743361 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00743361 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00743361 bus:Director1 2023-04-01 2024-03-31 00743361 bus:Director2 2023-04-01 2024-03-31 00743361 bus:Director3 2023-04-01 2024-03-31 00743361 bus:Director4 2023-04-01 2024-03-31 00743361 core:FurnitureFittings 2023-04-01 2024-03-31 00743361 core:ComputerEquipment 2023-04-01 2024-03-31 00743361 2022-04-01 2023-03-31 00743361 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 00743361 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 00743361 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00743361 (England and Wales)

DIESCO INVESTMENTS LIMITED

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

DIESCO INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

DIESCO INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
DIESCO INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,497 3,031
Investment property 4 2,985,000 2,985,000
2,987,497 2,988,031
Current assets
Debtors 5 188,300 185,415
Cash at bank and in hand 6 324,744 768,479
513,044 953,894
Creditors: amounts falling due within one year 7 ( 139,427) ( 195,720)
Net current assets 373,617 758,174
Total assets less current liabilities 3,361,114 3,746,205
Creditors: amounts falling due after more than one year 8 0 ( 380,796)
Provision for liabilities 9 ( 140,941) ( 140,941)
Net assets 3,220,173 3,224,468
Capital and reserves
Called-up share capital 10 1,000 1,000
Revaluation reserve 897,771 897,771
Profit and loss account 2,321,402 2,325,697
Total shareholder's funds 3,220,173 3,224,468

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 Diesco Investments Limited (registered number: 00743361) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D S Cohen
Director

03 September 2024

DIESCO INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
DIESCO INVESTMENTS 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

Diesco Investments 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 35 Ballards Lane, London, N3 1XW, 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Statement of Financial Position date.

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:

Fixtures and fittings 10 % reducing balance
Computer equipment 25 % reducing balance

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.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

(i) Financial assets

Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 5 5

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2023 8,366 9,219 17,585
At 31 March 2024 8,366 9,219 17,585
Accumulated depreciation
At 01 April 2023 6,873 7,681 14,554
Charge for the financial year 149 385 534
At 31 March 2024 7,022 8,066 15,088
Net book value
At 31 March 2024 1,344 1,153 2,497
At 31 March 2023 1,493 1,538 3,031

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,985,000
As at 31 March 2024 2,985,000

Valuation

The properties were valued by the directors at the year end, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

5. Debtors

2024 2023
£ £
Other debtors 188,300 185,415

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 324,744 768,479

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 69,336
Taxation and social security 66,624 57,967
Other creditors 72,803 68,417
139,427 195,720

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

2024 2023
£ £
Bank loans 0 380,796

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 140,941) ( 108,103)
Charged to the Statement of Income and Retained Earnings 0 ( 32,838)
At the end of financial year ( 140,941) ( 140,941)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

11. Financial commitments

Pensions

The company operates a defined contributions pension schemes. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £50,000 (2023: £26,000).

12. Related party transactions

Included within other creditors is a balance of £4,426 (2023: £2,740) owed the directors. This balance is unsecured and interest free.

Included within other debtors is a balance of £89,918 (2023: £49,479) owed by Emelco DC Limited, a company with common directors. This balance is unsecured and interest free, with no fixed repayment terms. Emelco DC Limited also paid management fees of £43,680 to the company during the year (2023: £43,240).

Where possible, the company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.