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Company No: 10519024 (England and Wales)

376 ESTATES LIMITED

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

376 ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

376 ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
376 ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Current assets
Stocks 3 160,783 184,352
Debtors 4 42,576 16,220
Cash at bank and in hand 29,460 1,773,756
232,819 1,974,328
Creditors: amounts falling due within one year 5 ( 167,191) ( 928,835)
Net current assets 65,628 1,045,493
Total assets less current liabilities 65,628 1,045,493
Creditors: amounts falling due after more than one year 6 ( 15,833) ( 25,833)
Net assets 49,795 1,019,660
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 48,795 1,018,660
Total shareholders' funds 49,795 1,019,660

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 376 Estates Limited (registered number: 10519024) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

P J Maynard
Director
376 ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
376 ESTATES 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 period, unless otherwise stated.

General information and basis of accounting

376 Estates 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 78 Cumnor Road, Boars Hill, Oxford, OX1 5JP, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
31.03.2024
Period from
01.08.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Stocks

31.03.2024 31.03.2023
£ £
Work in progress 160,783 184,352

4. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 179 179
Amounts owed by associates 900 900
VAT recoverable 1,552 15,041
Corporation tax 39,845 0
Other debtors 100 100
42,576 16,220

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans (secured) 10,000 10,010
Trade creditors 33,990 161,108
Accruals 123,201 218,982
Taxation and social security 0 538,735
167,191 928,835

Bank loans and overdrafts due within one year shown above are secured by a fixed and floating charge over the assets of the company.

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

31.03.2024 31.03.2023
£ £
Bank loans (secured) 15,833 25,833

Bank loans and overdrafts due after more than one year shown above are secured by a fixed and floating charge over the assets of the company.

7. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

8. Related party transactions

At the year end, £9,533 (2023 - £102.383) was owed to other companies under control of the directors. This amount is shown within trade creditors.