Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs K A Davidson 23/12/2011 Mr S M Davidson 28/01/2009 Mrs S K Olphant 17/07/2009 Mr P Oliphant 14/11/2011 10 September 2024 The principal activity of the Company during the financial period was that of property development and investment. 06804742 2024-03-31 06804742 bus:Director1 2024-03-31 06804742 bus:Director2 2024-03-31 06804742 bus:Director3 2024-03-31 06804742 bus:Director4 2024-03-31 06804742 2023-03-31 06804742 core:CurrentFinancialInstruments 2024-03-31 06804742 core:CurrentFinancialInstruments 2023-03-31 06804742 core:Non-currentFinancialInstruments 2024-03-31 06804742 core:Non-currentFinancialInstruments 2023-03-31 06804742 core:ShareCapital 2024-03-31 06804742 core:ShareCapital 2023-03-31 06804742 core:RetainedEarningsAccumulatedLosses 2024-03-31 06804742 core:RetainedEarningsAccumulatedLosses 2023-03-31 06804742 core:Vehicles 2023-03-31 06804742 core:Vehicles 2024-03-31 06804742 core:CostValuation 2023-03-31 06804742 core:CostValuation 2024-03-31 06804742 core:SubsidiariesWithMaterialNon-controllingInterests core:Non-currentFinancialInstruments 2024-03-31 06804742 core:SubsidiariesWithMaterialNon-controllingInterests core:Non-currentFinancialInstruments 2023-03-31 06804742 bus:OrdinaryShareClass1 2024-03-31 06804742 bus:OrdinaryShareClass2 2024-03-31 06804742 2023-04-01 2024-03-31 06804742 bus:FilletedAccounts 2023-04-01 2024-03-31 06804742 bus:SmallEntities 2023-04-01 2024-03-31 06804742 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06804742 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06804742 bus:Director1 2023-04-01 2024-03-31 06804742 bus:Director2 2023-04-01 2024-03-31 06804742 bus:Director3 2023-04-01 2024-03-31 06804742 bus:Director4 2023-04-01 2024-03-31 06804742 core:Vehicles 2023-04-01 2024-03-31 06804742 2022-04-01 2023-03-31 06804742 core:Subsidiary1 2023-04-01 2024-03-31 06804742 core:Subsidiary1 1 2023-04-01 2024-03-31 06804742 core:Subsidiary1 1 2022-04-01 2023-03-31 06804742 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 06804742 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 06804742 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06804742 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06804742 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 06804742 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 06804742 (England and Wales)

CTU GENERAL PARTNER LIMITED

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

CTU GENERAL PARTNER LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CTU GENERAL PARTNER LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
CTU GENERAL PARTNER LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,706 2,275
Investments 4 1 1
1,707 2,276
Current assets
Stocks 220,000 220,000
Debtors 5 123,455 1,015,321
Cash at bank and in hand 1,959 250,114
345,414 1,485,435
Creditors: amounts falling due within one year 6 ( 398,494) ( 2,120,568)
Net current liabilities (53,080) (635,133)
Total assets less current liabilities (51,373) (632,857)
Creditors: amounts falling due after more than one year 7 ( 7,143,438) ( 6,318,593)
Net liabilities ( 7,194,811) ( 6,951,450)
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 7,194,813 ) ( 6,951,452 )
Total shareholders' deficit ( 7,194,811) ( 6,951,450)

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 CTU General Partner Limited (registered number: 06804742) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

Mr P Oliphant
Director
CTU GENERAL PARTNER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CTU GENERAL PARTNER 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

CTU General Partner 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 Lobby Office 65 Redcross Village, Redcross Street, Bristol, BS2 0BB, 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 note that the business has net liabilities of £7,181,969. The Company is supported through loans from the directors and from a subsidiary Company.

The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the subsidiary Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met 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.

Group accounts exemption

Group accounts exemption s399
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.

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.

Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and
included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, 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.

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

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Vehicles Total
£ £
Cost
At 01 April 2023 12,780 12,780
At 31 March 2024 12,780 12,780
Accumulated depreciation
At 01 April 2023 10,505 10,505
Charge for the financial year 569 569
At 31 March 2024 11,074 11,074
Net book value
At 31 March 2024 1,706 1,706
At 31 March 2023 2,275 2,275

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 1
At 31 March 2024 1
Carrying value at 31 March 2024 1
Carrying value at 31 March 2023 1

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
Cabot Mews Limited Springfield House, 45 Welsh Back, Bristol. BS1 4AG Property rental Ordinary 100.00% 100.00%

5. Debtors

2024 2023
£ £
Trade debtors 0 182,259
Accrued income 0 694,018
VAT recoverable 5,597 11,317
Other debtors 117,858 127,727
123,455 1,015,321

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 6,043 31,134
Other loans 360,000 1,650,000
Accruals 30,876 289,617
Other creditors 1,575 149,817
398,494 2,120,568

A guarantee has been provided in the form of an unlimited guarantee by Cabot Mews Limited and limited guarantees by Claremont Ferrand Limited and the Directors.

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

2024 2023
£ £
Amounts owed to own subsidiaries 5,813,022 4,473,793
Amounts owed to directors 1,330,416 1,844,800
7,143,438 6,318,593

A guarantee has been provided in the form of an unlimited guarantee by Cabot Mews Limited and limited guarantees by Claremont Ferrand Limited and the Directors.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
120 Ordinary A shares of £ 0.01 each 1 1
120 Ordinary B shares of £ 0.01 each 1 1
2 2

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amonts due to the directors 1,330,416 1,844,800

The directors loans are interest free and unsecured.

Other related party transactions

At the year end, an amount of £5,825,307 (2023: £4,473,793) was owed by the company to its subsidiary. This balance has no fixed date for repayment and is interest free.

At the year end, an amount of £Nil (2023: £146,242) was owed to, and £18,258 (2023: £25,127) was owed from companies with a participating interest. These balances have no fixed date for repayment, are interest free and are included within other creditors and other debtors falling due within one year respectively.