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Company No: 09598790 (England and Wales)

GREYWALLS INVESTMENTS LTD

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

GREYWALLS INVESTMENTS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GREYWALLS INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
GREYWALLS INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,277 4,596
Investment property 4 2,560,000 2,560,000
2,562,277 2,564,596
Current assets
Debtors 5 2,623 44,193
Investments 6 123,265 121,906
Cash at bank and in hand 1,444,803 1,474,156
1,570,691 1,640,255
Creditors: amounts falling due within one year 7 ( 3,245,382) ( 3,289,486)
Net current liabilities (1,674,691) (1,649,231)
Total assets less current liabilities 887,586 915,365
Provision for liabilities 8 ( 89,095) ( 67,713)
Net assets 798,491 847,652
Capital and reserves
Called-up share capital 9 500 500
Revaluation reserve 256,270 288,669
Profit and loss account 541,721 558,483
Total shareholders' funds 798,491 847,652

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 Greywalls Investments Ltd (registered number: 09598790) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N V Thomas
Director

13 September 2024

GREYWALLS INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GREYWALLS INVESTMENTS LTD

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

Greywalls Investments 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 35 Ballards Lane, London, N3 1XW, 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 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.

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 Comprehensive Income 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.

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.

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:

Plant and machinery etc. 4 years straight line

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.

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.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

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.

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.

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.

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 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.

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.

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

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 12,730 12,730
Additions 505 505
At 31 March 2024 13,235 13,235
Accumulated depreciation
At 01 April 2023 8,134 8,134
Charge for the financial year 2,824 2,824
At 31 March 2024 10,958 10,958
Net book value
At 31 March 2024 2,277 2,277
At 31 March 2023 4,596 4,596

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,560,000
As at 31 March 2024 2,560,000

5. Debtors

2024 2023
£ £
Trade debtors 1,490 0
Prepayments 1,133 25,271
VAT recoverable 0 18,922
2,623 44,193

6. Current asset investments

2024 2023
£ £
Listed investments – at fair value 107,234 115,221
Other investments – at cost less impairment 14,672 14,672
121,906 129,893

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,422 28,145
Taxation and social security 30,060 12,728
Other creditors 3,213,900 3,248,613
3,245,382 3,289,486

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 67,713) ( 67,713)
Charged to the Profit and Loss Account ( 21,382) 0
At the end of financial year ( 89,095) ( 67,713)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
213 Ordinary A shares of £ 0.50 each 106.50 106.50
250 Ordinary B shares of £ 0.50 each 125.00 125.00
250 Ordinary C shares of £ 0.50 each 125.00 125.00
143 Ordinary D shares of £ 0.50 each 71.50 71.50
144 Ordinary E shares of £ 0.50 each 72.00 72.00
500.00 500.00