Silverfin false false 31/12/2023 01/12/2022 31/12/2023 C E Bowring 05/11/2018 J C Kalwa 29/12/2023 20/11/2020 09 September 2024 The principal activity of the company during the financial year was that of property investment and management. 11659883 2023-12-31 11659883 bus:Director1 2023-12-31 11659883 bus:Director2 2023-12-31 11659883 2022-11-30 11659883 core:CurrentFinancialInstruments 2023-12-31 11659883 core:CurrentFinancialInstruments 2022-11-30 11659883 core:Non-currentFinancialInstruments 2023-12-31 11659883 core:Non-currentFinancialInstruments 2022-11-30 11659883 core:ShareCapital 2023-12-31 11659883 core:ShareCapital 2022-11-30 11659883 core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 11659883 core:FurtherSpecificReserve1ComponentTotalEquity 2022-11-30 11659883 core:RetainedEarningsAccumulatedLosses 2023-12-31 11659883 core:RetainedEarningsAccumulatedLosses 2022-11-30 11659883 core:CurrentFinancialInstruments core:Secured 2023-12-31 11659883 2022-12-01 2023-12-31 11659883 bus:FilletedAccounts 2022-12-01 2023-12-31 11659883 bus:SmallEntities 2022-12-01 2023-12-31 11659883 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-12-31 11659883 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-12-31 11659883 bus:Director1 2022-12-01 2023-12-31 11659883 bus:Director2 2022-12-01 2023-12-31 11659883 2022-01-01 2022-11-30 11659883 core:CurrentFinancialInstruments 2022-12-01 2023-12-31 11659883 core:Non-currentFinancialInstruments 2022-12-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 11659883 (England and Wales)

SALUS PROPERTY INVESTMENTS LTD

Unaudited Financial Statements
For the financial period from 01 December 2022 to 31 December 2023
Pages for filing with the registrar

SALUS PROPERTY INVESTMENTS LTD

Unaudited Financial Statements

For the financial period from 01 December 2022 to 31 December 2023

Contents

SALUS PROPERTY INVESTMENTS LTD

BALANCE SHEET

As at 31 December 2023
SALUS PROPERTY INVESTMENTS LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 30.11.2022
£ £
Fixed assets
Investment property 3 483,033 469,991
483,033 469,991
Current assets
Debtors 4 24,437 10,870
Cash at bank and in hand 5 3,227 115,315
27,664 126,185
Creditors: amounts falling due within one year 6 ( 254,853) ( 330,847)
Net current liabilities (227,189) (204,662)
Total assets less current liabilities 255,844 265,329
Creditors: amounts falling due after more than one year 7 ( 301,897) ( 308,484)
Provision for liabilities ( 7,319) ( 3,101)
Net liabilities ( 53,372) ( 46,256)
Capital and reserves
Called-up share capital 2 2
Fair value reserve 21,955 0
Profit and loss account ( 75,329 ) ( 46,258 )
Total shareholder's deficit ( 53,372) ( 46,256)

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Salus Property Investments Ltd (registered number: 11659883) were approved and authorised for issue by the Director on 09 September 2024. They were signed on its behalf by:

C E Bowring
Director
SALUS PROPERTY INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 31 December 2023
SALUS PROPERTY INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Salus Property 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, 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 £.

Reporting period length

These accounts are for a 13 month period ending on 31 December 2023. This change was made to align the company's year end with its parent company. The 2022 year end is for a 12 month period, therefore the figures are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the rent received or receivable provided in the normal course of business.

Turnover is recognised in the period to which the rent relates.

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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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 the director, on an open market value for existing use basis.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

2. Employees

Period from
01.12.2022 to
31.12.2023
Period from
01.01.2022 to
30.11.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 2 2

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 469,991
Fair value movement 13,042
As at 31 December 2023 483,033

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The investment properties have a current value of £483,033 (2022 - £469,991).

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

31.12.2023 30.11.2022
£ £
Historic cost 453,759 453,759

4. Debtors

31.12.2023 30.11.2022
£ £
Other debtors 24,437 10,870

5. Cash and cash equivalents

31.12.2023 30.11.2022
£ £
Cash at bank and in hand 3,227 115,315

6. Creditors: amounts falling due within one year

31.12.2023 30.11.2022
£ £
Bank loans (secured) 3,235 0
Amounts owed to Group undertakings 78,000 78,000
Other creditors 173,618 252,847
254,853 330,847

Bank loans are secured by way of a first legal charge over the investment property to which they relate.

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

31.12.2023 30.11.2022
£ £
Bank loans (secured) 301,897 308,484

Bank loans are secured by way of a first legal charge over the investment property to which they relate.

8. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 December 2022, the balance owed by C Bowring was £Nil. During the period, £10,619 was advanced to the director, and £Nil was repaid by the director. At 31 December 2023, the balance owed by the director was £10,618.

At 1 December 2022, the balance owed by J Kalwa was £8,735. During the period, £Nil was advanced to the director, and £Nil was repaid by the director. At 31 December 2023, the balance owed by the director was £8,735.