Silverfin false false 31/03/2024 01/04/2023 31/03/2024 David William Lloyd 14/12/2017 Kay Frances Lloyd 14/12/2017 Kathryn Jane Van Rooyen 14/12/2017 16 September 2024 The principal activity of the company during the year was holding a portfolio of bonds. 11111607 2024-03-31 11111607 bus:Director1 2024-03-31 11111607 bus:Director2 2024-03-31 11111607 bus:Director3 2024-03-31 11111607 2023-03-31 11111607 core:CurrentFinancialInstruments 2024-03-31 11111607 core:CurrentFinancialInstruments 2023-03-31 11111607 core:ShareCapital 2024-03-31 11111607 core:ShareCapital 2023-03-31 11111607 core:RetainedEarningsAccumulatedLosses 2024-03-31 11111607 core:RetainedEarningsAccumulatedLosses 2023-03-31 11111607 core:CostValuation 2023-03-31 11111607 core:AdditionsToInvestments 2024-03-31 11111607 core:DisposalsRepaymentsInvestments 2024-03-31 11111607 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2024-03-31 11111607 core:CostValuation 2024-03-31 11111607 1 2024-03-31 11111607 1 2023-03-31 11111607 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-03-31 11111607 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 11111607 bus:OrdinaryShareClass1 2024-03-31 11111607 2023-04-01 2024-03-31 11111607 bus:FilletedAccounts 2023-04-01 2024-03-31 11111607 bus:SmallEntities 2023-04-01 2024-03-31 11111607 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11111607 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11111607 bus:Director1 2023-04-01 2024-03-31 11111607 bus:Director2 2023-04-01 2024-03-31 11111607 bus:Director3 2023-04-01 2024-03-31 11111607 2022-04-01 2023-03-31 11111607 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 11111607 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 11111607 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11111607 (England and Wales)

EMPTY BILLY LIMITED

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

EMPTY BILLY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

EMPTY BILLY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
EMPTY BILLY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 4,592,806 4,664,980
4,592,806 4,664,980
Current assets
Debtors 4 120,629 90,369
Investments 5 1,997,353 2,008,809
Cash at bank and in hand 288,062 232,424
2,406,044 2,331,602
Creditors: amounts falling due within one year 6 ( 6,578,186) ( 6,674,203)
Net current liabilities (4,172,142) (4,342,601)
Total assets less current liabilities 420,664 322,379
Net assets 420,664 322,379
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 420,564 322,279
Total shareholders' funds 420,664 322,379

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 Empty Billy Limited (registered number: 11111607) were approved and authorised for issue by the Board of Directors on 16 September 2024. They were signed on its behalf by:

David William Lloyd
Director
EMPTY BILLY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
EMPTY BILLY 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

Empty Billy 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 C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom. The principal place of business is 93 Albert Embankment, Vauxhall, London, SE1 7TY.

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. The debenture creditors will not be called at detriment to the company. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Fixed asset investments

Investments comprise debt instruments, recognised as basic financial instruments and measured at amortised cost in accordance with the provisions in Section 11. Investments due to mature within 1 year of the balance sheet date are recognised as current asset investments.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year 0 0

3. Fixed asset investments

2024 2023
£ £
Other investments and loans 4,592,806 4,664,980

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 4,664,980 4,664,980
Additions 1,515,437 1,515,437
Disposals ( 191,080) ( 191,080)
Investments moved to current asset investments ( 1,381,113) ( 1,381,113)
Amortisation (15,418) (15,418)
At 31 March 2024 4,592,806 4,592,806
Carrying value at 31 March 2024 4,592,806 4,592,806
Carrying value at 31 March 2023 4,664,980 4,664,980

4. Debtors

2024 2023
£ £
Prepayments and accrued income 120,629 90,369

5. Current asset investments

2024 2023
£ £
Investments at amortised cost 1,574,953 2,008,809

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to related parties 3,729 3,729
Amounts owed to directors 9,792 159,852
Accruals 1,800 1,530
Taxation and social security 62,865 9,092
Other creditors 6,500,000 6,500,000
6,578,186 6,674,203

Other creditors comprise interest-free bearer debentures.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

At the balance sheet date £9,792 (2023: £159,852) was owed by the company to a director, included in other creditors. The loan is interest-free, with no fixed date for repayment.