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Company No: 07859796 (England and Wales)

DYCE INVESTMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

DYCE INVESTMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

DYCE INVESTMENT LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
DYCE INVESTMENT LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,000,000 1,000,000
1,000,000 1,000,000
Current assets
Debtors 4 220,313 243,501
Cash at bank and in hand 5 689,772 579,033
910,085 822,534
Creditors: amounts falling due within one year 6 ( 4,621,092) ( 4,423,851)
Net current liabilities (3,711,007) (3,601,317)
Total assets less current liabilities (2,711,007) (2,601,317)
Provision for liabilities 7 ( 100,903) ( 100,903)
Net liabilities ( 2,811,910) ( 2,702,220)
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account ( 2,811,911 ) ( 2,702,221 )
Total shareholder's deficit ( 2,811,910) ( 2,702,220)

For the financial year ending 30 November 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 Dyce Investment Limited (registered number: 07859796) were approved and authorised for issue by the Director on 17 September 2024. They were signed on its behalf by:

Philip Bond
Director
DYCE INVESTMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
DYCE INVESTMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
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

Dyce Investment 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 Globe House Market Street, Laugharne, Carmarthen, SA33 4SA, Wales, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £2,811,910. The Company is supported through loans from the director and at the year end creditors due within one year include £2,499,679 due to the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes 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.

Turnover

Turnover represents amounts receivable from rental income and associated recharges on properties. Turnover is recognised on an accruals basis 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.

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.

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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand with original maturities of three months or less.

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 measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 1,000,000
As at 30 November 2023 1,000,000

The investment property was valued by the director on 30 November 2023 at the fair value of £1,000,000.

4. Debtors

2023 2022
£ £
Trade debtors 19,967 41,792
Other debtors 200,346 201,709
220,313 243,501

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 689,772 579,033

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 587 2,174
Taxation and social security 22,671 10,772
Other creditors 4,597,834 4,410,905
4,621,092 4,423,851

7. Provision for liabilities

2023 2022
£ £
Deferred tax 100,903 100,903

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Director's Loan Account (2,499,679) (2,499,679)

The above loan is unsecured with no fixed repayment terms. The company has accrued interest of £199,974 (2022 - £199,989) payable to the director for the loan at the year end.

In 2018 the company advanced a loan of £200,023 to a company which has a common director. The balance outstanding at 30 November 2023 was £200,023 (2022 - £200,023). This loan is interest free and has no fixed terms of repayment in place.