Silverfin false false 31/12/2023 01/01/2023 31/12/2023 B Carson 25/09/2014 J Carson 25/09/2014 L Carson 25/09/2014 20 September 2024 The principal activity of the Company during the financial year was property trading. 02829096 2023-12-31 02829096 bus:Director1 2023-12-31 02829096 bus:Director2 2023-12-31 02829096 bus:Director3 2023-12-31 02829096 2022-12-31 02829096 core:CurrentFinancialInstruments 2023-12-31 02829096 core:CurrentFinancialInstruments 2022-12-31 02829096 core:Non-currentFinancialInstruments 2023-12-31 02829096 core:Non-currentFinancialInstruments 2022-12-31 02829096 core:ShareCapital 2023-12-31 02829096 core:ShareCapital 2022-12-31 02829096 core:RetainedEarningsAccumulatedLosses 2023-12-31 02829096 core:RetainedEarningsAccumulatedLosses 2022-12-31 02829096 core:OtherPropertyPlantEquipment 2022-12-31 02829096 core:OtherPropertyPlantEquipment 2023-12-31 02829096 core:CostValuation 2022-12-31 02829096 core:CostValuation 2023-12-31 02829096 2023-01-01 2023-12-31 02829096 bus:FilletedAccounts 2023-01-01 2023-12-31 02829096 bus:SmallEntities 2023-01-01 2023-12-31 02829096 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02829096 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02829096 bus:Director1 2023-01-01 2023-12-31 02829096 bus:Director2 2023-01-01 2023-12-31 02829096 bus:Director3 2023-01-01 2023-12-31 02829096 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02829096 2022-01-01 2022-12-31 02829096 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 02829096 (England and Wales)

LONDON & ARGYLL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

LONDON & ARGYLL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

LONDON & ARGYLL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
LONDON & ARGYLL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 12,328 14,504
Investments 5 147 147
12,475 14,651
Current assets
Stocks 5,279,622 5,262,708
Debtors 6 10,373,401 8,333,549
Cash at bank and in hand 288,163 225,516
15,941,186 13,821,773
Creditors: amounts falling due within one year 7 ( 4,792,469) ( 3,755,993)
Net current assets 11,148,717 10,065,780
Total assets less current liabilities 11,161,192 10,080,431
Creditors: amounts falling due after more than one year 8 ( 3,040,000) ( 2,490,000)
Net assets 8,121,192 7,590,431
Capital and reserves
Called-up share capital 300 300
Profit and loss account 8,120,892 7,590,131
Total shareholders' funds 8,121,192 7,590,431

For the financial year ending 31 December 2023 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 London & Argyll Limited (registered number: 02829096) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Carson
Director

20 September 2024

LONDON & ARGYLL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
LONDON & ARGYLL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

London & Argyll 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 35 Ballards Lane, London, N3 1XW, 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 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.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 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. 15 % 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.

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.

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.

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.

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.

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 Income and Retained Earnings.

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 liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

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.

Other operating income

Other operating income includes rent receivable, which is recognised on a straight line basis over the term of the lease.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 36,979 36,979
At 31 December 2023 36,979 36,979
Accumulated depreciation
At 01 January 2023 22,475 22,475
Charge for the financial year 2,176 2,176
At 31 December 2023 24,651 24,651
Net book value
At 31 December 2023 12,328 12,328
At 31 December 2022 14,504 14,504

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 97
At 31 December 2023 97
Carrying value at 31 December 2023 97
Carrying value at 31 December 2022 97

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 January 2023 50 50
At 31 December 2023 50 50
Carrying value at 31 December 2023 50 50
Carrying value at 31 December 2022 50 50

6. Debtors

2023 2022
£ £
Trade debtors 121,376 148,543
Corporation tax 1,521,222 1,062,565
Other debtors 8,730,803 7,122,441
10,373,401 8,333,549

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,276 1,608
Corporation tax 626,283 1,094,480
Other taxation and social security 57,774 54,663
Other creditors 4,106,136 2,605,242
4,792,469 3,755,993

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

2023 2022
£ £
Bank loans 3,040,000 2,490,000

The company has granted a legal charge over property, treated as trading stock, with respect to a loan of £3,040,000 (2022: £2,490,000)

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed by an entity that the company has control, joint control or significant influence 144,225 0
Management fees charged to an entity that the company has control, joint control or significant influence 120,000 125,000

Transactions with the entity's directors

2023 2022
£ £
Dividends paid in the year in respect of shares held by the company's directors 0 297,000
Amounts owed by directors including interest 5,218,898 3,467,939

Other related party transactions

2023 2022
£ £
Amounts due from companies under common control 3,873,286 3,322,712
Amounts owed to companies under common control 3,655,858 2,194,290
Rental income charged to a company under common control 54,116 77,911
Other income charged by a company under common control 2,834 0
Recharged administrative expenses charged by a company under common control 88,730 98,778
Management fees charged by a company under common control 77,000 77,000

10. Ultimate controlling party

The company is controlled by the directors, J Carson, L Cason and B Carson