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Registration number: 12901449

Havensilver Investments (Seal) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Havensilver Investments (Seal) Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Havensilver Investments (Seal) Limited

(Registration number: 12901449)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

984,980

2,467,141

Debtors

4

177,994

82,203

 

1,162,974

2,549,344

Creditors: Amounts falling due within one year

5

(347,932)

(2,105,586)

Net assets

 

815,042

443,758

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

815,041

443,757

Shareholders' funds

 

815,042

443,758

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 


Mr S Baker
Director

 

Havensilver Investments (Seal) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Quarry Hill
Sevenoaks
TN15 0HH
England

Principal activity

The principal activity of the company is that of property development..

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Havensilver Investments (Seal) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover represents the sale of property. Turnover from property sales is recognised at the date of exchange of contracts where there is a right to consideration.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Work in progress

Work in progress includes an appropriate percentage of the total development expenditure, adjusted for sales made and leaving the cost of unsold properties. The costs of arranging finance are included in development but not interest.

 

Havensilver Investments (Seal) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

7

157,874

-

Other debtors

 

20,120

82,203

 

177,994

82,203

 

Havensilver Investments (Seal) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

9,576

23,400

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

217,430

1,952,966

Taxation and social security

 

114,185

104,125

Accruals and deferred income

 

6,741

10,095

Other creditors

 

-

15,000

 

347,932

2,105,586

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

At 31 December 2023
£

Directors

1

1

     
   

 

2022

At 1 January 2022
£

At 31 December 2022
£

Directors

1

1

 

Loans from related parties

2023
£

2022
£

Amounts owed by Havensilver Investments (Sevenoaks) Limited

157,874

(1,808,352)

Amounts owed to Havensilver Investments Limited

(217,430)

(144,614)

(59,556)

(1,952,966)