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Registration number: 08864980

Havensilver Investments (Sevenoaks) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Havensilver Investments (Sevenoaks) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Havensilver Investments (Sevenoaks) Limited

(Registration number: 08864980)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

162,689

93,188

Current assets

 

Stocks

5

1,199,011

114,617

Debtors

6

13,801

1,830,186

Cash at bank and in hand

 

785,068

181,249

 

1,997,880

2,126,052

Creditors: Amounts falling due within one year

7

(949,050)

(805,018)

Net current assets

 

1,048,830

1,321,034

Total assets less current liabilities

 

1,211,519

1,414,222

Provisions for liabilities

(21,234)

(23,297)

Net assets

 

1,190,285

1,390,925

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

1,190,282

1,390,922

Shareholders' funds

 

1,190,285

1,390,925

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.

 

Havensilver Investments (Sevenoaks) Limited

(Registration number: 08864980)
Statement of Financial Position as at 31 December 2023 (continued)

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 (Sevenoaks) 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 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.

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 and fees for management services. Turnover from property sales is recognised at the date of exchange of contracts where there is a right to consideration.

 

Havensilver Investments (Sevenoaks) Limited

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

2

Accounting policies (continued)

Taxation

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.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less an accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Fittings fixtures and equipment

20% reducing balance

Motor vehicles

20% reducing balance

Buildings

10 years straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
 

 

Havensilver Investments (Sevenoaks) Limited

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

2

Accounting policies (continued)

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

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

 

Havensilver Investments (Sevenoaks) Limited

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

4

Tangible assets

Buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

-

44,889

1,154

59,504

105,547

Revaluations

-

(6)

-

-

(6)

Additions

86,392

-

1,766

-

88,158

At 31 December 2023

86,392

44,883

2,920

59,504

193,699

Depreciation

At 1 January 2023

-

-

458

11,901

12,359

Charge for the year

8,639

-

492

9,520

18,651

At 31 December 2023

8,639

-

950

21,421

31,010

Carrying amount

At 31 December 2023

77,753

44,883

1,970

38,083

162,689

At 31 December 2022

-

44,889

696

47,603

93,188

Included within the net book value of land and buildings above is £77,752 (2022 - £Nil) in respect of freehold land and buildings and £44,883 (2022 - £44,889) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

1,199,011

114,617

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

9

26

1,808,365

Other debtors

 

12,544

-

Prepayments

 

731

-

Accrued income

 

500

-

Income tax asset

-

21,821

 

13,801

1,830,186

 

Havensilver Investments (Sevenoaks) Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

13,683

-

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

9

845,156

739,406

Taxation and social security

 

-

2,739

Accruals and deferred income

 

6,100

7,627

Other creditors

 

84,111

55,246

 

949,050

805,018

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 December 2023
£

(53,542)

4,730

-

(35,000)

(83,812)

           
         

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

(58,183)

4,641

-

(53,542)

 

Havensilver Investments (Sevenoaks) Limited

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

9

Related party transactions (continued)

 

Transactions with related parties

During the year the company entered into the following transactions with related parties:

2023
£

2022
£

Havensilver Investments Limited - associate

(687,282)

(739,406)

Havensilver Investments (Seal) Limited - associate

(157,874)

1,808,352

(845,156)

1,068,946