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Registered number: 02123490
Salts Estates Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—18
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of trading within Salts Mill along with the maintenance of the Grade II* redevelopment and letting of space at the property.
Review of the Business
Salts Mill is a historic building located in the World Heritage site of Saltaire in West Yorkshire. the company's own trading activities are the single largest occupier of space in the Mill and incude art galleries, retail outlets and restaurants. Space within the mill is also leased to commercial tenants from a variety of sectors, including retail, industrial and office based businesses.
Art continues to draw visitors to the mill which in turn drives trade and continues to improve the location’s appeal.
The directors continue to monitor turnover and costs as the key indicators of the company's financial performance. The directors are satisfied with the level of turnover in the current economic climate, and the relative consistency of rental income levels, both of which are continually being assessed. Included within operating costs are expenses relating to repair costs and professional fees required to maintain the infrastructure, integrity and compliance of the Mill.
Principal Risks and Uncertainties
The directors monitor the company's exposure to risk across every area of the business through good communication, active involvement in the day-to-day running of the business and through maintenance of insurance levels. Retention of customers, suppliers, personnel and tenants is critical to this process.
The company is exposed to the usual risks associated with leasing to tenants, which are managed through appropriate credit control and lease renewal procedures. The directors have taken action to control operating costs and continue to monitor all areas of the business.
Future Developments
The company continues to invest in the gallery and its exhibitions in order to further stimulate trade and continue to develop the commercial opportunities at the mill. A relevant example of this is the investment in the temporary exhibition of “A Year In Normandie.” The ongoing maintenance and gradual redevelopment of the mill building continues, and the company invests prudently in improvements to the mill building and facilities.
Financial Instruments
Financial risk management objectives and policies
The company's objective is to keep financial risk to a minimum. This is done by maintaining credit bank balances, operating appropriate debtor and creditor control procedures, and through the continued involvement of the directors in the day-to-day running of the business. The accounting policies are outlined further in note 2.
The company has low exposure to financial risks due to maintaining a credit bank balance, not relying on bank borrowings and not trading in foreign currencies.
On behalf of the board
Z Silver
Director
24 September 2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors
The directors who held office during the year were as follows:
Z Silver
D Silver
M Silver Resigned 09/03/2023
M Silver died on 9 March 2023.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 2
Page 3
Independent Auditors
The auditors, Brays of Wetherby Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Z Silver
Director
24 September 2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Salts Estates Limited for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
Page 5
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
  • Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
  • Reviewing minutes of meetings of those charged with governance;
  • Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements of the operations of the entity through enquiry and inspection;
  • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
  • Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
The inherent limitations of an audit mean there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 5
Page 6
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Crossley (Senior Statutory Auditor)
for and on behalf of Brays of Wetherby Limited , Statutory Auditor
24 September 2024
Brays of Wetherby Limited
Riverview Court
Castle Gate
Wetherby
West Yorkshire
LS22 6LE
Page 6
Page 7
Statement of Comprehensive Income
2023 2022
Notes £ £
TURNOVER 3,403,736 3,448,402
Cost of sales (1,458,621 ) (1,477,357 )
GROSS PROFIT 1,945,115 1,971,045
Administrative expenses (3,260,616 ) (2,947,518 )
Other operating income 1,194,514 1,221,366
OPERATING (LOSS)/PROFIT 4 (120,987 ) 244,893
Other interest receivable and similar income 9 11,558 327
(LOSS)/PROFIT BEFORE TAXATION (109,429 ) 245,220
Tax on (Loss)/profit 10 (20,877 ) (176,327 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR (130,306 ) 68,893
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (130,306 ) 68,893
The notes on pages 11 to 18 form part of these financial statements.
Page 7
Page 8
Balance Sheet
Registered number: 02123490
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 5,975,431 6,167,342
Investments 13 100 100
5,975,531 6,167,442
CURRENT ASSETS
Stocks 14 698,386 725,556
Debtors 15 1,024,537 481,001
Cash at bank and in hand 1,117,612 1,597,864
2,840,535 2,804,421
Creditors: Amounts Falling Due Within One Year 16 (712,240 ) (738,248 )
NET CURRENT ASSETS (LIABILITIES) 2,128,295 2,066,173
TOTAL ASSETS LESS CURRENT LIABILITIES 8,103,826 8,233,615
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (364,739 ) (364,222 )
NET ASSETS 7,739,087 7,869,393
CAPITAL AND RESERVES
Called up share capital 19 100 100
Revaluation reserve 3,497,064 3,642,776
Profit and Loss Account 4,241,923 4,226,517
SHAREHOLDERS' FUNDS 7,739,087 7,869,393
On behalf of the board
Z Silver
Director
24 September 2024
The notes on pages 11 to 18 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 January 2022 100 3,788,488 4,011,912 7,800,500
Profit for the year and total comprehensive income - - 68,893 68,893
Transfer from revaluation reserve - - 145,712 145,712
Transfer to/from Profit & Loss Account - (145,712 ) - (145,712)
As at 31 December 2022 and 1 January 2023 100 3,642,776 4,226,517 7,869,393
Loss for the year and total comprehensive income - - (130,306 ) (130,306)
Transfer from revaluation reserve - - 145,712 145,712
Transfer to/from Profit & Loss Account - (145,712 ) - (145,712)
As at 31 December 2023 100 3,497,064 4,241,923 7,739,087
Page 9
Page 10
Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (356,806 ) 268,367
Tax paid (89,393 ) (54,295 )
Net cash (used in)/generated from operating activities (446,199 ) 214,072
Cash flows from investing activities
Purchase of tangible assets (51,539 ) (55,319 )
Grants received - 21,018
Interest received 11,558 327
Net cash used in investing activities (39,981 ) (33,974 )
Cash flows from financing activities
Amount introduced by directors 5,928 5,370
(Decrease)/increase in cash and cash equivalents (480,252 ) 185,468
Cash and cash equivalents at beginning of year 2 1,597,864 1,412,396
Cash and cash equivalents at end of year 2 1,117,612 1,597,864
Page 10
Page 11
Notes to the Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash (used in)/generated from operations
2023 2022
£ £
(Loss)/profit for the financial year (130,306 ) 68,893
Adjustments for:
Tax on (loss)/profit 20,877 176,327
Interest income (11,558 ) (327 )
Depreciation of tangible assets 243,450 249,882
Grant income - (21,018)
Movements in working capital:
Decrease/(increase) in stocks 27,170 (136,504 )
Increase in trade and other debtors (549,464 ) (212,881 )
Increase in trade and other creditors 43,025 143,995
Net cash (used in)/generated from operations (356,806 ) 268,367
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 1,117,612 1,597,864
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 1,597,864 (480,252) 1,117,612
Page 11
Page 12
Notes to the Financial Statements
1. General Information
Salts Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02123490 . The registered office is Salts Mill, Victoria Road, Saltaire, Shipley, BD18 3LB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the Gallery website. It is amortised to profit and loss account over its estimated economic life of 5 years on a straight line basis.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line basis
Fine Art Not depreciated
Motor Vehicles 25% reducing balance basis
Fixtures & Fittings 15% reducing balance basis
Computer Equipment 33% reducing balance basis
Fine Art was previously depreciated on a 15% reducing balance basis. Following a 2018 review of the expected useful economic life of the assets in this class, it is deemed more appropriate not to depreciate these assets.
2.5. Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
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2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Other Operating Income
2023 2022
£ £
Grant income - 21,018
Rental income 1,194,514 1,200,348
1,194,514 1,221,366
4. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
2023 2022
£ £
Bad debts - 17,326
Depreciation of tangible fixed assets 243,450 249,882
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5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 14,000 13,200
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 1,376,634 1,371,157
Social security costs 100,907 113,684
Other pension costs 28,185 23,401
1,505,726 1,508,242
7. Average Number of Employees
Average number of employees, including directors, during the year was: 98 (2022: 91)
98 91
8. Directors' remuneration
2023 2022
£ £
Emoluments 148,300 198,357
Company contributions to money purchase pension schemes 2,003 1,431
150,303 199,788
The number of directors to whom retirement benefits were accruing was as follows:
2023 2022
Money purchase pension schemes 2 2
Information regarding the highest paid director was as follows:
2023 2022
£ £
Emoluments 97,367 86,469
Company contributions to money purchase pension schemes 1,320 -
98,687 86,469
9. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable 7,314 327
Other interest receivable 4,244 -
11,558 327
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10. Tax on Profit
The tax charge on the (loss)/profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 20,360 89,397
Deferred Tax
Origination and reversal of timing differences 517 86,930
Total tax charge for the period 20,877 176,327
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax (109,429) 245,220
Tax on profit at 25% (UK standard rate) (27,357 ) 46,592
Goodwill/depreciation not allowed for tax 60,862 47,478
Expenses not deductible for tax purposes - 765
Capital allowances (9,999 ) (5,438 )
Short term timing differences 517 -
Difference in tax rates (3,146 ) -
Deferred tax relating to changes in tax rates or laws - 86,930
Total tax charge for the period 20,877 176,327
11. Intangible Assets
Other
£
Cost
As at 1 January 2023 4,479
As at 31 December 2023 4,479
Amortisation
As at 1 January 2023 4,479
As at 31 December 2023 4,479
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
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12. Tangible Assets
Land & Property
Freehold Fine Art Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2023 9,828,642 2,035,574 127,841 1,414,977 13,407,034
Additions 4,328 30,600 - 16,611 51,539
As at 31 December 2023 9,832,970 2,066,174 127,841 1,431,588 13,458,573
Depreciation
As at 1 January 2023 4,451,086 1,516,929 103,520 1,168,157 7,239,692
Provided during the period 196,659 - 6,080 40,711 243,450
As at 31 December 2023 4,647,745 1,516,929 109,600 1,208,868 7,483,142
Net Book Value
As at 31 December 2023 5,185,225 549,245 18,241 222,720 5,975,431
As at 1 January 2023 5,377,556 518,645 24,321 246,820 6,167,342
Included within the net book value of land and buildings above is £5,185,225 (2022 - £5,377,556) in respect of freehold land and buildings.
The freehold land and buildings included above were previously revalued. On transition to FRS 102 the valuation was deemed cost, and the land and buildings are now held at cost.
The fine art category is worth at least the value at which it is shown in the accounts.
13. Investments
Subsidiaries
£
Cost
As at 1 January 2023 100
As at 31 December 2023 100
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 100
As at 1 January 2023 100
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Subsidiaries
Details of the company's subsidiaries as at 31 December 2023 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Jonathan Silver Limited Salts Mill, Victoria Road, Saltaire, Shipley, BD18 3LB Ordinary shares 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Jonathan Silver Limited 3,328 -
The financial period end of Jonathan Silver Limited is 31 December. The company is dormant and so made no profit for the financial year to 31 December 2023.
Group accounts have not been prepared as the subsidiary is both dormant and immaterial.
14. Stocks
2023 2022
£ £
Stock 698,386 725,556
15. Debtors
2023 2022
£ £
Due within one year
Trade debtors 196,809 171,335
Prepayments and accrued income 277,556 303,738
Related party loans 550,172 -
Directors' loan accounts - 5,928
1,024,537 481,001
16. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 191,272 132,049
Amounts owed to group undertakings 3,329 3,329
Other creditors 111,681 96,131
Corporation tax 20,364 89,397
Taxation and social security 194,513 215,477
Accruals and deferred income 191,081 201,865
712,240 738,248
17. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 364,739 364,222
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18. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 364,222 364,222
Utilised 517 517
Balance at 31 December 2023 364,739 364,739
19. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
20. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £28,185 (2022: £23,401).
At the balance sheet date contributions of £5,074 (2022: £4,725) were due to the fund and are included in creditors.
21. Related Party Disclosures
During the year the company extended loans to former Directors of the company. At the balance sheet date the company was owed £550,172 from former Directors. Interest is charged on the loans at the official rate and the loans are repayable on demand. Since the balance sheet date, the loans and interest have been repaid in full.
During the year the company incurred and recharged expenses totalling £9,128 (2022 - £8,582) on behalf of a partnership in which a former Director is a partner. The partnership also provided consultancy services to the company, for which the partnership was paid £36,000 (2022 - £nil). At the balance sheet date the amount due to/from the partnership was £nil (2022 - £nil).
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