Silverfin false false 30/12/2023 31/12/2022 30/12/2023 I J Clapp 05/01/2018 24 September 2024 The principal activity of the Company during the financial period was that of a property letting and holding company. 11134249 2023-12-30 11134249 bus:Director1 2023-12-30 11134249 2022-12-30 11134249 core:CurrentFinancialInstruments 2023-12-30 11134249 core:CurrentFinancialInstruments 2022-12-30 11134249 core:Non-currentFinancialInstruments 2023-12-30 11134249 core:Non-currentFinancialInstruments 2022-12-30 11134249 core:ShareCapital 2023-12-30 11134249 core:ShareCapital 2022-12-30 11134249 core:RetainedEarningsAccumulatedLosses 2023-12-30 11134249 core:RetainedEarningsAccumulatedLosses 2022-12-30 11134249 core:CostValuation 2022-12-30 11134249 core:CostValuation 2023-12-30 11134249 core:CurrentFinancialInstruments core:Secured 2023-12-30 11134249 2022-12-31 2023-12-30 11134249 bus:FilletedAccounts 2022-12-31 2023-12-30 11134249 bus:SmallEntities 2022-12-31 2023-12-30 11134249 bus:AuditExemptWithAccountantsReport 2022-12-31 2023-12-30 11134249 bus:PrivateLimitedCompanyLtd 2022-12-31 2023-12-30 11134249 bus:Director1 2022-12-31 2023-12-30 11134249 2021-12-31 2022-12-30 11134249 core:Non-currentFinancialInstruments 2022-12-31 2023-12-30 iso4217:GBP xbrli:pure

Company No: 11134249 (England and Wales)

IKC ASSETS LIMITED

Unaudited Financial Statements
For the financial year ended 30 December 2023
Pages for filing with the registrar

IKC ASSETS LIMITED

Unaudited Financial Statements

For the financial year ended 30 December 2023

Contents

IKC ASSETS LIMITED

BALANCE SHEET

As at 30 December 2023
IKC ASSETS LIMITED

BALANCE SHEET (continued)

As at 30 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 2,819,188 2,819,188
Investments 4 101 101
2,819,289 2,819,289
Current assets
Cash at bank and in hand 809 241
809 241
Creditors: amounts falling due within one year 5 ( 2,419,373) ( 2,460,482)
Net current liabilities (2,418,564) (2,460,241)
Total assets less current liabilities 400,725 359,048
Creditors: amounts falling due after more than one year 6 ( 585,338) ( 528,451)
Net liabilities ( 184,613) ( 169,403)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 184,713 ) ( 169,503 )
Total shareholder's deficit ( 184,613) ( 169,403)

For the financial year ending 30 December 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 IKC Assets Limited (registered number: 11134249) were approved and authorised for issue by the Director on 24 September 2024. They were signed on its behalf by:

I J Clapp
Director
IKC ASSETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 December 2023
IKC ASSETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 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

IKC Assets 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 financial statements have been prepared on a going concern basis. The company has net liabilities of £184,613. Included within creditors are amounts of £1,381,185 which are owed to fellow group companies and £987,124 which are owed to the company's director. The group companies and the director have indicated willingness to continue to support the company and have no intention of seeking repayment of the loans until the company has sufficient funds to do so. The director therefore considers the going concern basis to be appropriate.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Taxation


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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 2

3. Investment property

Investment property
£
Valuation
As at 31 December 2022 2,819,188
As at 30 December 2023 2,819,188

Valuation

Investment properties were revalued on 30 December 2023 by the directors who are internal to the company. The basis of this valuation was open market value.

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 31 December 2022 101
At 30 December 2023 101
Carrying value at 30 December 2023 101
Carrying value at 30 December 2022 101

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,813 2,113
Amounts owed to Group undertakings 1,381,185 264,072
Other loans (secured) 37,361 17,605
Accruals 1,890 62,226
Other creditors 997,124 2,114,466
2,419,373 2,460,482

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

2023 2022
£ £
Other loans (secured) 585,338 528,451

Other loans are loans from commercial lenders which are secured with fixed and floating charges over investment property with a carrying value of £2,819,188.

7. Related party transactions

Other related party transactions

The company has given a guarantee to A Shade Greener Finance in relation to loans taken out by Rookery Manor Lodges Limited to the value of £1,800,000 (2022 - £nil).
The company has given a guarantee to Shire Leasing Plc in relation to lease commitments taken out by Rookery Manor Lodges Limited to the value of £365,458 (2022 - £461,079)
The company has given a guarantee to Shire Leasing Plc in relation to loans taken out by Rookery Manor Limited to the value of £91,667 (2022 - £nil).
The company has given a guarantee to Shire Leasing Plc in relation to loans taken out by Rookery Manor Lodges Limited to the value of £93,333 (2022 - £nil).