Silverfin false false 31/12/2023 01/01/2023 31/12/2023 L G Curry 10/07/2021 D A Webber 10/07/2021 25 September 2024 The principal activity of the company during the financial year was buying and selling of own real estate. 13418876 2023-12-31 13418876 bus:Director1 2023-12-31 13418876 bus:Director2 2023-12-31 13418876 2022-12-31 13418876 core:CurrentFinancialInstruments 2023-12-31 13418876 core:CurrentFinancialInstruments 2022-12-31 13418876 core:Non-currentFinancialInstruments 2023-12-31 13418876 core:Non-currentFinancialInstruments 2022-12-31 13418876 core:ShareCapital 2023-12-31 13418876 core:ShareCapital 2022-12-31 13418876 core:RevaluationReserve 2023-12-31 13418876 core:RevaluationReserve 2022-12-31 13418876 core:RetainedEarningsAccumulatedLosses 2023-12-31 13418876 core:RetainedEarningsAccumulatedLosses 2022-12-31 13418876 bus:OrdinaryShareClass1 2023-12-31 13418876 2023-01-01 2023-12-31 13418876 bus:FilletedAccounts 2023-01-01 2023-12-31 13418876 bus:SmallEntities 2023-01-01 2023-12-31 13418876 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13418876 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13418876 bus:Director1 2023-01-01 2023-12-31 13418876 bus:Director2 2023-01-01 2023-12-31 13418876 2022-01-01 2022-12-31 13418876 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 13418876 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13418876 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 13418876 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13418876 (England and Wales)

SRE JUBILEE LISTERHILLS LIMITED

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

SRE JUBILEE LISTERHILLS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SRE JUBILEE LISTERHILLS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
SRE JUBILEE LISTERHILLS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 8,000,000 7,186,544
8,000,000 7,186,544
Current assets
Debtors 4 212,100 276,424
Cash at bank and in hand 5 72,273 64,398
284,373 340,822
Creditors: amounts falling due within one year 6 ( 3,101,758) ( 3,436,569)
Net current liabilities (2,817,385) (3,095,747)
Total assets less current liabilities 5,182,615 4,090,797
Creditors: amounts falling due after more than one year 7 ( 3,740,000) ( 3,740,000)
Net assets 1,442,615 350,797
Capital and reserves
Called-up share capital 8 30 30
Revaluation reserve 813,456 0
Profit and loss account 629,129 350,767
Total shareholders' funds 1,442,615 350,797

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 SRE Jubilee Listerhills Limited (registered number: 13418876) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D A Webber
Director

25 September 2024

SRE JUBILEE LISTERHILLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SRE JUBILEE LISTERHILLS 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

SRE Jubilee Listerhills 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 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 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

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/Statement of Comprehensive Income.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 7,186,544
Fair value movement 813,456
As at 31 December 2023 8,000,000

Valuation

A full market valuation of investment property was completed by [insert date] at the Statement of Financial Position date. As a result of the valuation a number of properties prior period impairments were reversed. The fair value of the group’s residential investment property at 31 December 2023 have been arrived at on the basis of valuations carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. The comparison approach was used for all residential properties which involved reviewing recent market evidence from the sales of similar properties during the period.

For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

4. Debtors

2023 2022
£ £
Amounts owed by group undertakings 60,418 0
Corporation tax 15,023 0
Other debtors 136,659 276,424
212,100 276,424

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 72,273 64,398

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 33,750 10,370
Amounts owed to group undertakings 2,436,048 2,796,188
Taxation and social security 6,761 0
Other creditors 625,199 630,011
3,101,758 3,436,569

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

2023 2022
£ £
Other creditors 3,740,000 3,740,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
30 Ordinary shares of £ 1.00 each 30 30

9. Ultimate controlling party

Parent Company:

Jubilee Property International Limited

The ultimate controlling party is Jubilee Property International Holdings LLC, a company registered in the United States of America.