Silverfin false false 31/03/2024 01/06/2023 31/03/2024 Mr L C Wills 20/01/2010 24 September 2024 The principal activity of the company during the financial year was property rental. 04416094 2024-03-31 04416094 bus:Director1 2024-03-31 04416094 2023-05-31 04416094 core:CurrentFinancialInstruments 2024-03-31 04416094 core:CurrentFinancialInstruments 2023-05-31 04416094 core:ShareCapital 2024-03-31 04416094 core:ShareCapital 2023-05-31 04416094 core:RetainedEarningsAccumulatedLosses 2024-03-31 04416094 core:RetainedEarningsAccumulatedLosses 2023-05-31 04416094 core:PlantMachinery 2023-05-31 04416094 core:PlantMachinery 2024-03-31 04416094 core:CostValuation 2023-05-31 04416094 core:AdditionsToInvestments 2024-03-31 04416094 core:CostValuation 2024-03-31 04416094 2023-06-01 2024-03-31 04416094 bus:FilletedAccounts 2023-06-01 2024-03-31 04416094 bus:SmallEntities 2023-06-01 2024-03-31 04416094 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-03-31 04416094 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-03-31 04416094 bus:Director1 2023-06-01 2024-03-31 04416094 core:PlantMachinery 2023-06-01 2024-03-31 04416094 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 04416094 (England and Wales)

FIRESTAN LTD

Unaudited Financial Statements
For the financial period from 01 June 2023 to 31 March 2024
Pages for filing with the registrar

FIRESTAN LTD

Unaudited Financial Statements

For the financial period from 01 June 2023 to 31 March 2024

Contents

FIRESTAN LTD

BALANCE SHEET

As at 31 March 2024
FIRESTAN LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.05.2023
£ £
Fixed assets
Tangible assets 3 3,141 3,590
Investment property 4 335,000 335,000
Investments 5 2,464 0
340,605 338,590
Current assets
Debtors 6 26,051 0
Cash at bank and in hand 36,347 21,175
62,398 21,175
Creditors: amounts falling due within one year 7 ( 316,377) ( 328,948)
Net current liabilities (253,979) (307,773)
Total assets less current liabilities 86,626 30,817
Net assets 86,626 30,817
Capital and reserves
Called-up share capital 1,700 1,700
Profit and loss account 84,926 29,117
Total shareholder's funds 86,626 30,817

For the financial period ending 31 March 2024 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 Firestan Ltd (registered number: 04416094) were approved and authorised for issue by the Director on 24 September 2024. They were signed on its behalf by:

Mr L C Wills
Director
FIRESTAN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2023 to 31 March 2024
FIRESTAN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Firestan Ltd (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 Leanne House, 6 Avon Close, Weymouth, DT4 9UX, 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 £.

Turnover

Turnover comprises the fair value of rents receivable.

The company recognises revenue when;
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

2. Employees

Period from
01.06.2023 to
31.03.2024
Year ended
31.05.2023
Number Number
Monthly average number of persons employed by the Company during the period, including the director 1 1

The company is run and administered by the director for whom no formal contract of service is in place.

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 June 2023 41,350 41,350
At 31 March 2024 41,350 41,350
Accumulated depreciation
At 01 June 2023 37,760 37,760
Charge for the financial period 449 449
At 31 March 2024 38,209 38,209
Net book value
At 31 March 2024 3,141 3,141
At 31 May 2023 3,590 3,590

4. Investment property

Investment property
£
Valuation
As at 01 June 2023 335,000
As at 31 March 2024 335,000

Valuation

The investment properties class of fixed assets were adjusted on 31 March 2024 to fair value by the director who is internal to the company. The basis of this valuation was open market value.

Historic cost

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

31.03.2024 31.05.2023
£ £
Historic cost 335,000 335,000

5. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 June 2023 0 0
Additions 2,464 2,464
At 31 March 2024 2,464 2,464
Carrying value at 31 March 2024 2,464 2,464
Carrying value at 31 May 2023 0 0

6. Debtors

31.03.2024 31.05.2023
£ £
Other debtors 26,051 0

7. Creditors: amounts falling due within one year

31.03.2024 31.05.2023
£ £
Taxation and social security 1,879 1,918
Other creditors 314,498 327,030
316,377 328,948

8. Related party transactions

Transactions with the entity's director

31.03.2024 31.05.2023
£ £
During the year the director maintained an interest free loan account which is repayable on demand. 312,642 325,277