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Company No: 10971767 (England and Wales)

REX DOWN HOLDINGS LIMITED

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

REX DOWN HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

REX DOWN HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
REX DOWN HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 116,171 118,795
Investment property 4 112,500 112,500
Investments 5 10,100 10,100
238,771 241,395
Current assets
Cash at bank and in hand 57,230 49,583
57,230 49,583
Creditors: amounts falling due within one year 6 ( 98,233) ( 87,144)
Net current liabilities (41,003) (37,561)
Total assets less current liabilities 197,768 203,834
Creditors: amounts falling due after more than one year 7 ( 85,481) ( 97,679)
Provision for liabilities 8 ( 8,242) ( 8,242)
Net assets 104,045 97,913
Capital and reserves
Called-up share capital 9 10,000 10,000
Profit and loss account 94,045 87,913
Total shareholders' funds 104,045 97,913

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 Rex Down Holdings Limited (registered number: 10971767) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

Kathleen Anne Down
Director
REX DOWN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
REX DOWN HOLDINGS 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

Rex Down Holdings 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 Unit 4 Fisheries Complex Sutton Harbour, Sutton Road, Plymouth, PL4 0LH, 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.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

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 Statement of Financial Position date.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 basis over its expected useful life, as follows:

Land and buildings 50 years straight line

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.

Land and buildings were valued by the Directors at 31 December 2023.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings 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 directors, on an open market value for existing use basis.

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

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 directors 2 2

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 January 2023 131,205 131,205
At 31 December 2023 131,205 131,205
Accumulated depreciation
At 01 January 2023 12,410 12,410
Charge for the financial year 2,624 2,624
At 31 December 2023 15,034 15,034
Net book value
At 31 December 2023 116,171 116,171
At 31 December 2022 118,795 118,795

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 112,500
As at 31 December 2023 112,500

The 2023 valuations were made by the Directors, on an open market value for existing use basis.

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 10,100 10,100

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Rex Down Wholesale Fish Merchants Limited Unit 4 Fisheries Complex Sutton Harbour, Sutton Road, Plymouth, Devon, United Kingdom, PL4 0LH Wholesale of fish Ordinary 100.00% 100.00%
Rex Down Market Limited Unit 4 Fisheries Complex Sutton Harbour, Sutton Road, Plymouth, Devon, United Kingdom, PL4 0LH Wholesale of fish Ordinary 100.00% 100.00%

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 12,198 11,644
Amounts owed to own subsidiaries 83,150 72,750
Accruals 2,885 2,750
98,233 87,144

Bank loans relate to a mortgage which is secured, by way of a fixed charge, against the freehold property to which the loan relates.

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

2023 2022
£ £
Bank loans (secured) 85,481 97,679

Bank loans relate to a mortgage which is secured, by way of a fixed charge, against the freehold property to which the loan relates.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 8,242) ( 6,264)
Charged to the Statement of Income and Retained Earnings 0 ( 1,978)
At the end of financial year ( 8,242) ( 8,242)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 179) ( 179)
Capital gains ( 8,063) ( 8,063)
( 8,242) ( 8,242)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

10. Related party transactions

As the company is the parent company of two wholly owned subsidiaries, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.