Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Sandra Penelope Petersen 26 September 2024 The principal activity of the Company during the financial year was that of property and letting. 00824438 2024-03-31 00824438 2023-03-31 00824438 core:CurrentFinancialInstruments 2024-03-31 00824438 core:CurrentFinancialInstruments 2023-03-31 00824438 core:ShareCapital 2024-03-31 00824438 core:ShareCapital 2023-03-31 00824438 core:RetainedEarningsAccumulatedLosses 2024-03-31 00824438 core:RetainedEarningsAccumulatedLosses 2023-03-31 00824438 core:FurnitureFittings 2023-03-31 00824438 core:FurnitureFittings 2024-03-31 00824438 bus:OrdinaryShareClass1 2024-03-31 00824438 bus:OrdinaryShareClass2 2024-03-31 00824438 bus:OrdinaryShareClass3 2024-03-31 00824438 2023-04-01 2024-03-31 00824438 bus:FilletedAccounts 2023-04-01 2024-03-31 00824438 bus:SmallEntities 2023-04-01 2024-03-31 00824438 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00824438 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00824438 bus:Director1 2023-04-01 2024-03-31 00824438 core:FurnitureFittings 2023-04-01 2024-03-31 00824438 2022-04-01 2023-03-31 00824438 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 00824438 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00824438 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 00824438 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 00824438 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 00824438 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00824438 (England and Wales)

ILEX PROPERTY INVESTMENTS(TORBAY)LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ILEX PROPERTY INVESTMENTS(TORBAY)LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ILEX PROPERTY INVESTMENTS(TORBAY)LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
ILEX PROPERTY INVESTMENTS(TORBAY)LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,141 2,519
Investment property 4 280,000 280,000
282,141 282,519
Current assets
Debtors 5 590 745
Cash at bank and in hand 97,315 234,999
97,905 235,744
Creditors: amounts falling due within one year 6 ( 5,334) ( 53,935)
Net current assets 92,571 181,809
Total assets less current liabilities 374,712 464,328
Provision for liabilities ( 60,547) ( 60,641)
Net assets 314,165 403,687
Capital and reserves
Called-up share capital 7 200 200
Profit and loss account 9 313,965 403,487
Total shareholder's funds 314,165 403,687

For the financial year 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 ILEX PROPERTY INVESTMENTS(TORBAY)LIMITED (registered number: 00824438) were approved and authorised for issue by the Director on 26 September 2024. They were signed on its behalf by:

Sandra Penelope Petersen
Director
ILEX PROPERTY INVESTMENTS(TORBAY)LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ILEX PROPERTY INVESTMENTS(TORBAY)LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

ILEX PROPERTY INVESTMENTS(TORBAY)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 Century House, Nicholson Road, Torquay, TQ2 7TD, England, United Kingdom. The principal place of business is Costa De Morell, Poligono, Parcelo 187, 07640 Ses Salines, Mallorca, Spain.

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 director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has 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 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.

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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 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.

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.

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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 6,473 6,473
At 31 March 2024 6,473 6,473
Accumulated depreciation
At 01 April 2023 3,954 3,954
Charge for the financial year 378 378
At 31 March 2024 4,332 4,332
Net book value
At 31 March 2024 2,141 2,141
At 31 March 2023 2,519 2,519

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 280,000
As at 31 March 2024 280,000

Valuation

A market valuation of investment property was completed by the Director at the statement of financial position date.

Historic cost

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

2024 2023
£ £
Historic cost 5,190 5,190

5. Debtors

2024 2023
£ £
Amounts owed by director 159 250
Prepayments 431 495
590 745

6. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 2,738 2,695
Taxation and social security 2,596 51,240
5,334 53,935

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
198 Ordinary shares of £ 1.00 each 198 198
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
200 200

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed by director 159 250

Advances were made to the directors during the year totalling £471, credits were made totalling £562. Dividends totalling £100,000 were declared and paid and no interest has been charged. The amount outstanding at the year end was £159, which has been repaid within 9 months of the year end.

9. Reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totalled £214,264