Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A M Cordingley 12/01/2024 B Griffin 14/05/2021 A I Jenkins 22/02/2022 K E Mercer 12/01/2024 S J Strong 22/02/2022 08 October 2024 The principal activity of the Company is that of a digital conveyancing service. 13396993 2024-03-31 13396993 bus:Director1 2024-03-31 13396993 bus:Director2 2024-03-31 13396993 bus:Director3 2024-03-31 13396993 bus:Director4 2024-03-31 13396993 bus:Director5 2024-03-31 13396993 2023-03-31 13396993 core:CurrentFinancialInstruments 2024-03-31 13396993 core:CurrentFinancialInstruments 2023-03-31 13396993 core:Non-currentFinancialInstruments 2024-03-31 13396993 core:Non-currentFinancialInstruments 2023-03-31 13396993 core:ShareCapital 2024-03-31 13396993 core:ShareCapital 2023-03-31 13396993 core:RetainedEarningsAccumulatedLosses 2024-03-31 13396993 core:RetainedEarningsAccumulatedLosses 2023-03-31 13396993 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 13396993 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 13396993 core:ComputerEquipment 2023-03-31 13396993 core:ComputerEquipment 2024-03-31 13396993 core:CurrentFinancialInstruments core:Secured 2024-03-31 13396993 bus:OrdinaryShareClass1 2024-03-31 13396993 2023-04-01 2024-03-31 13396993 bus:FilletedAccounts 2023-04-01 2024-03-31 13396993 bus:SmallEntities 2023-04-01 2024-03-31 13396993 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13396993 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13396993 bus:Director1 2023-04-01 2024-03-31 13396993 bus:Director2 2023-04-01 2024-03-31 13396993 bus:Director3 2023-04-01 2024-03-31 13396993 bus:Director4 2023-04-01 2024-03-31 13396993 bus:Director5 2023-04-01 2024-03-31 13396993 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-04-01 2024-03-31 13396993 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 13396993 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 13396993 2022-04-01 2023-03-31 13396993 core:ComputerEquipment 2023-04-01 2024-03-31 13396993 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 13396993 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 13396993 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13396993 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13396993 (England and Wales)

EDEN CONVEYANCING LTD

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

EDEN CONVEYANCING LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

EDEN CONVEYANCING LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
EDEN CONVEYANCING LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 729,438 511,714
Tangible assets 4 25,777 15,251
755,215 526,965
Current assets
Debtors 5 270,254 250,132
Cash at bank and in hand 10,224 55,594
280,478 305,726
Creditors: amounts falling due within one year 6 ( 344,008) ( 154,115)
Net current (liabilities)/assets (63,530) 151,611
Total assets less current liabilities 691,685 678,576
Creditors: amounts falling due after more than one year 7 ( 1,889,900) ( 1,154,900)
Provision for liabilities ( 188,804) ( 131,741)
Net liabilities ( 1,387,019) ( 608,065)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 1,387,119 ) ( 608,165 )
Total shareholder's deficit ( 1,387,019) ( 608,065)

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.

Directors' responsibilities:

The financial statements of Eden Conveyancing Ltd (registered number: 13396993) were approved and authorised for issue by the Board of Directors on 08 October 2024. They were signed on its behalf by:

B Griffin
Director
EDEN CONVEYANCING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
EDEN CONVEYANCING LTD

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

Eden Conveyancing 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 Unit 7.19 Paintworks, Bath Road, Bristol, BS4 3EA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 note that the business has net liabilities of £1,369,614. The Company is supported through loans from the Group. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Group will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met 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 represents fee income chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding Value Added Tax. Turnover is recognised at the fair value of the consideration received or receivable for the sale of services to external
customers in the ordinary nature of the business.

Revenue from contracts for the provision of professional services provided during the year, inclusive of direct expenses incurred on client assignments, is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and other direct expenses, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is five years. Provision is made for any impairment.

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 straight-line basis over its expected useful life, as follows:

Computer equipment 3 years straight line
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.

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

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 4

3. Intangible assets

Development costs Total
£ £
Cost
At 01 April 2023 579,080 579,080
Additions 367,200 367,200
At 31 March 2024 946,280 946,280
Accumulated amortisation
At 01 April 2023 67,366 67,366
Charge for the financial year 149,476 149,476
At 31 March 2024 216,842 216,842
Net book value
At 31 March 2024 729,438 729,438
At 31 March 2023 511,714 511,714

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 19,324 19,324
Additions 20,388 20,388
At 31 March 2024 39,712 39,712
Accumulated depreciation
At 01 April 2023 4,073 4,073
Charge for the financial year 9,862 9,862
At 31 March 2024 13,935 13,935
Net book value
At 31 March 2024 25,777 25,777
At 31 March 2023 15,251 15,251

5. Debtors

2024 2023
£ £
Trade debtors 4,414 715
Prepayments and accrued income 191,213 70,768
VAT recoverable 14,482 32,329
Corporation tax 60,145 146,320
270,254 250,132

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts (secured) 31,655 0
Trade creditors 107,278 42,510
Amounts owed to Group undertakings 110,160 73,440
Accruals and deferred income 70,597 27,018
Other taxation and social security 21,915 10,474
Other creditors 2,403 673
344,008 154,115

HSBC hold a fixed and floating charge over all assets of the Company.

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

2024 2023
£ £
Amounts owed to Group undertakings 1,889,900 1,154,900

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

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.01 each 100 100

9. Related party transactions

The company has taken exemption under section 33 of FRS 102 not to disclose transactions with wholly owned members of the same group headed by Rockpool Group Ltd.