Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A D Curtis 14/11/2001 B S Curtis 16/04/2024 04 September 2024 The principal activity of the company during the financial year was that of property investment. 04254791 2024-03-31 04254791 bus:Director1 2024-03-31 04254791 bus:Director2 2024-03-31 04254791 2023-03-31 04254791 core:CurrentFinancialInstruments 2024-03-31 04254791 core:CurrentFinancialInstruments 2023-03-31 04254791 core:Non-currentFinancialInstruments 2024-03-31 04254791 core:Non-currentFinancialInstruments 2023-03-31 04254791 core:ShareCapital 2024-03-31 04254791 core:ShareCapital 2023-03-31 04254791 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 04254791 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 04254791 core:RetainedEarningsAccumulatedLosses 2024-03-31 04254791 core:RetainedEarningsAccumulatedLosses 2023-03-31 04254791 2022-03-31 04254791 bus:OrdinaryShareClass1 2024-03-31 04254791 2023-04-01 2024-03-31 04254791 bus:FilletedAccounts 2023-04-01 2024-03-31 04254791 bus:SmallEntities 2023-04-01 2024-03-31 04254791 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04254791 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04254791 bus:Director1 2023-04-01 2024-03-31 04254791 bus:Director2 2023-04-01 2024-03-31 04254791 2022-04-01 2023-03-31 04254791 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 04254791 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04254791 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04254791 (England and Wales)

N17 DEVELOPMENTS LIMITED

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

N17 DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

N17 DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
N17 DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated
Fixed assets
Investment property 3 5,995,000 5,995,000
5,995,000 5,995,000
Current assets
Debtors 4 330,735 305,816
Cash at bank and in hand 137,213 89,617
467,948 395,433
Creditors: amounts falling due within one year 5 ( 4,224,733) ( 4,169,799)
Net current liabilities (3,756,785) (3,774,366)
Total assets less current liabilities 2,238,215 2,220,634
Creditors: amounts falling due after more than one year 6 ( 800,280) ( 800,280)
Provision for liabilities 7 ( 213,539) ( 213,539)
Net assets 1,224,396 1,206,815
Capital and reserves
Called-up share capital 8 1 1
Fair value reserve 862,981 862,981
Profit and loss account 361,414 343,833
Total shareholder's funds 1,224,396 1,206,815

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 N17 Developments Limited (registered number: 04254791) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A D Curtis
Director

04 September 2024

N17 DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
N17 DEVELOPMENTS 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

N17 Developments 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 Langley House, Park Road, London, N2 8EY, England, 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 £.

Prior year adjustment

An adjustment for the prior year has been made to correct a duplication of journal entries in the accounting software. This duplication led to differences between the signed accounts and those filed at Companies House. As a result, creditors increased by £22,036, the provision for liabilities decreased by £37,500, fair value reserves increased by £37,500, and the company’s reserves decreased by £22,036. The error has been rectified, resulting in the restatement of the prior year’s statement of financial position, with no impact on the income statement.

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.

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 external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

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 Income Statement.

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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 1

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 5,995,000
As at 31 March 2024 5,995,000

4. Debtors

2024 2023
£ £
Trade debtors 7,209 13,639
Other debtors 323,526 292,177
330,735 305,816

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,028,500 4,028,500
Other creditors 196,233 141,299
4,224,733 4,169,799

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

2024 2023
£ £
Other creditors 800,280 800,280

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

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 213,539) ( 176,039)
Charged to the Income Statement 0 ( 37,500)
At the end of financial year ( 213,539) ( 213,539)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

At 31 March 2024 the company was owed £222,972 (2023: £162,972) from companies with common directors.
At 31 March 2024 the company owed £800,280 (2023: £800,280) to a company with common directors.