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Company No: 03689278 (England and Wales)

YELVERTON PROPERTIES (HOLDINGS) LIMITED

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

YELVERTON PROPERTIES (HOLDINGS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

YELVERTON PROPERTIES (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
YELVERTON PROPERTIES (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 35,473 56,636
Investment property 4 6,218,250 6,957,500
Investments 5 303 203
6,254,026 7,014,339
Current assets
Debtors 6 15,034,356 14,216,936
Cash at bank and in hand 461,555 920,157
15,495,911 15,137,093
Creditors: amounts falling due within one year 7 ( 522,602) ( 511,672)
Net current assets 14,973,309 14,625,421
Total assets less current liabilities 21,227,335 21,639,760
Creditors: amounts falling due after more than one year 8 0 ( 315,520)
Provision for liabilities 9 ( 222,612) ( 167,995)
Net assets 21,004,723 21,156,245
Capital and reserves
Called-up share capital 10 218,884 218,884
Share premium account 10,474,852 10,474,852
Revaluation reserve ( 950,681 ) ( 761,330 )
Capital redemption reserve 298 298
Profit and loss account 11,261,370 11,223,541
Total shareholder's funds 21,004,723 21,156,245

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 Yelverton Properties (Holdings) Limited (registered number: 03689278) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

H S Black
Director

17 October 2024

YELVERTON PROPERTIES (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
YELVERTON PROPERTIES (HOLDINGS) 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

Yelverton Properties (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 35 Ballards Lane, London, N3 1XW, 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.

Turnover

Revenue is recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax.

Revenue in respect of rent is recognised over the period of the lease. Revenue in respect of property sales is recognised upon exchange of unconditional contracts.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income 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.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 10 % reducing balance
Computer equipment 25 % 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.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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.

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 Statement of Comprehensive Income.

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, amounts owed to related companies, loan from banks 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.

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.

Joint ventures

Joint ventures involving jointly controlled assets are when there is joint control by the venturers of assets acquired for the joint venture. The share of the jointly controlled assets is recognised in the Statement of Financial position along with a share of associated debtors and creditors, and the profit or loss from the joint ventures is recognised in the Statement of Comprehensive Income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 11 11

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 0 88,292 24,081 45,411 157,784
Additions 693 0 186 2,527 3,406
Disposals 0 ( 75,391) 0 0 ( 75,391)
At 31 March 2024 693 12,901 24,267 47,938 85,799
Accumulated depreciation
At 01 April 2023 0 67,818 8,772 24,558 101,148
Charge for the financial year 101 1,679 1,537 5,454 8,771
Disposals 0 ( 59,593) 0 0 ( 59,593)
At 31 March 2024 101 9,904 10,309 30,012 50,326
Net book value
At 31 March 2024 592 2,997 13,958 17,926 35,473
At 31 March 2023 0 20,474 15,309 20,853 56,636

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 6,957,500
Additions 30,480
Fair value movement (104,730)
Disposals (665,000)
As at 31 March 2024 6,218,250

5. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 202 102
Participating interests 101 101
303 203

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 102
Additions 100
At 31 March 2024 202
Carrying value at 31 March 2024 202
Carrying value at 31 March 2023 102

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 April 2023 101 101
At 31 March 2024 101 101
Carrying value at 31 March 2024 101 101
Carrying value at 31 March 2023 101 101

6. Debtors

2024 2023
£ £
Trade debtors 65,086 57,371
Amounts owed by group undertakings 14,297,398 12,737,685
Prepayments and accrued income 113,437 890,890
Other debtors 558,435 530,990
15,034,356 14,216,936

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 24,041
Trade creditors 705 ( 133)
Amounts owed to parent undertakings 12,934 12,934
Accruals and deferred income 158,682 105,647
Other taxation and social security 82,783 43,400
Obligations under finance leases and hire purchase contracts 0 17,113
Other creditors 267,498 308,670
522,602 511,672

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

2024 2023
£ £
Bank loans 0 315,520

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

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 167,995) ( 192,722)
(Charged)/credited to the Profit and Loss Account ( 54,617) 24,727
At the end of financial year ( 222,612) ( 167,995)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 250,209) ( 168,448)
Other timing differences 27,597 453
( 222,612) ( 167,995)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,188,837 Ordinary shares of £ 0.10 each 218,884 218,884

11. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 0 2,954

12. Related party transactions

Included within other debtors are balances of £518,954 (2023: £493,724) due from companies with shared directors. This balance is unsecured and interest free with no fixed repayment terms.

Included within other creditors are balances of £150 (2023 £50) owed to companies with shared directors. These balances are unsecured and interest free with no fixed repayment terms.

13. Ultimate controlling party

The company is a subsidiary of Yelverton Properties Investments Limited, which is the ultimate parent company incorporated in England and Wales.