Silverfin false false 31/03/2024 01/04/2023 31/03/2024 The Rt Honourable E A H Viscount Falmouth 13/10/1992 22 October 2024 The principal activity of the Company is management of estate property 02124801 2024-03-31 02124801 bus:Director1 2024-03-31 02124801 2023-03-31 02124801 core:CurrentFinancialInstruments 2024-03-31 02124801 core:CurrentFinancialInstruments 2023-03-31 02124801 core:Non-currentFinancialInstruments 2024-03-31 02124801 core:Non-currentFinancialInstruments 2023-03-31 02124801 core:ShareCapital 2024-03-31 02124801 core:ShareCapital 2023-03-31 02124801 core:RetainedEarningsAccumulatedLosses 2024-03-31 02124801 core:RetainedEarningsAccumulatedLosses 2023-03-31 02124801 core:OtherResidualIntangibleAssets 2023-03-31 02124801 core:OtherResidualIntangibleAssets 2024-03-31 02124801 core:LandBuildings 2023-03-31 02124801 core:PlantMachinery 2023-03-31 02124801 core:Vehicles 2023-03-31 02124801 core:LandBuildings 2024-03-31 02124801 core:PlantMachinery 2024-03-31 02124801 core:Vehicles 2024-03-31 02124801 2023-04-01 2024-03-31 02124801 bus:FilletedAccounts 2023-04-01 2024-03-31 02124801 bus:SmallEntities 2023-04-01 2024-03-31 02124801 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02124801 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02124801 bus:Director1 2023-04-01 2024-03-31 02124801 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 02124801 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 02124801 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 02124801 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 02124801 2022-04-01 2023-03-31 02124801 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 02124801 core:LandBuildings 2023-04-01 2024-03-31 02124801 core:PlantMachinery 2023-04-01 2024-03-31 02124801 core:Vehicles 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 02124801 (England and Wales)

FALMOUTH ESTATES MANAGEMENT COMPANY LIMITED

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

FALMOUTH ESTATES MANAGEMENT COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FALMOUTH ESTATES MANAGEMENT COMPANY LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
FALMOUTH ESTATES MANAGEMENT COMPANY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR The Rt Honourable E A H Viscount Falmouth
REGISTERED OFFICE Estate Office
Tregothnan
Truro
TR2 4AN
United Kingdom
COMPANY NUMBER 02124801 (England and Wales)
CHARTERED ACCOUNTANTS Dixon Wilson
22 Chancery Lane
London
WC2A 1LS
BANKERS C Hoare & Co
37 Fleet Street
London
EC4P 4DQ
FALMOUTH ESTATES MANAGEMENT COMPANY LIMITED

BALANCE SHEET

As at 31 March 2024
FALMOUTH ESTATES MANAGEMENT COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 168
Tangible assets 4 81,145 25,509
81,145 25,677
Current assets
Debtors 5 504,902 541,497
Cash at bank and in hand 2,454 0
507,356 541,497
Creditors: amounts falling due within one year 6 ( 127,470) ( 125,733)
Net current assets 379,886 415,764
Total assets less current liabilities 461,031 441,441
Creditors: amounts falling due after more than one year ( 500) ( 500)
Net assets 460,531 440,941
Capital and reserves
Called-up share capital 10 10
Profit and loss account 460,521 440,931
Total shareholders' funds 460,531 440,941

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 Falmouth Estates Management Company Limited (registered number: 02124801) were approved and authorised for issue by the Director on 22 October 2024. They were signed on its behalf by:

The Rt Honourable E A H Viscount Falmouth
Director
FALMOUTH ESTATES MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FALMOUTH ESTATES MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and principal place of business is:
The Estate Office
Tregothnan
Truro
Cornwall
TR2 4AN

General information and basis of accounting

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of Falmouth Estates Management Company Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Turnover

Turnover comprises management fees for the provision of staff and other services and is recognised when the services are provided. Turnover is shown net of value added tax, returns, rebates and discounts.

Taxation

Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Intangible assets

Software costs are stated at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Other intangible assets 4 years straight line
Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost of valuation, less any residual value over their expected useful economic life, as follows:

Land and buildings 10 years straight line
Plant and machinery 4 years straight line
Vehicles 4 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 25 26

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 34,046 34,046
At 31 March 2024 34,046 34,046
Accumulated amortisation
At 01 April 2023 33,878 33,878
Charge for the financial year 168 168
At 31 March 2024 34,046 34,046
Net book value
At 31 March 2024 0 0
At 31 March 2023 168 168

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 25,980 417,762 43,730 487,472
Additions 9,721 15,711 43,416 68,848
At 31 March 2024 35,701 433,473 87,146 556,320
Accumulated depreciation
At 01 April 2023 25,530 392,703 43,730 461,963
Charge for the financial year 113 12,194 905 13,212
At 31 March 2024 25,643 404,897 44,635 475,175
Net book value
At 31 March 2024 10,058 28,576 42,511 81,145
At 31 March 2023 450 25,059 0 25,509

5. Debtors

2024 2023
£ £
Trade debtors 474,930 521,064
Prepayments 26,104 20,433
VAT recoverable 3,868 0
504,902 541,497

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 3,697 21,092
Trade creditors 13,482 5,421
Accruals 24,615 7,646
Taxation and social security 63,171 72,191
Other creditors 22,505 19,383
127,470 125,733

7. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Management charges 161,327 171,000

At the balance sheet date the amount due from the trust was £72,010 (2023: £51,781)

Transactions with the entity's director

2024 2023
£ £
Management charges 1,539,569 1,471,686

At the balance sheet date the amount due from the director was £392,923 (2023: £460,958)