Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Sabato Notaro 18/10/2001 30 October 2024 The principal activity of the Company during the financial year was the letting of residential property. 04143645 2024-01-31 04143645 bus:Director1 2024-01-31 04143645 2023-01-31 04143645 core:CurrentFinancialInstruments 2024-01-31 04143645 core:CurrentFinancialInstruments 2023-01-31 04143645 core:ShareCapital 2024-01-31 04143645 core:ShareCapital 2023-01-31 04143645 core:RetainedEarningsAccumulatedLosses 2024-01-31 04143645 core:RetainedEarningsAccumulatedLosses 2023-01-31 04143645 bus:OrdinaryShareClass1 2024-01-31 04143645 2023-02-01 2024-01-31 04143645 bus:FilletedAccounts 2023-02-01 2024-01-31 04143645 bus:SmallEntities 2023-02-01 2024-01-31 04143645 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04143645 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04143645 bus:Director1 2023-02-01 2024-01-31 04143645 2022-02-01 2023-01-31 04143645 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 04143645 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 04143645 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04143645 (England and Wales)

S. NOTARO PROPERTY LIMITED

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

S. NOTARO PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

S. NOTARO PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
S. NOTARO PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,930,517 1,930,517
1,930,517 1,930,517
Current assets
Cash at bank and in hand 77,311 30,239
77,311 30,239
Creditors: amounts falling due within one year 4 ( 1,254,177) ( 1,256,478)
Net current liabilities (1,176,866) (1,226,239)
Total assets less current liabilities 753,651 704,278
Provision for liabilities ( 130,491) ( 130,491)
Net assets 623,160 573,787
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account 623,158 573,785
Total shareholder's funds 623,160 573,787

For the financial year ending 31 January 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 S. Notaro Property Limited (registered number: 04143645) were approved and authorised for issue by the Director on 30 October 2024. They were signed on its behalf by:

Sabato Notaro
Director
S. NOTARO PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
S. NOTARO PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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

S. Notaro Property 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 2nd Floor Stratus House, Emperor Way Exeter Business Park, Exeter, EX1 3QS, 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 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.

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.

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.

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.

2. Employees

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

3. Investment property

Investment property
£
Valuation
As at 01 February 2023 1,930,517
As at 31 January 2024 1,930,517

Valuation

The fair value is determined annually by the director, on an open market for existing use basis.

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 1,385,859 1,385,859

4. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 1,227,106 1,244,738
Accruals 2,518 1,799
Taxation and social security 24,553 9,941
1,254,177 1,256,478

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

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

Reserves

Included in the profit and loss account is non-distributable reserves of £445,485 (2023: £445,485) representing the cumulative fair value movements of the Investment property, net of deferred tax. The remaining amount is distributable.

6. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to the director 1,227,106 1,244,738

The above amount is interest free and has no date for repayment.