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Company No: 09964040 (England and Wales)

ENYS ESTATE COMPANY LIMITED

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

ENYS ESTATE COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

ENYS ESTATE COMPANY LIMITED

BALANCE SHEET

As at 31 January 2024
ENYS ESTATE COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 2,201,719 2,095,692
Investment property 5 11,812,538 12,311,538
14,014,257 14,407,230
Current assets
Stocks 15,000 0
Debtors 6 58,532 48,279
Cash at bank and in hand 763,234 223,404
836,766 271,683
Creditors: amounts falling due within one year 7 ( 2,211,520) ( 2,021,020)
Net current liabilities (1,374,754) (1,749,337)
Total assets less current liabilities 12,639,503 12,657,893
Creditors: amounts falling due after more than one year 8 ( 3,030,000) ( 3,030,000)
Provision for liabilities 9 ( 25,803) ( 59,494)
Net assets 9,583,700 9,568,399
Capital and reserves
Called-up share capital 8,744,290 8,744,290
Fair value reserve 431,395 431,395
Profit and loss account 408,015 392,714
Total shareholders' funds 9,583,700 9,568,399

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.

Directors' responsibilities:

The financial statements of Enys Estate Company Limited (registered number: 09964040) were approved and authorised for issue by the Board of Directors on 30 October 2024. They were signed on its behalf by:

A W Fowler
Director
Professor L C G Rogers
Director
ENYS ESTATE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
ENYS ESTATE COMPANY 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

Enys Estate Company 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the income from investment properties and the estate house & grounds. This 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.

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 Balance Sheet date. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Land and buildings not depreciated
Plant and machinery etc. 20 % 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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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 Balance Sheet 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.Transition to FRS102

The Company has adopted FRS 102 for the year ended 31 January 2024 and has restated the comparative year amounts.

Reconciliation of equity

Note 01.02.2022 31.01.2023
£ £
Capital and reserves (as previously stated) 9,172,021 8,963,735
Depreciation i 0 232,764
Deferred tax 0 (59,495)
Fair value reserve 0 431,395
Capital and reserves (as restated) 9,172,021 9,568,399

Reconciliation of profit or loss

Note 31.01.2023
£
Result for the year (as previously stated) (208,286)
Depreciation i 232,764
Deferred tax (59,495)
Loss for the year (as restated) (35,017)

Notes to the reconciliations

(i) Depreciation recognised on freehold property
Depreciation historically recognised on the freehold property held in the balance sheet has been reversed to comply with the fair value model as prescribed by FRS 102.1A.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 6

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2023 2,072,799 30,914 2,103,713
Additions 96,798 15,379 112,177
At 31 January 2024 2,169,597 46,293 2,215,890
Accumulated depreciation
At 01 February 2023 0 8,021 8,021
Charge for the financial year 0 6,150 6,150
At 31 January 2024 0 14,171 14,171
Net book value
At 31 January 2024 2,169,597 32,122 2,201,719
At 31 January 2023 2,072,799 22,893 2,095,692

5. Investment property

Investment property
£
Valuation
As at 01 February 2023 12,311,538
Additions 11,218
Disposals (510,218)
As at 31 January 2024 11,812,538

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 11,381,143 11,880,143

6. Debtors

2024 2023
£ £
Trade debtors 11,111 13,528
Other debtors 47,421 34,751
58,532 48,279

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 30,631 23,773
Taxation and social security 48,135 24,499
Other creditors 2,132,754 1,972,748
2,211,520 2,021,020

Other creditors include amounts owed to directors, accruals, loans, deferred income and other creditors.

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

2024 2023
£ £
Bank loans 400,000 400,000
Other creditors 2,630,000 2,630,000
3,030,000 3,030,000

Bank loans are secured by a legal charge over certain freehold land and buildings of the company. Bank loans of £400,000 are repayable in full by April 2027 with interest being charged at a fixed rate.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 25,803 59,494