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Company No: 04631874 (England and Wales)

SILVERCROSS PROPERTIES (NO.3) LIMITED

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

SILVERCROSS PROPERTIES (NO.3) LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

SILVERCROSS PROPERTIES (NO.3) LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
SILVERCROSS PROPERTIES (NO.3) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS S Wareing
N Wareing
SECRETARY N Wareing
REGISTERED OFFICE Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
United Kingdom
COMPANY NUMBER 04631874 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
SILVERCROSS PROPERTIES (NO.3) LIMITED

BALANCE SHEET

As at 31 January 2024
SILVERCROSS PROPERTIES (NO.3) LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 378 584
Investment property 4 730,000 940,000
730,378 940,584
Current assets
Debtors 5 597 627
Investments 6 2,366 3,846
Cash at bank and in hand 7 19,874 11,320
22,837 15,793
Creditors: amounts falling due within one year 8 ( 83,028) ( 476,881)
Net current liabilities (60,191) (461,088)
Total assets less current liabilities 670,187 479,496
Creditors: amounts falling due after more than one year 9 ( 526,701) ( 342,925)
Provision for liabilities 10 ( 12,029) ( 11,346)
Net assets 131,457 125,225
Capital and reserves
Called-up share capital 11 100 100
Revaluation reserve 155,500 147,000
Profit and loss account ( 24,143 ) ( 21,875 )
Total shareholders' funds 131,457 125,225

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 Silvercross Properties (No.3) Limited (registered number: 04631874) were approved and authorised for issue by the Board of Directors on 22 October 2024. They were signed on its behalf by:

N Wareing
Director
SILVERCROSS PROPERTIES (NO.3) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
SILVERCROSS PROPERTIES (NO.3) 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

Silvercross Properties (No.3) 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 Wey Court West, Union Road, Farnham, Surrey, GU9 7PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified 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 Balance Sheet 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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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 Balance Sheet.

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.

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:

Office equipment 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.

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.

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 directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 February 2023 824 824
At 31 January 2024 824 824
Accumulated depreciation
At 01 February 2023 240 240
Charge for the financial year 206 206
At 31 January 2024 446 446
Net book value
At 31 January 2024 378 378
At 31 January 2023 584 584

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 940,000
Fair value movement 20,000
Disposals (230,000)
As at 31 January 2024 730,000

Split between Freehold and Leasehold property

The net book value of land and buildings may be further analysed as follows:

2024 2023
£ £
Freehold 500,000 480,000
Long leasehold 230,000 460,000
730,000 940,000

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Prepayments 597 627

6. Current asset investments

2024 2023
£ £
Other investments – at cost less impairment 2,366 3,846

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 19,874 11,320

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 364,517
Amounts owed to directors 72,033 15,460
Other loans 7,882 94,701
Accruals and deferred income 3,113 2,203
83,028 476,881

The bank loans are secured by a 1st legal charge over the properties.

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

2024 2023
£ £
Bank loans 526,701 342,925

The bank loans are secured by a 1st legal charge over the properties.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 526,701 342,925

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 11,346) ( 5,394)
Charged to the Profit and Loss Account ( 683) ( 5,952)
At the end of financial year ( 12,029) ( 11,346)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 95) ( 146)
Revaluation of investment property ( 16,865) ( 11,865)
Tax losses carry forward 4,931 665
( 12,029) ( 11,346)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100