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Company No: 03706100 (England and Wales)

SILVERCROSS PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

SILVERCROSS PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

SILVERCROSS PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
SILVERCROSS PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR N Wareing
REGISTERED OFFICE Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
United Kingdom
COMPANY NUMBER 03706100 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
SILVERCROSS PROPERTIES LIMITED

BALANCE SHEET

As at 29 February 2024
SILVERCROSS PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 152 650
Investment property 4 845,000 820,000
845,152 820,650
Current assets
Debtors 5 9,435 100,125
Investments 6 1,267 1,520
Cash at bank and in hand 8,343 9,049
19,045 110,694
Creditors: amounts falling due within one year 7 ( 89,122) ( 262,060)
Net current liabilities (70,077) (151,366)
Total assets less current liabilities 775,075 669,284
Creditors: amounts falling due after more than one year 8 ( 357,047) ( 282,153)
Provision for liabilities 9 ( 67,284) ( 46,550)
Net assets 350,744 340,581
Capital and reserves
Called-up share capital 1,000 1,000
Revaluation reserve 486,000 461,000
Profit and loss account ( 136,256 ) ( 121,419 )
Total shareholder's funds 350,744 340,581

For the financial year ending 29 February 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 Silvercross Properties Limited (registered number: 03706100) were approved and authorised for issue by the Director on 19 November 2024. They were signed on its behalf by:

N Wareing
Director
SILVERCROSS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
SILVERCROSS PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 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 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 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 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.

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.

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 4 years straight line
Office equipment 4 years straight line
Computer 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 director, 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.

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.

Investments
Investments in unlisted company shares, whose market value cannot be reliably determined, are stated at historic cost less impairment.

2. Employees

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

3. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 March 2023 775 677 1,394 2,846
At 29 February 2024 775 677 1,394 2,846
Accumulated depreciation
At 01 March 2023 627 677 892 2,196
Charge for the financial year 148 0 350 498
At 29 February 2024 775 677 1,242 2,694
Net book value
At 29 February 2024 0 0 152 152
At 28 February 2023 148 0 502 650

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 820,000
Fair value movement 25,000
As at 29 February 2024 845,000

Valuation

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

5. Debtors

2024 2023
£ £
Trade debtors 1,357 1,264
Prepayments 289 4,275
Other debtors 7,789 94,586
9,435 100,125

6. Current asset investments

2024 2023
£ £
Unlisted investments 1,267 1,520

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 97,845
Amounts owed to director 83,199 156,265
Accruals and deferred income 4,337 3,784
Taxation and social security 1,586 4,166
89,122 262,060

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

2024 2023
£ £
Bank loans (secured) 357,047 282,153

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 357,047 282,153

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 46,550) ( 41,843)
Charged to the Profit and Loss Account ( 20,734) ( 4,707)
At the end of financial year ( 67,284) ( 46,550)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 38) ( 124)
Revaluation of investment property ( 67,246) ( 46,426)
( 67,284) ( 46,550)