Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Miss L J Richards 24/05/2007 28 November 2024 The principal activity during the year, was that of an investment property company. 06258018 2024-02-29 06258018 bus:Director1 2024-02-29 06258018 2023-02-28 06258018 core:CurrentFinancialInstruments 2024-02-29 06258018 core:CurrentFinancialInstruments 2023-02-28 06258018 core:Non-currentFinancialInstruments 2024-02-29 06258018 core:Non-currentFinancialInstruments 2023-02-28 06258018 core:ShareCapital 2024-02-29 06258018 core:ShareCapital 2023-02-28 06258018 core:RevaluationReserve 2024-02-29 06258018 core:RevaluationReserve 2023-02-28 06258018 core:RetainedEarningsAccumulatedLosses 2024-02-29 06258018 core:RetainedEarningsAccumulatedLosses 2023-02-28 06258018 core:OtherPropertyPlantEquipment 2023-02-28 06258018 core:OtherPropertyPlantEquipment 2024-02-29 06258018 bus:OrdinaryShareClass1 2024-02-29 06258018 2023-03-01 2024-02-29 06258018 bus:FilletedAccounts 2023-03-01 2024-02-29 06258018 bus:SmallEntities 2023-03-01 2024-02-29 06258018 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06258018 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06258018 bus:Director1 2023-03-01 2024-02-29 06258018 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 06258018 2022-03-01 2023-02-28 06258018 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 06258018 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 06258018 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06258018 (England and Wales)

FALIC (SOUTH WEST) LIMITED

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

FALIC (SOUTH WEST) LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

FALIC (SOUTH WEST) LIMITED

BALANCE SHEET

As at 29 February 2024
FALIC (SOUTH WEST) LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 470 553
Investment property 4 600,000 600,000
600,470 600,553
Current assets
Debtors 5 27,402 48,996
Cash at bank and in hand 2,717 38,814
30,119 87,810
Creditors: amounts falling due within one year 6 ( 347,094) ( 397,184)
Net current liabilities (316,975) (309,374)
Total assets less current liabilities 283,495 291,179
Creditors: amounts falling due after more than one year 7 0 ( 2,655)
Net assets 283,495 288,524
Capital and reserves
Called-up share capital 8 1 1
Revaluation reserve 13,893 13,893
Profit and loss account 269,601 274,630
Total shareholder's funds 283,495 288,524

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 Falic (South West) Limited (registered number: 06258018) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

Miss L J Richards
Director
FALIC (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
FALIC (SOUTH WEST) 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

Falic (South West) 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 Tregeseal, 6 Lower Port View, Saltash, PL12 4BY, 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.
Revenue from services is recognised as they are provided.

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.

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, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 15 % 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.

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.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2023 5,500 5,500
At 29 February 2024 5,500 5,500
Accumulated depreciation
At 01 March 2023 4,947 4,947
Charge for the financial year 83 83
At 29 February 2024 5,030 5,030
Net book value
At 29 February 2024 470 470
At 28 February 2023 553 553

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 600,000
As at 29 February 2024 600,000

Valuation

The valuation of the investment property for the year ended 28 February 2024 was undertaken by the director and reflects the open market value,

5. Debtors

2024 2023
£ £
Trade debtors 3,859 20,684
Prepayments 0 150
Other debtors 23,543 28,162
27,402 48,996

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 1,977 22,221
Trade creditors 955 0
Taxation and social security 1,608 14,192
Other creditors 342,554 360,771
347,094 397,184

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

2024 2023
£ £
Bank loans 0 2,655

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

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1