BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company during the year was that of the letting of commercial property. 31 October 2024 0 0 NI070014 2023-12-31 NI070014 2022-12-31 NI070014 2021-12-31 NI070014 2023-01-01 2023-12-31 NI070014 2022-01-01 2022-12-31 NI070014 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI070014 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI070014 uk-bus:AbridgedAccounts 2023-01-01 2023-12-31 NI070014 uk-core:ShareCapital 2023-12-31 NI070014 uk-core:ShareCapital 2022-12-31 NI070014 uk-core:RevaluationReserve 2023-12-31 NI070014 uk-core:RevaluationReserve 2022-12-31 NI070014 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI070014 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI070014 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI070014 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI070014 uk-bus:FRS102 2023-01-01 2023-12-31 NI070014 2023-01-01 2023-12-31 NI070014 uk-bus:Director1 2023-01-01 2023-12-31 NI070014 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI070014
 
 
Silverwood Business Park Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 December 2023
Silverwood Business Park Limited
Company Registration Number: NI070014
ABRIDGED BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 47,678,356 47,655,001
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Current Assets
Debtors 5,754,827 5,732,926
Cash and cash equivalents 390,043 517,653
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6,144,870 6,250,579
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Creditors: amounts falling due within one year (11,626,028) (11,562,801)
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Net Current Liabilities (5,481,158) (5,312,222)
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Total Assets less Current Liabilities 42,197,198 42,342,779
 
Creditors:
amounts falling due after more than one year (11,294,194) (11,686,010)
 
Provisions for liabilities (1,288,927) (1,287,982)
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Net Assets 29,614,077 29,368,787
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Capital and Reserves
Called up share capital 1 1
Revaluation reserve 5,001,350 5,001,350
Retained earnings 24,612,726 24,367,436
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Equity attributable to owners of the company 29,614,077 29,368,787
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These abridged financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 31 October 2024 and signed on its behalf by
           
           
           
________________________________          
Darren Costello          
Director          
           



Silverwood Business Park Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Silverwood Business Park Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 7 Ean Hill, Holywood, Co. Down, BT18 9LQ which is also the principal place of business of the company. The principal activity of the company during the year was that of the letting of commercial property. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Cash flow statement
The company has availed of the exemption in FRS 102 from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Abridged Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Abridged Profit and Loss Account.
 
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.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
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.
 
Employee benefits
The company does not operate a defined contribution pension scheme.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 0.00|0, (2022 - 0).
       
4. Tangible assets
  Investment Total
  properties  
     
  £ £
Cost
At 1 January 2023 47,655,001 47,655,001
Additions 23,355 23,355
  ───────── ─────────
At 31 December 2023 47,678,356 47,678,356
  ───────── ─────────
Depreciation
At 1 January 2023 - -
  ───────── ─────────
At 31 December 2023 - -
  ───────── ─────────
Net book value
At 31 December 2023 47,678,356 47,678,356
  ═════════ ═════════
At 31 December 2022 47,655,001 47,655,001
  ═════════ ═════════
       
5. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2023.
   
6. Controlling interest
 
The Company's parent undertaking is FT1 Limited, a company incorporated in Northern Ireland.

The directors regard FT1 Limited as the ultimate controlling party. The ultimate controlling party of FT1 Limited are Dr E. J. Capon, Mrs J. C. Costello, Mrs S. R. Donnelly and Mr S. F. T. Wilson, by virtue of their beneficial ownership in that company.
   
7. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.
       
8. Changes in Equity
 
Other Comprehensive Income 2023 2022
  £ £
 
Revaluation reserve unrealised movement on revaluation of property - (2,749,566)
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