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Registration number: NI642032

Silverford Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Silverford Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Silverford Property Ltd

Company Information

Directors

Mrs Caroline Meeke

Mr Barry Meeke

Registered office

Silverford House
114 Bush Road
Dungannon
Co Tyrone
BT71 6QG

Solicitors

CT McAlpine
12 Northland Row
Dungannon
Co Tyrone
BT71 6AT

Accountants

Anne Douglas Ltd
2 Killyman Street
Moy
Co Tyrone
BT71 7SJ

 

Silverford Property Ltd

(Registration number: NI642032)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

6,000

Tangible assets

5

1,501,656

1,387,712

 

1,501,656

1,393,712

Current assets

 

Debtors

6

43,593

43,624

Cash at bank and in hand

 

3,159

2,272

 

46,752

45,896

Creditors: Amounts falling due within one year

7

(976,728)

(849,755)

Net current liabilities

 

(929,976)

(803,859)

Total assets less current liabilities

 

571,680

589,853

Creditors: Amounts falling due after more than one year

7

(15,303)

(26,735)

Provisions for liabilities

(47,680)

(32,364)

Net assets

 

508,697

530,754

Capital and reserves

 

Called up share capital

8

100

100

Share premium reserve

691,522

691,522

Retained earnings

(182,925)

(160,868)

Shareholders' funds

 

508,697

530,754

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Silverford Property Ltd

(Registration number: NI642032)
Balance Sheet as at 30 November 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................
Mr Barry Meeke
Director

 

Silverford Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Silverford House
114 Bush Road
Dungannon
Co Tyrone
BT71 6QG
Northern Ireland

These financial statements were authorised for issue by the Board on 22 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Silverford Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

0% Straight Line

Motor Vehicles

20% Straight Line

Plant and machinery

15% Reducing Balance

Plant and machinery (Solar & Biomass)

5% Straight Line

Furniture, fittings and equipment

15% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Silverford Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Silverford Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Silverford Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

30,000

30,000

At 30 November 2023

30,000

30,000

Amortisation

At 1 December 2022

24,000

24,000

Amortisation charge

6,000

6,000

At 30 November 2023

30,000

30,000

Carrying amount

At 30 November 2023

-

-

At 30 November 2022

6,000

6,000

 

Silverford Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

1,189,600

-

33,575

239,073

1,462,248

Additions

121,336

5,242

-

19,439

146,017

At 30 November 2023

1,310,936

5,242

33,575

258,512

1,608,265

Depreciation

At 1 December 2022

-

-

13,430

61,107

74,537

Charge for the year

-

786

6,715

24,571

32,072

At 30 November 2023

-

786

20,145

85,678

106,609

Carrying amount

At 30 November 2023

1,310,936

4,456

13,430

172,834

1,501,656

At 30 November 2022

1,189,600

-

20,145

177,967

1,387,712

Included within the net book value of land and buildings above is £1,310,936 (2022 - £1,189,600) in respect of freehold land and buildings.
 

 

Silverford Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

4,095

3,240

Amounts owed by related parties

30,344

30,134

Prepayments

 

954

-

Other debtors

 

8,200

10,250

   

43,593

43,624

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

11,432

11,432

Trade creditors

 

24,297

15,856

Amounts owed to group undertakings and undertakings in which the company has a participating interest

929,600

820,211

Taxation and social security

 

892

-

Accruals and deferred income

 

1,947

2,256

Other creditors

 

8,560

-

 

976,728

849,755

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,303

26,735

 

Silverford Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Share capital

Allotted, called up and not fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

15,303

26,735

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

11,432

11,432

10

Dividends

2023

2022

£

£

Interim dividend of £8.80 (2022 - £30.63) per ordinary share

880

3,063

 

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Silverford Holdings Ltd, incorporated in Northern Ireland.