Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr C D Ramsden 17/01/2018 04 November 2024 The principal activity of the Company during the financial year was the letting of residential property. 11154555 2024-03-31 11154555 bus:Director1 2024-03-31 11154555 2023-03-31 11154555 core:CurrentFinancialInstruments 2024-03-31 11154555 core:CurrentFinancialInstruments 2023-03-31 11154555 core:Non-currentFinancialInstruments 2024-03-31 11154555 core:Non-currentFinancialInstruments 2023-03-31 11154555 core:ShareCapital 2024-03-31 11154555 core:ShareCapital 2023-03-31 11154555 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 11154555 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 11154555 core:RetainedEarningsAccumulatedLosses 2024-03-31 11154555 core:RetainedEarningsAccumulatedLosses 2023-03-31 11154555 core:FurnitureFittings 2023-03-31 11154555 core:FurnitureFittings 2024-03-31 11154555 2023-04-01 2024-03-31 11154555 bus:FilletedAccounts 2023-04-01 2024-03-31 11154555 bus:SmallEntities 2023-04-01 2024-03-31 11154555 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11154555 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11154555 bus:Director1 2023-04-01 2024-03-31 11154555 core:FurnitureFittings 2023-04-01 2024-03-31 11154555 2022-04-01 2023-03-31 11154555 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 11154555 (England and Wales)

SILVER CREEK PROPERTIES LIMITED

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

SILVER CREEK PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SILVER CREEK PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2024
SILVER CREEK PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 211 264
Investment property 4 250,000 275,000
250,211 275,264
Current assets
Debtors 5 0 140
Cash at bank and in hand 3,228 4,127
3,228 4,267
Creditors: amounts falling due within one year 6 ( 70,528) ( 67,470)
Net current liabilities (67,300) (63,203)
Total assets less current liabilities 182,911 212,061
Creditors: amounts falling due after more than one year 7 ( 189,325) ( 187,442)
Provision for liabilities 0 ( 2,272)
Net (liabilities)/assets ( 6,414) 22,347
Capital and reserves
Called-up share capital 1 1
Fair value reserve ( 13,040 ) 9,688
Profit and loss account 6,625 12,658
Total shareholder's (deficit)/funds ( 6,414) 22,347

For the financial year ending 31 March 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 Silver Creek Properties Limited (registered number: 11154555) were approved and authorised for issue by the Director on 04 November 2024. They were signed on its behalf by:

Mr C D Ramsden
Director
SILVER CREEK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SILVER CREEK PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Silver Creek 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 Leanne House East Wing Ground, 6 Avon Close, Weymouth, DT4 9UX, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 comprises the fair value of rents receivable.

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.

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. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Fixtures and fittings 20 % 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.

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. 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.

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 1 1

The company is run and administered by the director of the company for whom no formal contract of service is in place.

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 646 646
At 31 March 2024 646 646
Accumulated depreciation
At 01 April 2023 382 382
Charge for the financial year 53 53
At 31 March 2024 435 435
Net book value
At 31 March 2024 211 211
At 31 March 2023 264 264

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 275,000
Fair value movement (25,000)
As at 31 March 2024 250,000

Valuation

The investment properties class of fixed assets is carried at fair value and valued as at 31 March 2024 by Mr C Ramsden who is internal to the company.

There has been no valuation of investment property by an independent valuer.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 263,040 263,040

5. Debtors

2024 2023
£ £
Other debtors 0 140

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 0 590
Other creditors 70,528 66,880
70,528 67,470

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

2024 2023
£ £
Bank loans 189,325 187,442

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

8. Related party transactions

During the year the director maintained an interest free loan account with the company, which is repayable on demand. At the balance sheet date, the amount due to the director was £1,134 (2023 - £822).