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Company No: 00572974 (England and Wales)

SPARKFORD ESTATES LIMITED

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

SPARKFORD ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SPARKFORD ESTATES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
SPARKFORD ESTATES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Lorraine Elizabeth Bryant (Appointed 27 March 2024)
William Hunt Charles Longman
SECRETARY Lorraine Elizabeth Bryant
REGISTERED OFFICE Bishopbrook House
Cathedral Avenue
Wells
BA5 1FD
United Kingdom
BUSINESS ADDRESS Lower North Town Farm
North Cadbury
Yeovil
Somerset
BA22 7BZ
COMPANY NUMBER 00572974 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Maltravers House
Petters Way
Yeovil
Somerset
BA20 1SH
SPARKFORD ESTATES LIMITED

BALANCE SHEET

As at 31 March 2024
SPARKFORD ESTATES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 746,246 753,453
Investment property 4 1,751,184 1,428,985
2,497,430 2,182,438
Current assets
Debtors 5 10,000 16,358
Cash at bank and in hand 397,644 307,768
407,644 324,126
Creditors: amounts falling due within one year 6 ( 861,972) ( 839,521)
Net current liabilities (454,328) (515,395)
Total assets less current liabilities 2,043,102 1,667,043
Creditors: amounts falling due after more than one year 7 ( 104,934) ( 112,442)
Provision for liabilities ( 451,540) ( 368,271)
Net assets 1,486,628 1,186,330
Capital and reserves
Called-up share capital 129,268 129,268
Share premium account 351,076 351,076
Undistributable reserve 394,482 716,681
Profit and loss account 611,802 ( 10,695 )
Total shareholder's funds 1,486,628 1,186,330

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.

Directors' responsibilities:

The financial statements of Sparkford Estates Limited (registered number: 00572974) were approved and authorised for issue by the Board of Directors on 26 November 2024. They were signed on its behalf by:

William Hunt Charles Longman
Director
SPARKFORD ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SPARKFORD ESTATES 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

Sparkford Estates 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 Bishopbrook House, Cathedral Avenue, Wells, BA5 1FD, United Kingdom. The principal place of business is Lower North Town Farm, North Cadbury, Yeovil, Somerset, BA22 7BZ.

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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from the sale of goods is recognised when the significant rewards and risks of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue in respect of property rental is recognised as income over the period in which tenants are occupying the properties.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

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.

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:

Land is not depreciated.

Land and buildings 50 years straight line
Plant and machinery etc. 20 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.

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.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

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.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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 directors 1 1

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 903,471 64,115 967,586
At 31 March 2024 903,471 64,115 967,586
Accumulated depreciation
At 01 April 2023 161,418 52,715 214,133
Charge for the financial year 6,448 759 7,207
At 31 March 2024 167,866 53,474 221,340
Net book value
At 31 March 2024 735,605 10,641 746,246
At 31 March 2023 742,053 11,400 753,453

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,428,985
Fair value movement 322,199
As at 31 March 2024 1,751,184

Valuation

The revaluation of land and buildings has been arrived at on the basis of a valuation carried out at 8th March 2024 by an external valuer, N P S Oliver, MRICS of Cooper & Tanner Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The directors believe the value to be appropriate at 31 March 2024.

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 100,621 100,621

5. Debtors

2024 2023
£ £
Trade debtors 0 7
Other debtors 10,000 16,351
10,000 16,358

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 7,180 6,859
Trade creditors 4,850 15,007
Amounts owed to Parent undertakings 133,657 139,632
Taxation and social security 28,681 2,543
Other creditors 687,604 675,480
861,972 839,521

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

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

2024 2023
£ £
Bank loans (secured) 104,934 112,435
Other creditors 0 7
104,934 112,442

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 76,214 85,000

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts due to related parties 646,183 646,754