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REGISTERED NUMBER: 03583370 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

SILVERHART LIMITED

SILVERHART LIMITED (REGISTERED NUMBER: 03583370)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SILVERHART LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: Mrs P P Gumuskaya
Mr C Zacharia
Mr A Zacharia





REGISTERED OFFICE: 869 High Road
London
N12 8QA





REGISTERED NUMBER: 03583370 (England and Wales)





ACCOUNTANTS: AC Partners Professional Services Ltd
Chartered Accountants
869 High Road
London
N12 8QA

SILVERHART LIMITED (REGISTERED NUMBER: 03583370)

BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 804 946
Investment property 5 2,891,350 2,891,350
2,892,154 2,892,296

CURRENT ASSETS
Debtors 6 14,458 14,818
Cash at bank 63,701 302,432
78,159 317,250
CREDITORS
Amounts falling due within one year 7 48,974 53,806
NET CURRENT ASSETS 29,185 263,444
TOTAL ASSETS LESS CURRENT LIABILITIES 2,921,339 3,155,740

PROVISIONS FOR LIABILITIES 406,484 406,484
NET ASSETS 2,514,855 2,749,256

CAPITAL AND RESERVES
Called up share capital 447,452 447,452
Retained earnings - unrealised 1,667,761 1,667,761
Retained earnings 399,642 634,043
2,514,855 2,749,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 January 2025 and were signed on its behalf by:




Mr C Zacharia - Director



Mr A Zacharia - Director


SILVERHART LIMITED (REGISTERED NUMBER: 03583370)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1. STATUTORY INFORMATION

Silverhart Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover comprises rental income receivable by the company during the year. Any amounts received in advance or in arrears are included in debtors or creditors as applicable.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Any lease incentives are spread on a straight-line basis over the lease term.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 15% reducing balance method.

INVESTMENT PROPERTY
Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation.

FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of instrument.

Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances are initially measured at transaction price including transaction cost and are subsequently carried at amortised cost using the effective interest method.

Impairment
Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the currying amount would have been, had the impairment not previously been recognised.The impairment reversal is recognised in profit or loss.

Classification of financial liabilities
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 residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables and bank loans, 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 the market rate of interest.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


SILVERHART LIMITED (REGISTERED NUMBER: 03583370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Capital Gains tax on uncrystallised gains on investment properties is provided in the financial statements using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date.

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

PROVISIONS
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the account can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST OR VALUATION
At 1 December 2023
and 30 November 2024 24,695
DEPRECIATION
At 1 December 2023 23,749
Charge for year 142
At 30 November 2024 23,891
NET BOOK VALUE
At 30 November 2024 804
At 30 November 2023 946

Cost or valuation at 30 November 2024 is represented by:

Fixtures
and
fittings
£   
Cost 24,695

SILVERHART LIMITED (REGISTERED NUMBER: 03583370)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2023
and 30 November 2024 2,891,350
NET BOOK VALUE
At 30 November 2024 2,891,350
At 30 November 2023 2,891,350

The freehold Investment Properties were valued by the directors on 30 November 2024 on an open market value for existing use basis and had an original cost of £817,105 (2023: £817,105).

Fair value at 30 November 2024 is represented by:
£   
Valuation in 2004 774,950
Valuation in 2008 150,000
Valuation in 2010 60,000
Valuation in 2016 1,100,000
Valuation in 2017 88,000
Valuation in 2018 (40,692 )
Valuation in 2019 (127,622 )
Valuation in 2020 117,979
Valuation in 2021 345,905
Valuation in 2023 (394,275 )
Cost 817,105
2,891,350

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,000 -
Other debtors 13,458 14,818
14,458 14,818

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 36,394 32,376
Other creditors 12,580 21,430
48,974 53,806