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Registered number: 4717685










SILVERCROFT PROPERTY DEVELOPMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
SILVERCROFT PROPERTY DEVELOPMENT LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SILVERCROFT PROPERTY DEVELOPMENT LIMITED
FOR THE YEAR ENDED 30 APRIL 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Silvercroft Property Development Limited for the year ended 30 April 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Silvercroft Property Development Limited in accordance with the terms of our engagement letter dated 30th July 2013Our work has been undertaken solely to prepare for your approval the financial statements of Silvercroft Property Development Limited and state those matters that we have agreed to state to the director of Silvercroft Property Development Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Silvercroft Property Development Limited and its director for our work or for this report. 

It is your duty to ensure that Silvercroft Property Development Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Silvercroft Property Development Limited. You consider that Silvercroft Property Development Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Silvercroft Property Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff On Sea
Essex
SS0 9PE
27 January 2025
Page 1

 
SILVERCROFT PROPERTY DEVELOPMENT LIMITED
REGISTERED NUMBER: 4717685

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
170,000
285,000

  
170,000
285,000

Current assets
  

Debtors: amounts falling due within one year
 5 
274,416
145,865

Cash at bank and in hand
 6 
320,888
261,519

  
595,304
407,384

Creditors: amounts falling due within one year
 7 
(161,968)
(1,826)

Net current assets
  
 
 
433,336
 
 
405,558

Total assets less current liabilities
  
603,336
690,558

Creditors: amounts falling due after more than one year
 8 
(180,000)
(266,856)

  

Net assets
  
423,336
423,702


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
 10 
65,000
87,917

Profit and loss account
 10 
358,334
335,783

  
423,336
423,702


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 January 2025.



Page 2

 
SILVERCROFT PROPERTY DEVELOPMENT LIMITED
REGISTERED NUMBER: 4717685

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


Y. Briggs
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
SILVERCROFT PROPERTY DEVELOPMENT LIMITED
 

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

1.


General information

The company is limited by shares and incorporated in England. Its registered office is Kingsridge House, 601 London Road, Westcliff-On-Sea, SS0 9PE. Its principal place of business is 645A London Road, Westcliff-on-Sea, Essex, SS0 9PD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
SILVERCROFT PROPERTY DEVELOPMENT LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
SILVERCROFT PROPERTY DEVELOPMENT LIMITED
 

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

4.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
285,000


Disposals
(115,000)



At 30 April 2024
170,000

The 2024 valuations were made by Spencer James Ltd, on an open market value for existing use basis.



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

2024
2023
£
£


Historic cost
105,000
197,083

105,000
197,083


5.


Debtors

2024
2023
£
£


Trade debtors
145,865
145,865

Other debtors
128,551
-

274,416
145,865



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
320,888
261,519

320,888
261,519


Page 6

 
SILVERCROFT PROPERTY DEVELOPMENT LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
160,000
-

Trade creditors
248
248

Other creditors
149
149

Accruals and deferred income
1,571
1,429

161,968
1,826



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
180,000
266,856

180,000
266,856


The following liabilities were secured:

2024
2023
£
£



Bank Loans
180,000
266,856

180,000
266,856

Details of security provided:

The mortgages above are secured against none (2023: one) of the investment properties owned by the company.

Page 7

 
SILVERCROFT PROPERTY DEVELOPMENT LIMITED
 

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

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
160,000
-


160,000
-


Amounts falling due 2-5 years

Bank loans
-
86,856


-
86,856

Amounts falling due after more than 5 years

Bank loans
180,000
180,000

180,000
180,000

340,000
266,856



10.


Reserves

Investment property revaluation reserve

All movements of the valuations of the investment properties are within this reserve.

Profit and loss account

The profits and losses of the company, less any dividends and movements from the revaluation reserve.


11.


Related party transactions

During the year the company had related party transactions with the director as follows:
Dividends £nil (2023: £8,500) 


Page 8