Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Jean Marie Featherstone 19/09/2023 17/10/2013 Mark William Featherstone 04/07/2011 Joanne Hazel Moon 27/03/2024 23 January 2025 The principal activity of the Company during the financial year was that of a storage facility. 07690862 2024-04-30 07690862 bus:Director1 2024-04-30 07690862 bus:Director2 2024-04-30 07690862 bus:Director3 2024-04-30 07690862 2023-04-30 07690862 core:CurrentFinancialInstruments 2024-04-30 07690862 core:CurrentFinancialInstruments 2023-04-30 07690862 core:Non-currentFinancialInstruments 2024-04-30 07690862 core:Non-currentFinancialInstruments 2023-04-30 07690862 core:ShareCapital 2024-04-30 07690862 core:ShareCapital 2023-04-30 07690862 core:RetainedEarningsAccumulatedLosses 2024-04-30 07690862 core:RetainedEarningsAccumulatedLosses 2023-04-30 07690862 core:PlantMachinery 2023-04-30 07690862 core:PlantMachinery 2024-04-30 07690862 core:CostValuation 2023-04-30 07690862 core:CostValuation 2024-04-30 07690862 core:CurrentFinancialInstruments core:Secured 2024-04-30 07690862 core:SubsidiariesWithMaterialNon-controllingInterests core:Non-currentFinancialInstruments 2024-04-30 07690862 core:SubsidiariesWithMaterialNon-controllingInterests core:Non-currentFinancialInstruments 2023-04-30 07690862 core:MoreThanFiveYears 2024-04-30 07690862 core:MoreThanFiveYears 2023-04-30 07690862 2022-04-30 07690862 bus:OrdinaryShareClass1 2024-04-30 07690862 2023-05-01 2024-04-30 07690862 bus:FilletedAccounts 2023-05-01 2024-04-30 07690862 bus:SmallEntities 2023-05-01 2024-04-30 07690862 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 07690862 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07690862 bus:Director1 2023-05-01 2024-04-30 07690862 bus:Director2 2023-05-01 2024-04-30 07690862 bus:Director3 2023-05-01 2024-04-30 07690862 core:PlantMachinery 2023-05-01 2024-04-30 07690862 2022-05-01 2023-04-30 07690862 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 07690862 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 07690862 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07690862 (England and Wales)

SHEYENNE LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SHEYENNE LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SHEYENNE LTD

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
SHEYENNE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 708,906 322,577
Investment property 4 9,661,611 9,476,294
Investments 5 100 100
10,370,617 9,798,971
Current assets
Debtors 6 198,222 9,333
Cash at bank and in hand 94,116 56,573
292,338 65,906
Creditors: amounts falling due within one year 7 ( 477,351) ( 369,483)
Net current liabilities (185,013) (303,577)
Total assets less current liabilities 10,185,604 9,495,394
Creditors: amounts falling due after more than one year 8 ( 2,040,186) ( 1,361,450)
Provision for liabilities 9 ( 2,007,686) ( 2,005,831)
Net assets 6,137,732 6,128,113
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 12 6,137,632 6,128,013
Total shareholder's funds 6,137,732 6,128,113

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sheyenne Ltd (registered number: 07690862) were approved and authorised for issue by the Board of Directors on 23 January 2025. They were signed on its behalf by:

Mark William Featherstone
Director
SHEYENNE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SHEYENNE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Sheyenne Ltd (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 87 Fore Street, Salcombe, TQ8 8BY, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

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 Statement of Financial Position 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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Plant and machinery 10 - 25 % 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings 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 the directors, 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.

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.

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 Statement of Financial Position 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 May 2023 566,055 566,055
Additions 457,014 457,014
At 30 April 2024 1,023,069 1,023,069
Accumulated depreciation
At 01 May 2023 243,478 243,478
Charge for the financial year 70,685 70,685
At 30 April 2024 314,163 314,163
Net book value
At 30 April 2024 708,906 708,906
At 30 April 2023 322,577 322,577

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 9,476,294
Additions 185,317
As at 30 April 2024 9,661,611

Valuation

A market valuation of investment property was completed by the Directors at the statement of financial position date.

5. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 100 100

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 100
At 30 April 2024 100
Carrying value at 30 April 2024 100
Carrying value at 30 April 2023 100

6. Debtors

2024 2023
£ £
Trade debtors 2,681 0
Amounts owed by directors 127,808 0
Prepayments 4,715 9,333
VAT recoverable 19,883 0
Corporation tax 43,135 0
198,222 9,333

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 217,575 73,077
Trade creditors 192,135 5,781
Amounts owed to directors 0 228,952
Accruals and deferred income 24,506 55,301
Taxation and social security 43,135 6,372
477,351 369,483

The bank loans are secured by way of fixed and floating charges against all assets held by the entity.

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

2024 2023
£ £
Bank loans 1,800,689 1,166,614
Amounts owed to own subsidiaries 239,497 194,836
2,040,186 1,361,450

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

2024 2023
£ £
Bank loans (repayable by instalments) 1,014,225 444,658

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 2,005,831) ( 1,961,261)
Charged to the Statement of Income and Retained Earnings ( 1,855) ( 44,570)
At the end of financial year ( 2,007,686) ( 2,005,831)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to directors 0 228,952
Amounts due from directors 127,808 0

Interest is charged on the loan to directors, when overdrawn, at HMRC approved rates. There is no fixed date of repayment.

As a parent company of wholly owned subsidiary undertakings, the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.

12. Reserves

Profit and loss account reserves

2024 2023
£ £
Profit and loss account - Non distributable 5,917,073 5,883,784
Profit and loss account - Distributable 220,559 244,229
6,137,632 6,128,013

Profit and loss account

Profit and loss account - Distributable represents the accumulated results for the year less dividends (where applicable).

Profit and loss account - Non distributable represents the non-distributable element of the profit and loss account; the accumulated difference between the cost and valuation of the investment property held by the company less deferred tax when upwards revaluations have been made and additional reserves generated.