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Registered number: 13298641










SILVER EDGE DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SILVER EDGE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 13298641

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,025
9,366

Current assets
  

Stocks
 5 
705,231
705,231

Debtors: amounts falling due within one year
 6 
202,842
164,296

Cash at bank and in hand
 7 
12,182
102,616

  
920,255
972,143

Creditors: amounts falling due within one year
 8 
(95,612)
(38,594)

Net current assets
  
 
 
824,643
 
 
933,549

Total assets less current liabilities
  
831,668
942,915

Creditors: amounts falling due after more than one year
 9 
(1,123,312)
(1,117,536)

  

Net liabilities
  
(291,644)
(174,621)


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
(291,645)
(174,622)

  
(291,644)
(174,621)


Page 1

 
SILVER EDGE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 13298641
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider 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 directors acknowledge their 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 comprehensive income 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 by: 




N E H Higgins
Director

Date: 27 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SILVER EDGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Silver Edge Developments Limited is a private company limited by shares, incorporated in England and Wales with the registered number 13298641. The registered office is 8 Redwell Road, Wellingborough,
Northants, NN8 5AZ.

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

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.4

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.

Page 3

 
SILVER EDGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

Financial instruments


The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 4

 
SILVER EDGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 April 2023
9,565



At 31 March 2024

9,565



Depreciation


At 1 April 2023
199


Charge for the year on owned assets
2,341



At 31 March 2024

2,540



Net book value



At 31 March 2024
7,025



At 31 March 2023
9,366


5.


Stocks

2024
2023
£
£

Development land
705,231
705,231



6.


Debtors

2024
2023
£
£


Other debtors
4,687
7,572

Prepayments and accrued income
198,155
156,724

202,842
164,296


Page 5

 
SILVER EDGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
12,182
102,616



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
-
3,181

Other creditors
93,112
32,913

Accruals and deferred income
2,500
2,500

95,612
38,594



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
1,123,312
1,117,536



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



11.


Related party transactions

At the year end date £13,944 (2023 - £13,944) was owed to the directors. The loans were interest free and there were no set terms for repayment.
The shareholders of the company hold a participiating interest in Silver Edge Homes Limited. At 31 March 2024 £79,168 (2023 - £18,969) was due from Silver Edge Homes Limited; this balance was in respects of rents relating to Silver Edge Developments Limited that were paid into Silver Edge Homes Limited and certain expenses paid on their behalf.

Page 6

 
SILVER EDGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Controlling party

The company is a wholly owned subsidiary of Silver Edge Property Limited and therefore has not reported
transactions with wholly owned group members in accordance with FRS102 S33.1A..

 
Page 7