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Company No: 11324066 (England and Wales)

BURNHART LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

BURNHART LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

BURNHART LTD

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
BURNHART LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
DIRECTORS Mr J S Hartley
Mrs M G Hartley
REGISTERED OFFICE C/O Pm&M Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
United Kingdom
COMPANY NUMBER 11324066 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
BURNHART LTD

BALANCE SHEET

AS AT 30 APRIL 2024
BURNHART LTD

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 753,900 848,680
Investment property 4 25,778,617 23,848,216
Investments 5 1,511,106 1,511,106
28,043,623 26,208,002
Current assets
Debtors 6 1,627,198 1,628,633
Cash at bank and in hand 321,735 322,126
1,948,933 1,950,759
Creditors: amounts falling due within one year 7 ( 9,854,328) ( 9,859,092)
Net current liabilities (7,905,395) (7,908,333)
Total assets less current liabilities 20,138,228 18,299,669
Provision for liabilities 8 ( 948,337) ( 776,540)
Net assets 19,189,891 17,523,129
Capital and reserves
Called-up share capital 9 1,533 1,533
Share premium account 10,340,467 10,340,467
Revaluation reserve 2,013,108 1,560,924
Profit and loss account 6,834,783 5,620,205
Total shareholders' funds 19,189,891 17,523,129

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:

The financial statements of Burnhart Ltd (registered number: 11324066) were approved and authorised for issue by the Board of Directors on 21 January 2025. They were signed on its behalf by:

Mr J S Hartley
Director
BURNHART LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
BURNHART 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

Burnhart 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 C/O Pm&M Greenbank Technology Park, Challenge Way, Blackburn, BB1 5QB, 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 £.

Turnover

Property rental income is recognised evenly over the period of the lease.

Helicopter rental income is recognised when the aircraft is used by the customer.

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:

Plant and machinery etc. 10 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.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 1,297,800 1,297,800
At 30 April 2024 1,297,800 1,297,800
Accumulated depreciation
At 01 May 2023 449,120 449,120
Charge for the financial year 94,780 94,780
At 30 April 2024 543,900 543,900
Net book value
At 30 April 2024 753,900 753,900
At 30 April 2023 848,680 848,680

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 23,848,216
Additions 1,327,489
Fair value movement 602,912
As at 30 April 2024 25,778,617

Valuation

The directors have reviewed the value of the investment properties above and have confirmed that it is materially in line with the fair value of the properties at the balance sheet date.

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 23,094,472 21,776,983

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 1,511,106
At 30 April 2024 1,511,106
Carrying value at 30 April 2024 1,511,106
Carrying value at 30 April 2023 1,511,106

6. Debtors

2024 2023
£ £
Trade debtors 270,642 312,611
Amounts owed by Group undertakings 1,337,707 1,259,026
Other debtors 18,849 56,996
1,627,198 1,628,633

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 330,984 102,776
Taxation and social security 134,643 174,733
Other creditors 9,388,701 9,581,583
9,854,328 9,859,092

8. Provision for liabilities

2024 2023
£ £
Deferred tax 823,337 651,540
Other provisions 125,000 125,000
948,337 776,540

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
101,175 A Ordinary Shares shares of £ 0.01 each 1,012 1,012
42,840 B Ordinary Shares shares of £ 0.01 each 428 428
9,285 C ordinary Shares shares of £ 0.01 each 93 93
1,533 1,533

10. Related party transactions

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

2024 2023
£ £
Amount owed to the company by L39 Aviation Ltd, a 100% subsidiary at the balance sheet date 1,337,159 1,259,026