Silverfin false false 31/08/2024 01/09/2023 31/08/2024 S M Eddy 23/12/2020 D S Eddy 05/08/2004 S D Eddy 23/12/2020 M I Eddy 05/08/2004 28 January 2025 The principal activity of the Company during the financial year was property development and letting investment property. 05178750 2024-08-31 05178750 bus:Director1 2024-08-31 05178750 bus:Director2 2024-08-31 05178750 bus:Director3 2024-08-31 05178750 bus:Director4 2024-08-31 05178750 2023-08-31 05178750 core:CurrentFinancialInstruments 2024-08-31 05178750 core:CurrentFinancialInstruments 2023-08-31 05178750 core:Non-currentFinancialInstruments 2024-08-31 05178750 core:Non-currentFinancialInstruments 2023-08-31 05178750 core:ShareCapital 2024-08-31 05178750 core:ShareCapital 2023-08-31 05178750 core:RetainedEarningsAccumulatedLosses 2024-08-31 05178750 core:RetainedEarningsAccumulatedLosses 2023-08-31 05178750 core:PlantMachinery 2023-08-31 05178750 core:Vehicles 2023-08-31 05178750 core:FurnitureFittings 2023-08-31 05178750 core:ComputerEquipment 2023-08-31 05178750 core:PlantMachinery 2024-08-31 05178750 core:Vehicles 2024-08-31 05178750 core:FurnitureFittings 2024-08-31 05178750 core:ComputerEquipment 2024-08-31 05178750 bus:OrdinaryShareClass1 2024-08-31 05178750 bus:OrdinaryShareClass2 2024-08-31 05178750 bus:OrdinaryShareClass3 2024-08-31 05178750 2023-09-01 2024-08-31 05178750 bus:FilletedAccounts 2023-09-01 2024-08-31 05178750 bus:SmallEntities 2023-09-01 2024-08-31 05178750 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 05178750 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05178750 bus:Director1 2023-09-01 2024-08-31 05178750 bus:Director2 2023-09-01 2024-08-31 05178750 bus:Director3 2023-09-01 2024-08-31 05178750 bus:Director4 2023-09-01 2024-08-31 05178750 core:PlantMachinery 2023-09-01 2024-08-31 05178750 core:Vehicles 2023-09-01 2024-08-31 05178750 core:FurnitureFittings 2023-09-01 2024-08-31 05178750 core:ComputerEquipment 2023-09-01 2024-08-31 05178750 2022-09-01 2023-08-31 05178750 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 05178750 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 05178750 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 05178750 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 05178750 bus:OrdinaryShareClass2 2023-09-01 2024-08-31 05178750 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 05178750 bus:OrdinaryShareClass3 2023-09-01 2024-08-31 05178750 bus:OrdinaryShareClass3 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05178750 (England and Wales)

HAVENMIST LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

HAVENMIST LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

HAVENMIST LIMITED

BALANCE SHEET

As at 31 August 2024
HAVENMIST LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 16,752 21,194
Investment property 4 1,460,000 1,460,000
1,476,752 1,481,194
Current assets
Stocks 5 1,153,682 1,153,682
Debtors 6 7,057 7,428
Cash at bank and in hand 114,792 92,150
1,275,531 1,253,260
Creditors: amounts falling due within one year 7 ( 31,779) ( 35,401)
Net current assets 1,243,752 1,217,859
Total assets less current liabilities 2,720,504 2,699,053
Creditors: amounts falling due after more than one year 8 ( 792,918) ( 800,434)
Provision for liabilities ( 118,859) ( 119,970)
Net assets 1,808,727 1,778,649
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 1,808,627 1,778,549
Total shareholder's funds 1,808,727 1,778,649

For the financial year ending 31 August 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 Havenmist Limited (registered number: 05178750) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

D S Eddy
Director
HAVENMIST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
HAVENMIST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Havenmist Limited (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 Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is The Office, Green Parc Road, Hayle, Cornwall, TR27 4DQ.

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

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. Revenue from services is recognised as it falls due to the company rather than when it is physically received.

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 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 33 % 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.

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.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

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 that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 September 2023 5,946 52,137 18,952 8,911 85,946
At 31 August 2024 5,946 52,137 18,952 8,911 85,946
Accumulated depreciation
At 01 September 2023 5,495 43,998 8,844 6,415 64,752
Charge for the financial year 68 2,035 1,516 823 4,442
At 31 August 2024 5,563 46,033 10,360 7,238 69,194
Net book value
At 31 August 2024 383 6,104 8,592 1,673 16,752
At 31 August 2023 451 8,139 10,108 2,496 21,194

4. Investment property

Investment property
£
Valuation
As at 01 September 2023 1,460,000
As at 31 August 2024 1,460,000

The properties were valued on an open market basis on 31 August 2020 by the director, Mr D Eddy. The director believes this value to remain appropriate as at 31 August 2024.

5. Stocks

2024 2023
£ £
Stocks 872,321 872,321
Work in progress 281,361 281,361
1,153,682 1,153,682

6. Debtors

2024 2023
£ £
Trade debtors 905 2,685
Amounts owed by Group undertakings 1,530 0
Amounts owed by directors 0 234
Prepayments 4,622 4,509
7,057 7,428

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 9,300
Trade creditors 1,758 611
Amounts owed to directors 1,140 0
Accruals 2,600 2,500
Taxation and social security 14,787 6,898
Obligations under finance leases and hire purchase contracts (secured) 0 3,511
Other creditors 11,494 12,581
31,779 35,401

Finance lease and hire purchase liabilities are secured on the assets to which they relate.

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

2024 2023
£ £
Trade creditors 133,412 133,412
Bank loans (secured) 659,506 667,022
792,918 800,434

The bank loan is secured by way of a first legal charge over the company's freehold property at Trelissick House, and land adjacent at Green Parc Road, Hayle and by an unlimited debenture from Havenmist Limited. Mr D S Eddy and Mrs M I Eddy have also given a personal guarantee for a principle amount of £600,000 (plus interest and other costs) as security for the bank loan.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
20 Ordinary shares of £ 1.00 each 20 20
40 Ordinary A shares of £ 1.00 each 40 40
40 Ordinary B shares of £ 1.00 each 40 40
100 100

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance outstanding brought forward 234 1,410
Amounts advanced 0 0
Amounts repaid (1,374) (1,176)
Balance outstanding carried forward (1,140) 234

No interest is charged on this loan and it is repayable on demand.

11. Ultimate controlling party

Parent Company:

Havenmist (Holdings) Limited
The Office, Green Parc Road, Hayle, Cornwall, United Kingdom, TR27 4DQ