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Company No: 11055321 (England and Wales)

WIMSHURST PELLERITI 1 LTD

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

WIMSHURST PELLERITI 1 LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WIMSHURST PELLERITI 1 LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WIMSHURST PELLERITI 1 LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 200,320 200,250
200,320 200,250
Current assets
Debtors 4 103,958 102,583
Cash at bank and in hand 5,046 3,175
109,004 105,758
Creditors: amounts falling due within one year 5 ( 484,196) ( 473,839)
Net current liabilities (375,192) (368,081)
Total assets less current liabilities (174,872) (167,831)
Net liabilities ( 174,872) ( 167,831)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 174,972 ) ( 167,931 )
Total shareholder's deficit ( 174,872) ( 167,831)

For the financial year ending 31 March 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 Wimshurst Pelleriti 1 Ltd (registered number: 11055321) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

T Wimshurst
Director

31 January 2025

WIMSHURST PELLERITI 1 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WIMSHURST PELLERITI 1 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Wimshurst Pelleriti 1 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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The company made a loss for the period and had net current liabilities of £375,192 and net liabilities of £174,872 at the statement of financial position date.

The parent company has confirmed that it will continue to support the Company and that it will not recall its intercompany loan of £201,900 until such time that the Company can afford to do so. There is also a balance owed to an associate of £200,000 that will not be recalled until there has been a return on the Company's fixed asset investment.

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.

Fixed asset investments

Investments in subsidiaries and associates are measured at cost less accumulated impairment.

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.

Financial instruments

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

Financial assets
Basic financial assets, including other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 70 0
Participating interests 200,250 200,250
200,320 200,250

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 0
Additions 70
At 31 March 2024 70
Carrying value at 31 March 2024 70
Carrying value at 31 March 2023 0

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 April 2023 200,250 200,250
At 31 March 2024 200,250 200,250
Carrying value at 31 March 2024 200,250 200,250
Carrying value at 31 March 2023 200,250 200,250

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Thessaly Ltd 6 Putney Common, London, SW15 1HL Property development Ordinary 70.00%

4. Debtors

2024 2023
£ £
Amounts owed by associates 0 84,850
Prepayments 364 330
VAT recoverable 2,612 528
Other debtors 100,982 16,875
103,958 102,583

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to group undertakings 261,970 201,900
Amounts owed to associates 210,100 200,100
Accruals 1,976 1,839
Other creditors 10,150 70,000
484,196 473,839

6. Called-up share capital

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

7. Related party transactions

Included within amounts owed by associates is a balance of £nil (2023: £84,850) due from a company in which the Company has a participating interest. This balance is unsecured and interest free, with no fixed repayment terms.

Included within other debtors is a balance of £35,000 (2023: £nil) due from a company with shared directors. This balance is unsecured and interest free, with no fixed repayment terms.

Included within amounts owed to group undertakings is a balance of £201,900 (2023: £201,900) owed to the parent company. This balance is unsecured and interest free, with no fixed repayment terms.

Also included within amounts owed to group undertakings is a balance of £60,070 (2023: £nil) owed to the subsidiary company. This balance is unsecured and interest free, with no fixed repayment terms.

Included within amounts owed to associates are balances of £210,100 (2023: £200,100) owed to companies in which the Company has a participating interest. These balances are unsecured and interest free, with no fixed repayment terms.

8. Events after the Balance Sheet date

On 30 May 2024 and 6 June 2024, a company in which the Company has a fixed asset investment undertook share capital reductions. The 200,000 Ordinary £1 shares held reduced down to 8,000 Ordinary £1 shares for total consideration of £138,240. There was an equivalent repayment of amounts owed to associates.