Silverfin false false 31/03/2024 01/04/2023 31/03/2024 T Wimshurst 09/07/2013 W Wimshurst 16/09/2013 L Pelleriti 16/06/2013 29 January 2025 The principal activity of the company is the provision of architectural services. 08602451 2024-03-31 08602451 bus:Director1 2024-03-31 08602451 bus:Director2 2024-03-31 08602451 bus:Director3 2024-03-31 08602451 2023-03-31 08602451 core:CurrentFinancialInstruments 2024-03-31 08602451 core:CurrentFinancialInstruments 2023-03-31 08602451 core:Non-currentFinancialInstruments 2024-03-31 08602451 core:Non-currentFinancialInstruments 2023-03-31 08602451 core:ShareCapital 2024-03-31 08602451 core:ShareCapital 2023-03-31 08602451 core:SharePremium 2024-03-31 08602451 core:SharePremium 2023-03-31 08602451 core:RevaluationReserve 2024-03-31 08602451 core:RevaluationReserve 2023-03-31 08602451 core:RetainedEarningsAccumulatedLosses 2024-03-31 08602451 core:RetainedEarningsAccumulatedLosses 2023-03-31 08602451 core:LandBuildings 2023-03-31 08602451 core:OfficeEquipment 2023-03-31 08602451 core:LandBuildings 2024-03-31 08602451 core:OfficeEquipment 2024-03-31 08602451 core:CostValuation 2023-03-31 08602451 core:CostValuation 2024-03-31 08602451 core:CurrentFinancialInstruments core:Secured 2024-03-31 08602451 core:MoreThanFiveYears 2024-03-31 08602451 core:MoreThanFiveYears 2023-03-31 08602451 2022-03-31 08602451 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08602451 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08602451 core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 08602451 core:RevaluationPropertyPlantEquipmentDeferredTax 2023-03-31 08602451 core:OtherDeferredTax 2024-03-31 08602451 core:OtherDeferredTax 2023-03-31 08602451 bus:OrdinaryShareClass1 2024-03-31 08602451 bus:OrdinaryShareClass2 2024-03-31 08602451 2023-04-01 2024-03-31 08602451 bus:FilletedAccounts 2023-04-01 2024-03-31 08602451 bus:SmallEntities 2023-04-01 2024-03-31 08602451 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08602451 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08602451 bus:Director1 2023-04-01 2024-03-31 08602451 bus:Director2 2023-04-01 2024-03-31 08602451 bus:Director3 2023-04-01 2024-03-31 08602451 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 08602451 2022-04-01 2023-03-31 08602451 core:LandBuildings 2023-04-01 2024-03-31 08602451 core:OfficeEquipment 2023-04-01 2024-03-31 08602451 core:Subsidiary1 2023-04-01 2024-03-31 08602451 core:Subsidiary1 1 2023-04-01 2024-03-31 08602451 core:Subsidiary1 1 2022-04-01 2023-03-31 08602451 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 08602451 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 08602451 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08602451 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08602451 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 08602451 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 08602451 (England and Wales)

WIMSHURST PELLERITI LTD

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

WIMSHURST PELLERITI LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WIMSHURST PELLERITI LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WIMSHURST PELLERITI LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 803,133 839,079
Investments 4 100 100
803,233 839,179
Current assets
Debtors
- due within one year 5 222,149 441,283
- due after more than one year 5 2,585 13,947
Cash at bank and in hand 82,255 96,542
306,989 551,772
Creditors: amounts falling due within one year 6 ( 203,163) ( 170,410)
Net current assets 103,826 381,362
Total assets less current liabilities 907,059 1,220,541
Creditors: amounts falling due after more than one year 7 ( 458,786) ( 579,848)
Net assets 448,273 640,693
Capital and reserves
Called-up share capital 9 2 2
Share premium account 293,806 293,806
Revaluation reserve 22,611 57,748
Profit and loss account 131,854 289,137
Total shareholders' funds 448,273 640,693

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 Ltd (registered number: 08602451) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

T Wimshurst
Director

29 January 2025

WIMSHURST PELLERITI LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WIMSHURST PELLERITI 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 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 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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 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:

Land and buildings not depreciated
Office equipment 4 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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases


The company as lessor
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.

Fixed asset investments

Investments in subsidiaries 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 and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and 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 Comprehensive Income.

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 trade [and 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.

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.

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 9 10

3. Tangible assets

Land and buildings Office equipment Total
£ £ £
Cost
At 01 April 2023 836,516 26,848 863,364
Additions 0 2,401 2,401
Revaluations ( 36,516) 0 ( 36,516)
At 31 March 2024 800,000 29,249 829,249
Accumulated depreciation
At 01 April 2023 0 24,285 24,285
Charge for the financial year 0 1,831 1,831
At 31 March 2024 0 26,116 26,116
Net book value
At 31 March 2024 800,000 3,133 803,133
At 31 March 2023 836,516 2,563 839,079

The freehold property is held at fair value and the 2024 valuation was made by the directors.

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 100
At 31 March 2024 100
Carrying value at 31 March 2024 100
Carrying value at 31 March 2023 100

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
Wimshurst Pelleriti 1 Ltd 35 Ballards Lane, London, N3 1XW Property development consultancy Ordinary 100.00% 100.00%

The capital and reserves and the loss of the subsidiary undertaking was as follows:

Capital and
reserves
at 2024
Loss for
the year ended
2024
£ £
Wimshurst Pelleriti 1 Ltd (174,872) (7,041)

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 54,021 79,998
Amounts owed by group undertakings 26,900 201,900
Prepayments and accrued income 87,670 75,173
Other debtors 53,558 84,212
222,149 441,283
Debtors: amounts falling due after more than one year
Deferred tax asset 2,585 13,947

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 65,835 65,835
Trade creditors 30,791 53,450
Accruals 31,714 5,061
Corporation tax 19,105 0
Other taxation and social security 53,007 43,078
Other creditors 2,711 2,986
203,163 170,410

The bank loans are secured over the freehold property of the Company and are also secured by personal guarantees by the directors of the Company.

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

2024 2023
£ £
Bank loans (secured) 458,786 491,679
Other creditors 0 88,169
458,786 579,848

The bank loans are secured over the freehold property of the Company and are also secured by personal guarantees by the directors of the Company.

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

2024 2023
£ £
Bank loans (secured) 253,778 266,672

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 13,947 ( 1,379)
(Charged)/credited to the Profit and Loss Account ( 12,741) 15,326
Credited to the Statement of Comprehensive Income 1,379 0
At the end of financial year 2,585 13,947

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 4,449) ( 4,306)
Revaluation of tangible assets 0 ( 1,379)
Other timing differences 7,034 19,632
2,585 13,947

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200,000 Ordinary A £0.00001 shares of £ 0.00001 each 2.00 2.00
41,976 Ordinary B £0.00001 shares of £ 0.00001 each 0.42 0.42
2.42 2.42

10. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,711 2,821

11. Related party transactions

Included within amounts owed by group undertakings is a balance of £26,900 (2023: £201,900) due from the Company's subsidiary. This balance is unsecured and interest free, with no fixed repayment terms.

Included within other debtors is a balance of £10,000 (2023: £10,000) due from a company with shared directors. This balance is unsecured and interest free, with no fixed repayment terms.

12. Director advances, credits and guarantees

Included within other debtors due within one year is a loan due from T Wimshurst. This comprised an opening creditor balance of £10,498, advances of £89,612 and repayments of £69,630 leaving a year end debtor balance of £9,484. This balance is unsecured, interest charged at HMRC's beneficial loan rate of interest on balances over £10,000, and there are no fixed repayment terms.

Also included within other debtors due within one year is a loan due from W Wimshurst. This comprised an opening balance of £36,511, advances of £72,606 and repayments of £91,134 leaving a year end balance of £17,983. This balance is unsecured, interest charged at HMRC's beneficial loan rate of interest on balances over £10,000, and there are no fixed repayment terms.

Also included within other debtors due within one year is a loan due from L Pelleriti. This comprised an opening balance of £34,653, advances of £72,570 and repayments of £91,134 leaving a year end balance of £16,089. This balance is unsecured, interest charged at HMRC's beneficial loan rate of interest on balances over £10,000, and there are no fixed repayment terms.