Company No:
Contents
DIRECTORS | W Alteirac |
B N A Alteirac |
REGISTERED OFFICE | Level 1 Brockbourne House |
77 Mount Ephraim | |
Tunbridge Wells | |
Kent | |
TN4 8BS | |
United Kingdom |
COMPANY NUMBER | 13245657 (England and Wales) |
ACCOUNTANT | Evelyn Partners (South East) Limited |
Brockbourne House | |
77 Mount Ephraim | |
Royal Tunbridge Wells | |
TN4 8BS |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 4 |
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10,084,980 | 8,841,592 | |||
Current assets | ||||
Cash at bank and in hand |
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35,339 | 24,114 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (7,314,377) | (7,463,371) | ||
Total assets less current liabilities | 2,770,603 | 1,378,221 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Silverley Limited (registered number:
B N A Alteirac
Director |
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.
Silverley 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 Level 1 Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Silverley Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
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.
The comparative figures displayed on the Statement of Income and Retained Earnings have been restated for classification and presentational purposes.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Listed investments | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 01 April 2023 |
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Additions |
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Disposals | (
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Movement in fair value |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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The comparative figures displayed above have been restated for classification and presentational purposes.
2024 | 2023 | ||
£ | £ | ||
Amounts owed to directors |
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Accruals |
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2024 | 2023 | ||
£ | £ | ||
Other loans |
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Loans made to the Company by the directors | 11,710 | 1,574,690 | |
Repayments made to the directors by the Company | (150,000) | (405,825) |
At the year-end, the balance on the directors' current account was £7,343,975 (2023: £7,482,265). The balance of the loan is interest-free, unsecured and repayable on demand. The balance is included within other creditors falling due within one year.
Other related party transactions
2024 | 2023 | ||
£ | £ | ||
Repayments | (271,000) | 0 | |
Interest accrued on loan | 352,570 | 207,074 | |
Late payment interest incurred | 8,094 | 0 |
At the year-end, the company owed the directors £12,438,037 (2023: £12,486,663).
Included within this figure is a loan of £5,094,062 (2023: £5,004,398) held as bare trustee by the directors on behalf of their children, which is interest bearing at a rate of 2% above base rate per annum with a maturity date of 31 December 2042. This balance is included within other creditors due in more than 5 years.
As per point 1.6 of Schedule 2 of the Loan Note Instrument form, dated 2022, any overdue interest on the loan shall accrue interest at the rate applicable under these conditions plus 1% per annum on the unpaid amount from the due date until the date of actual payment. During the year-ended 31 March 2024, late payment interest amounted to £8,094.
The directors do not consider there to be an ultimate controlling party.