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Company No: 12218327 (England and Wales)

IDF INVESTMENTS LIMITED

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

IDF INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

IDF INVESTMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
IDF INVESTMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTOR I D Fern
REGISTERED OFFICE Tutsham Farm
West Farleigh
Maidstone
ME15 0NE
United Kingdom
COMPANY NUMBER 12218327 (England and Wales)
ACCOUNTANT Evelyn Partners (South East) Limited
Brockbourne House
77 Mount Ephraim
Royal Tunbridge Wells
TN4 8BS
IDF INVESTMENTS LIMITED

BALANCE SHEET

As at 31 May 2024
IDF INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 11,840,013 9,615,513
Investments 4 1 1
11,840,014 9,615,514
Current assets
Debtors 5 932,055 1,383,390
Cash at bank and in hand 61,215 52,886
993,270 1,436,276
Creditors: amounts falling due within one year 6 ( 7,068,456) ( 6,155,733)
Net current liabilities (6,075,186) (4,719,457)
Total assets less current liabilities 5,764,828 4,896,057
Creditors: amounts falling due after more than one year 7 ( 2,995,999) ( 3,321,669)
Provision for liabilities 8 ( 633,209) ( 335,446)
Net assets 2,135,620 1,238,942
Capital and reserves
Called-up share capital 101 101
Revaluation reserve 2,197,387 1,006,337
Profit and loss account ( 61,868 ) 232,504
Total shareholders' funds 2,135,620 1,238,942

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of IDF Investments Limited (registered number: 12218327) were approved and authorised for issue by the Director on 27 February 2025. They were signed on its behalf by:

I D Fern
Director
IDF INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
IDF INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

IDF Investments 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 Tutsham Farm, West Farleigh, Maidstone, Kent, ME15 0NE, 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 IDF Investments Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Monetary amounts within these financial statements are rounded to the nearest whole £1.

Going concern

The financial statements have been prepared on a going concern basis.

The director has 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.

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.

Revenue is from the rental of the held investment properties.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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.

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 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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

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.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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.

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 June 2023 9,615,513
Additions 1,033,450
Fair value movement 1,191,050
As at 31 May 2024 11,840,013

The 2024 valuations were made by the director, on an open market value for existing use basis.

4. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 June 2023 1 1
At 31 May 2024 1 1
Carrying value at 31 May 2024 1 1
Carrying value at 31 May 2023 1 1

5. Debtors

2024 2023
£ £
Trade debtors 7,990 0
Amounts owed by Group undertakings 627,819 627,819
Other debtors 296,246 755,571
932,055 1,383,390

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 333,858 303,262
Trade creditors 7,200 1,500
Taxation and social security 6,857 53,658
Other creditors 6,720,541 5,797,313
7,068,456 6,155,733

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

2024 2023
£ £
Bank loans 2,995,999 3,321,669

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

2024 2023
£ £
Bank loans 242,071 412,820

The bank loans above are secured via fixed charges over the properties by the persons entitled, namely The Mortgage Lender Limited with an aggregate amount owed of £787,545 (2023: £888,562) and HSCC, with an aggregate amount owed of £2,542,316 (2023: £2,736,370).

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 335,446) ( 335,446)
Charged to the Profit and Loss Account ( 297,763) 0
At the end of financial year ( 633,209) ( 335,446)

9. Related party transactions

Other related party transactions

At the balance sheet date and included with in other creditors is an amount of £2,252,131 (2023: £2,302,131) owed to the directors of the company. These balances are interest free and repayable on demand.