Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mr H J B Dunn 15/09/2023 Mr C J Dunn 22/10/2023 17/12/1991 10 March 2025 The principal activity of the Company during the financial year was estate management. 00877301 2024-06-30 00877301 bus:Director1 2024-06-30 00877301 bus:Director2 2024-06-30 00877301 2023-06-30 00877301 core:CurrentFinancialInstruments 2024-06-30 00877301 core:CurrentFinancialInstruments 2023-06-30 00877301 core:Non-currentFinancialInstruments 2024-06-30 00877301 core:Non-currentFinancialInstruments 2023-06-30 00877301 core:ShareCapital 2024-06-30 00877301 core:ShareCapital 2023-06-30 00877301 core:RevaluationReserve 2024-06-30 00877301 core:RevaluationReserve 2023-06-30 00877301 core:RetainedEarningsAccumulatedLosses 2024-06-30 00877301 core:RetainedEarningsAccumulatedLosses 2023-06-30 00877301 core:PlantMachinery 2023-06-30 00877301 core:Vehicles 2023-06-30 00877301 core:FurnitureFittings 2023-06-30 00877301 core:PlantMachinery 2024-06-30 00877301 core:Vehicles 2024-06-30 00877301 core:FurnitureFittings 2024-06-30 00877301 core:CurrentFinancialInstruments core:Secured 2024-06-30 00877301 bus:OrdinaryShareClass1 2024-06-30 00877301 2023-07-01 2024-06-30 00877301 bus:FilletedAccounts 2023-07-01 2024-06-30 00877301 bus:SmallEntities 2023-07-01 2024-06-30 00877301 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00877301 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00877301 bus:Director1 2023-07-01 2024-06-30 00877301 bus:Director2 2023-07-01 2024-06-30 00877301 core:PlantMachinery 2023-07-01 2024-06-30 00877301 core:Vehicles core:TopRangeValue 2023-07-01 2024-06-30 00877301 core:FurnitureFittings 2023-07-01 2024-06-30 00877301 2022-04-01 2023-06-30 00877301 core:Vehicles 2023-07-01 2024-06-30 00877301 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 00877301 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 00877301 bus:OrdinaryShareClass1 2022-04-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00877301 (England and Wales)

ILTON ESTATES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

ILTON ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

ILTON ESTATES LIMITED

BALANCE SHEET

As at 30 June 2024
ILTON ESTATES LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 30.06.2024 30.06.2023
£ £
Fixed assets
Tangible assets 3 17,019 7,523
Investment property 4 5,384,809 5,368,000
5,401,828 5,375,523
Current assets
Debtors 5 180,161 12,954
Cash at bank and in hand 166,335 31,913
346,496 44,867
Creditors: amounts falling due within one year 6 ( 1,974,226) ( 1,583,395)
Net current liabilities (1,627,730) (1,538,528)
Total assets less current liabilities 3,774,098 3,836,995
Creditors: amounts falling due after more than one year 7 ( 1,804,527) ( 1,910,707)
Net assets 1,969,571 1,926,288
Capital and reserves
Called-up share capital 8 100,000 100,000
Revaluation reserve 1,173,081 1,173,081
Profit and loss account 696,490 653,207
Total shareholders' funds 1,969,571 1,926,288

For the financial year ending 30 June 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 Ilton Estates Limited (registered number: 00877301) were approved and authorised for issue by the Director on 10 March 2025. They were signed on its behalf by:

Mr H J B Dunn
Director
ILTON ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
ILTON ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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 period, unless otherwise stated.

General information and basis of accounting

Ilton Estates 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 and its principal place of business is Unit 8a, Ilton Business Park, Ilminster, Somerset, TA19 9DU, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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

Turnover represents property rental income recognised on a straight line basis over the life of the tenancy, and is stated net of VAT and trade discounts.

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 straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 4 years straight line
Fixtures and fittings 25 % 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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, which is subsequently transferred to the revaluation reserve, net of deferred taxation.

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

Year ended
30.06.2024
Period from
01.04.2022 to
30.06.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 3

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2023 63,951 15,781 13,673 93,405
Additions 10,024 0 2,400 12,424
At 30 June 2024 73,975 15,781 16,073 105,829
Accumulated depreciation
At 01 July 2023 56,645 15,781 13,456 85,882
Charge for the financial year 2,606 0 322 2,928
At 30 June 2024 59,251 15,781 13,778 88,810
Net book value
At 30 June 2024 14,724 0 2,295 17,019
At 30 June 2023 7,306 0 217 7,523

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 5,368,000
Additions 16,809
As at 30 June 2024 5,384,809

The investment property was valued by the director at 30 June 2024. No independent valuer was involved.

5. Debtors

30.06.2024 30.06.2023
£ £
Trade debtors 49,767 8,243
Other debtors 130,394 4,711
180,161 12,954

6. Creditors: amounts falling due within one year

30.06.2024 30.06.2023
£ £
Bank loans (secured) 106,179 103,809
Trade creditors 41,290 14,284
Accruals and deferred income 47,610 19,666
Taxation and social security 149,931 88,644
Other creditors 1,629,216 1,356,992
1,974,226 1,583,395

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

30.06.2024 30.06.2023
£ £
Bank loans (secured) 1,154,527 1,260,707
Other creditors 650,000 650,000
1,804,527 1,910,707

The bank loans are secured by a fixed charge on Unit 7 and land adjoining Merryhay House, Merryhay House, Unit 12, Units 13-28 and Units 29-33, Ilton Business Park, Ilton, llminster, together with a negative pledge and floating charges covering all property or undertaking of the company.

Included within other creditors are 8% preference shares with a value of £650,000 (2023 - £650,000).

8. Called-up share capital

30.06.2024 30.06.2023
£ £
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each 100,000 100,000

In addition to the Ordinary share capital, there are 650,000 Preference shares of £1.00 each in issue with a value of £650,000 (2023 - £650,000)

9. Related party transactions

Transactions with the entity's director

30.06.2024 30.06.2023
£ £
Balance owed by the director 79,522 0

Other related party transactions

30.06.2024 30.06.2023
£ £
Balance owed to a company under common control 1,245,406 1,245,406
Balance owed to a company under common control 367,237 85,205

The loans are interest free and repayable on demand.