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Company No: 10901170 (England and Wales)

WRYDE 2 LIMITED

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

WRYDE 2 LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WRYDE 2 LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
WRYDE 2 LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS C J Pemberton
G C Pemberton
REGISTERED OFFICE Top Farm
Thorpe Tilney
Lincoln
LN4 3SL
United Kingdom
COMPANY NUMBER 10901170 (England and Wales)
ACCOUNTANT Evelyn Partners (East) LLP
Stonecross
Trumpington High Street
Cambridge
CB2 9SU
WRYDE 2 LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WRYDE 2 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 22,592 26,960
Investment property 4 207,048 0
Investments 5 126,341 257,818
355,981 284,778
Current assets
Debtors 6 13,240 12,195
Cash at bank and in hand 44,325 39,449
57,565 51,644
Creditors: amounts falling due within one year 7 ( 31,502) ( 29,728)
Net current assets 26,063 21,916
Total assets less current liabilities 382,044 306,694
Provision for liabilities 8 ( 4,527) ( 4,301)
Net assets 377,517 302,393
Capital and reserves
Called-up share capital 4 4
Profit and loss account 377,513 302,389
Total shareholders' funds 377,517 302,393

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 Wryde 2 Limited (registered number: 10901170) were approved and authorised for issue by the Board of Directors on 12 March 2025. They were signed on its behalf by:

C J Pemberton
Director
WRYDE 2 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WRYDE 2 LIMITED

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

Wryde 2 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 Top Farm, Thorpe Tilney, Lincoln, LN4 3SL, 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 Wryde 2 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.

Going concern

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Rental income represents the value of the operating lease on a straight line basis over the term of the lease.

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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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 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.

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 22 years straight line
Fixtures and fittings 5 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

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.

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 directors, on an open market value for existing use basis.

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 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 10,937 19,355 30,292
At 31 March 2024 10,937 19,355 30,292
Accumulated depreciation
At 01 April 2023 456 2,876 3,332
Charge for the financial year 497 3,871 4,368
At 31 March 2024 953 6,747 7,700
Net book value
At 31 March 2024 9,984 12,608 22,592
At 31 March 2023 10,481 16,479 26,960

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 0
Additions 207,048
As at 31 March 2024 207,048

Valuation

The fair value of the Company’s investment property has been arrived at on the basis of valuations carried out on that date by the directors of the business. In carrying out their review, the directors have made assumptions in relation to rental yields and estimated future achievable rents.

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 257,818 257,818
Additions 5,037 5,037
Disposals ( 147,059) ( 147,059)
Movement in fair value 10,545 10,545
At 31 March 2024 126,341 126,341
Carrying value at 31 March 2024 126,341 126,341
Carrying value at 31 March 2023 257,818 257,818

6. Debtors

2024 2023
£ £
Prepayments and accrued income 13,240 12,195

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 360 240
Amounts owed to directors 0 8,268
Accruals and deferred income 4,802 3,792
Taxation and social security 26,340 17,428
31,502 29,728

8. Provision for liabilities

2024 2023
£ £
Deferred tax 4,527 4,301

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 105,010 90,297
between one and five years 420,040 361,186
after five years 1,680,110 1,562,762
2,205,160 2,014,245

The above non-cancellable operating lease note includes a lease which is based on 90% of the net rents received in the period and is therefore rebased each year using the current year rental income and estimated expenditure.

10. Related party transactions

Other related party transactions

2024 2023
£ £
Rent expense 102,270 62,526

The lease agreements in place are between the company and a settled estate in which one of the directors is both a beneficiary and trustee. One of the leases has rental payments that are 90% of the net rents received, the other is known as a peppercorn rent and is £10 per annum with an initial 22 year lease.