Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Andrew John Whitney 24/06/2019 David John Whitney 24/06/2019 Jennifer Christine Whitney 24/06/2019 Victoria Anne Whitney-Lewin 24/06/2019 12 March 2025 The principal activity of the Company during the financial year was that of a rental property for persons with special needs. 12065218 2024-06-30 12065218 bus:Director1 2024-06-30 12065218 bus:Director2 2024-06-30 12065218 bus:Director3 2024-06-30 12065218 bus:Director4 2024-06-30 12065218 2023-06-30 12065218 core:CurrentFinancialInstruments 2024-06-30 12065218 core:CurrentFinancialInstruments 2023-06-30 12065218 core:ShareCapital 2024-06-30 12065218 core:ShareCapital 2023-06-30 12065218 core:RetainedEarningsAccumulatedLosses 2024-06-30 12065218 core:RetainedEarningsAccumulatedLosses 2023-06-30 12065218 core:LandBuildings 2023-06-30 12065218 core:FurnitureFittings 2023-06-30 12065218 core:LandBuildings 2024-06-30 12065218 core:FurnitureFittings 2024-06-30 12065218 2022-06-30 12065218 bus:OrdinaryShareClass1 2024-06-30 12065218 2023-07-01 2024-06-30 12065218 bus:FilletedAccounts 2023-07-01 2024-06-30 12065218 bus:SmallEntities 2023-07-01 2024-06-30 12065218 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 12065218 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12065218 bus:Director1 2023-07-01 2024-06-30 12065218 bus:Director2 2023-07-01 2024-06-30 12065218 bus:Director3 2023-07-01 2024-06-30 12065218 bus:Director4 2023-07-01 2024-06-30 12065218 core:FurnitureFittings 2023-07-01 2024-06-30 12065218 2022-07-01 2023-06-30 12065218 core:LandBuildings 2023-07-01 2024-06-30 12065218 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 12065218 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12065218 (England and Wales)

SB HOUSING (SOUTH WEST) LIMITED

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

SB HOUSING (SOUTH WEST) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SB HOUSING (SOUTH WEST) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
SB HOUSING (SOUTH WEST) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 535,884 536,086
535,884 536,086
Current assets
Debtors 4 337 0
Cash at bank and in hand 12,428 0
12,765 0
Creditors: amounts falling due within one year 5 ( 500,064) ( 494,287)
Net current liabilities (487,299) (494,287)
Total assets less current liabilities 48,585 41,799
Provision for liabilities 6 ( 345) ( 383)
Net assets 48,240 41,416
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 47,240 40,416
Total shareholders' funds 48,240 41,416

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of SB Housing (South West) Limited (registered number: 12065218) were approved and authorised for issue by the Board of Directors on 12 March 2025. They were signed on its behalf by:

Victoria Anne Whitney-Lewin
Director
SB HOUSING (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SB HOUSING (SOUTH WEST) 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 year, unless otherwise stated.

General information and basis of accounting

SB Housing (South West) 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 Century House, Nicholson Road, Torquay, TQ2 7TD, 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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 10 % 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 Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other creditors

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.

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 4 4

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 July 2023 534,068 2,911 536,979
At 30 June 2024 534,068 2,911 536,979
Accumulated depreciation
At 01 July 2023 0 893 893
Charge for the financial year 0 202 202
At 30 June 2024 0 1,095 1,095
Net book value
At 30 June 2024 534,068 1,816 535,884
At 30 June 2023 534,068 2,018 536,086

4. Debtors

2024 2023
£ £
Corporation tax 337 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 728 2,400
Amounts owed to directors 247,203 280,408
Accruals 2,639 2,909
Taxation and social security 1,560 7,095
Other creditors 247,934 201,475
500,064 494,287

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 383) ( 426)
Credited to the Statement of Income and Retained Earnings 38 43
At the end of financial year ( 345) ( 383)

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 A ordinary shares of £ 1.00 each 1,000 1,000

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
SBSC Limited - a company under common control 247,934 201,475

The above balance represents amounts owed to the company at the year end. No interest is charged on this balance and there is no fixed date of repayment.

Transactions with the entity's directors

2024 2023
£ £
Mr D and Mrs J Whitney 248,201 281,406
Mrs V Whitney-Lewin (499) (499)
Mr A Whitney (499) (499)

The above balances represents amounts owed to / (amounts owed from) the company at the year end. No interest is charged on the above and there is no fixed date for repayment.