Silverfin false false 31/12/2024 01/01/2024 31/12/2024 S Buckland 22/01/2025 BCarson 25/09/2014 J Carson 25/09/2014 L Carson 25/09/2014 M Greene 22/01/2025 30/10/2019 26 March 2025 The principal activity of the Company during the financial year was property trading. 03354117 2024-12-31 03354117 bus:Director1 2024-12-31 03354117 bus:Director2 2024-12-31 03354117 bus:Director3 2024-12-31 03354117 bus:Director4 2024-12-31 03354117 bus:Director5 2024-12-31 03354117 2023-12-31 03354117 core:CurrentFinancialInstruments 2024-12-31 03354117 core:CurrentFinancialInstruments 2023-12-31 03354117 core:ShareCapital 2024-12-31 03354117 core:ShareCapital 2023-12-31 03354117 core:CapitalContributionReserve 2024-12-31 03354117 core:CapitalContributionReserve 2023-12-31 03354117 core:RetainedEarningsAccumulatedLosses 2024-12-31 03354117 core:RetainedEarningsAccumulatedLosses 2023-12-31 03354117 core:OtherPropertyPlantEquipment 2023-12-31 03354117 core:OtherPropertyPlantEquipment 2024-12-31 03354117 2024-01-01 2024-12-31 03354117 bus:FilletedAccounts 2024-01-01 2024-12-31 03354117 bus:SmallEntities 2024-01-01 2024-12-31 03354117 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 03354117 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03354117 bus:Director1 2024-01-01 2024-12-31 03354117 bus:Director2 2024-01-01 2024-12-31 03354117 bus:Director3 2024-01-01 2024-12-31 03354117 bus:Director4 2024-01-01 2024-12-31 03354117 bus:Director5 2024-01-01 2024-12-31 03354117 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 03354117 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 03354117 (England and Wales)

LONDON & ARGYLL ESTATES LIMITED

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

LONDON & ARGYLL ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

LONDON & ARGYLL ESTATES LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
LONDON & ARGYLL ESTATES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS S Buckland (Appointed 22 January 2025)
BCarson
J Carson
L Carson
M Greene (Resigned 22 January 2025)
REGISTERED OFFICE 35 Ballards Lane
London
N3 1XW
United Kingdom
COMPANY NUMBER 03354117 (England and Wales)
ACCOUNTANTS Berg Kaprow Lewis LLP
35 Ballards Lane
London
N3 1XW
LONDON & ARGYLL ESTATES LIMITED

BALANCE SHEET

As at 31 December 2024
LONDON & ARGYLL ESTATES LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 19,633 19,098
19,633 19,098
Current assets
Stocks 2,032,353 2,032,353
Debtors 5 567,959 528,801
Cash at bank and in hand 203,685 182,248
2,803,997 2,743,402
Creditors: amounts falling due within one year 6 ( 230,669) ( 248,307)
Net current assets 2,573,328 2,495,095
Total assets less current liabilities 2,592,961 2,514,193
Net assets 2,592,961 2,514,193
Capital and reserves
Called-up share capital 100 100
Capital contribution reserve 613,735 613,735
Profit and loss account 1,979,126 1,900,358
Total shareholders' funds 2,592,961 2,514,193

For the financial year ending 31 December 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 London & Argyll Estates Limited (registered number: 03354117) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Carson
Director

26 March 2025

LONDON & ARGYLL ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
LONDON & ARGYLL ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

London & Argyll 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 is 35 Ballards Lane, London, N3 1XW, 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 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 £.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 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 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 etc. 15 % 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.

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 Profit and Loss Account 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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Profit and Loss account.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivative financial instruments
The company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Profit and Loss Account immediately.

The company does not apply hedge accounting.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 5 6

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2024 97,426 97,426
Additions 4,935 4,935
At 31 December 2024 102,361 102,361
Accumulated depreciation
At 01 January 2024 78,328 78,328
Charge for the financial year 4,400 4,400
At 31 December 2024 82,728 82,728
Net book value
At 31 December 2024 19,633 19,633
At 31 December 2023 19,098 19,098

5. Debtors

2024 2023
£ £
Trade debtors 5,150 41,755
Other debtors 562,809 487,046
567,959 528,801

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 44,028 39,260
Amounts owed to group undertakings 171 350
Taxation and social security 55,265 50,405
Other creditors 131,205 158,292
230,669 248,307

7. Related party transactions

Other related party transactions

2024 2023
£ £
Rent paid to companies with common control 49,910 52,327
Expenses recharged to companies with common control 167,923 177,460
Amounts due from companies with common control included in other debtors 560,695 452,745
Amounts due to companies with common control included in other creditors 28,289 28,289

8. Ultimate controlling party

The company is controlled by the directors, J Carson, L Cason and B Carson