Silverfin false false 31/12/2024 01/01/2024 31/12/2024 M W Smith 04/11/2004 R N Trethowan 04/11/2004 31 March 2025 The principal activity of the Company during the financial year was real estate agencies. 05278047 2024-12-31 05278047 bus:Director1 2024-12-31 05278047 bus:Director2 2024-12-31 05278047 2023-12-31 05278047 core:CurrentFinancialInstruments 2024-12-31 05278047 core:CurrentFinancialInstruments 2023-12-31 05278047 core:Non-currentFinancialInstruments 2024-12-31 05278047 core:Non-currentFinancialInstruments 2023-12-31 05278047 core:ShareCapital 2024-12-31 05278047 core:ShareCapital 2023-12-31 05278047 core:RetainedEarningsAccumulatedLosses 2024-12-31 05278047 core:RetainedEarningsAccumulatedLosses 2023-12-31 05278047 core:Goodwill 2023-12-31 05278047 core:Goodwill 2024-12-31 05278047 core:PlantMachinery 2023-12-31 05278047 core:Vehicles 2023-12-31 05278047 core:FurnitureFittings 2023-12-31 05278047 core:PlantMachinery 2024-12-31 05278047 core:Vehicles 2024-12-31 05278047 core:FurnitureFittings 2024-12-31 05278047 core:CostValuation 2023-12-31 05278047 core:RevaluationsIncreaseDecreaseInInvestments 2024-12-31 05278047 core:CostValuation 2024-12-31 05278047 core:CurrentFinancialInstruments core:Secured 2024-12-31 05278047 core:Non-currentFinancialInstruments core:Secured 2024-12-31 05278047 2024-01-01 2024-12-31 05278047 bus:FilletedAccounts 2024-01-01 2024-12-31 05278047 bus:SmallEntities 2024-01-01 2024-12-31 05278047 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 05278047 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05278047 bus:Director1 2024-01-01 2024-12-31 05278047 bus:Director2 2024-01-01 2024-12-31 05278047 core:Goodwill core:TopRangeValue 2024-01-01 2024-12-31 05278047 core:Goodwill 2024-01-01 2024-12-31 05278047 core:PlantMachinery core:BottomRangeValue 2024-01-01 2024-12-31 05278047 core:PlantMachinery core:TopRangeValue 2024-01-01 2024-12-31 05278047 core:Vehicles core:TopRangeValue 2024-01-01 2024-12-31 05278047 core:FurnitureFittings core:BottomRangeValue 2024-01-01 2024-12-31 05278047 core:FurnitureFittings core:TopRangeValue 2024-01-01 2024-12-31 05278047 2023-01-01 2023-12-31 05278047 core:PlantMachinery 2024-01-01 2024-12-31 05278047 core:Vehicles 2024-01-01 2024-12-31 05278047 core:FurnitureFittings 2024-01-01 2024-12-31 05278047 core:Subsidiary1 2024-01-01 2024-12-31 05278047 core:Subsidiary1 1 2024-01-01 2024-12-31 05278047 core:Subsidiary1 1 2023-01-01 2023-12-31 05278047 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 05278047 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure decimalUnit

Company No: 05278047 (England and Wales)

MWG ESTATES LTD

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

MWG ESTATES LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

MWG ESTATES LTD

BALANCE SHEET

As at 31 December 2024
MWG ESTATES LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 161,999 182,249
Tangible assets 4 90,782 42,546
Investments 5 57,481 51,556
310,262 276,351
Current assets
Debtors 6 63,817 67,271
Cash at bank and in hand 308,028 396,831
371,845 464,102
Creditors: amounts falling due within one year 7 ( 214,996) ( 254,471)
Net current assets 156,849 209,631
Total assets less current liabilities 467,111 485,982
Creditors: amounts falling due after more than one year 8 ( 77,990) ( 119,104)
Provision for liabilities ( 18,600) ( 2,252)
Net assets 370,521 364,626
Capital and reserves
Called-up share capital 100 100
Profit and loss account 370,421 364,526
Total shareholders' funds 370,521 364,626

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 MWG Estates Ltd (registered number: 05278047) were approved and authorised for issue by the Board of Directors on 31 March 2025. They were signed on its behalf by:

M W Smith
Director
MWG ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
MWG ESTATES LTD

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

MWG Estates Ltd (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 Lowin House, Tregolls Road, Truro, TR1 2NA, 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 £.

Going concern

The directors have assessed the Balance Sheet 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 comprises the fair value of the consideration received or receivable for residential an commercial property sales commission, property let management and the provision of professional services in the ordinary course of the company's activities. Turnover is shown net of VAT, returns, rebates and 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

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, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 4 - 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 10 - 15 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.

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.

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 Statement of Income and Retained Earnings as described below.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 23 21

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 384,186 384,186
At 31 December 2024 384,186 384,186
Accumulated amortisation
At 01 January 2024 201,937 201,937
Charge for the financial year 20,250 20,250
At 31 December 2024 222,187 222,187
Net book value
At 31 December 2024 161,999 161,999
At 31 December 2023 182,249 182,249

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2024 191,783 0 21,955 213,738
Additions 1,488 29,013 46,584 77,085
Disposals ( 430) 0 0 ( 430)
At 31 December 2024 192,841 29,013 68,539 290,393
Accumulated depreciation
At 01 January 2024 157,525 0 13,667 171,192
Charge for the financial year 18,673 5,367 4,692 28,732
Disposals ( 313) 0 0 ( 313)
At 31 December 2024 175,885 5,367 18,359 199,611
Net book value
At 31 December 2024 16,956 23,646 50,180 90,782
At 31 December 2023 34,258 0 8,288 42,546

5. Fixed asset investments

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 January 2024 51,516 40 51,556
Movement in fair value 5,925 0 5,925
At 31 December 2024 57,441 40 57,481
Carrying value at 31 December 2024 57,441 40 57,481
Carrying value at 31 December 2023 51,516 40 51,556

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2024
Ownership
31.12.2023
Held
May Whetter & Grose Limited Lowin House, Tregolls Road, Truro, TR1 2NA Dormant Ordinary 100.00% 100.00% Direct

6. Debtors

2024 2023
£ £
Trade debtors 33,372 45,149
Corporation tax 0 7,174
Other debtors 30,445 14,948
63,817 67,271

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 22,707) 32,464 30,524
Trade creditors 17,951 17,156
Other taxation and social security 68,701 67,893
Obligations under finance leases and hire purchase contracts 23,962 17,156
Other creditors 71,918 121,742
214,996 254,471

The bank loan is secured against the fixed and current assets of the company.

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

2024 2023
£ £
Bank loans (secured £ 51,026) 55,435 88,374
Obligations under finance leases and hire purchase contracts 22,555 30,730
77,990 119,104

The bank loan is secured against the fixed and current assets of the company.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 365,823 70,560

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owing to/(from) the company from the directors 1,359 1,073