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Company No: 00775173 (England and Wales)

ROMFIELD HOLDINGS LIMITED

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

ROMFIELD HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ROMFIELD HOLDINGS LIMITED

BALANCE SHEET

As at 31 December 2024
ROMFIELD HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 8,431,000 8,711,000
Investments 5 16,583 16,583
8,447,583 8,727,583
Current assets
Debtors 6 550,401 640,274
Cash at bank and in hand 964,637 199,787
1,515,038 840,061
Creditors: amounts falling due within one year 7 ( 1,166,058) ( 606,900)
Net current assets 348,980 233,161
Total assets less current liabilities 8,796,563 8,960,744
Provision for liabilities ( 772,103) ( 804,426)
Net assets 8,024,460 8,156,318
Capital and reserves
Called-up share capital 201 201
Share premium account 163,152 163,152
Revaluation reserve 2,392,771 2,490,530
Profit and loss account 5,468,336 5,502,435
Total shareholders' funds 8,024,460 8,156,318

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:

The financial statements of Romfield Holdings Limited (registered number: 00775173) were approved and authorised for issue by the Board of Directors on 09 May 2025. They were signed on its behalf by:

L W Fairlie
Director
ROMFIELD HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ROMFIELD HOLDINGS 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

Romfield Holdings 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 Grays, West Tytherley, Salisbury, Wiltshire, SP5 1LD, 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.

Turnover

Turnover represents rental income receivable for the year and is recognised on an accruals basis in accordance with the relevant rental agreements.

Employee benefits

Defined contribution schemes
The company operates a defined contribution plan for its directors. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Taxation

Current tax
The tax expense represents the sum of the tax currently payable and any deferred tax.

The current tax charge is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet dale.

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, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Investment property

Investment property is carried at fair value determined by an external qualified chartered surveyor. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account and subsequently transferred from the Profit and loss account to the revaluation reserve in the Statement of changes in equity.

Fixed asset investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are slated at historic cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised in the Balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are recorded at the present value of cash payable to the bank.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

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

Office equipment Total
£ £
Cost
At 01 January 2024 4,244 4,244
At 31 December 2024 4,244 4,244
Accumulated depreciation
At 01 January 2024 4,244 4,244
At 31 December 2024 4,244 4,244
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 8,711,000
Disposals (280,000)
As at 31 December 2024 8,431,000

Valuation

The freehold properties were professionally valued on 30 September 2022 on an open market value for existing use basis by Trinity Rose chartered surveyors. The directors have considered the value as at 31 December 2024 and confirm there has been no material movement in the valuation from 30 September 2022 to the current year end.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 16,583
At 31 December 2024 16,583
Carrying value at 31 December 2024 16,583
Carrying value at 31 December 2023 16,583

Investments in shares

The following was a subsidiary undertaking of the Company:

Name of entity Registered office Class of
shares
Ownership
31.12.2024
Ownership
31.12.2023
Kents Oak Limited Ordinary 50.00% 50.00%

The aggregate of the share capital and reserves as at 31 December 2023 was £638,088 and the profit or loss for the year ended on that date for the subsidiary undertaking was a profit of £5,006.

The statutory accounts for Kents Oak Limited for the year ended 31 December 2024 have not yet been filed at Companies House.

6. Debtors

2024 2023
£ £
Trade debtors 41,508 38,221
Prepayments 470 3,803
Other debtors 508,423 598,250
550,401 640,274

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 500,000 0
Trade creditors 380 1,473
Amounts owed to directors 216,972 158,572
Accruals and deferred income 123,077 141,970
Taxation and social security 70,262 145,165
Other creditors 255,367 159,720
1,166,058 606,900

8. Related party transactions

Included within creditors is £95,600 (2023: £60,000) due to L W Fairlie and £121,372 (2023: £98,572) due to Mrs M A Fairlie. Also included is £167,544 (2023: £63,872) due to the J&G Fairlie Trust, a trust of which one of the directors is the settlor and another director is a trustee.

During the year office recharges of £82,000 (2023: £69,000) were charged from Stonesdown Farm, a sole trade business of L W Fairlie.