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Company No: 04078364 (England and Wales)

SILVERCROSS PROPERTIES (NO.2) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

SILVERCROSS PROPERTIES (NO.2) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

SILVERCROSS PROPERTIES (NO.2) LTD

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
SILVERCROSS PROPERTIES (NO.2) LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
DIRECTOR N Wareing
REGISTERED OFFICE Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
United Kingdom
COMPANY NUMBER 04078364 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
SILVERCROSS PROPERTIES (NO.2) LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
SILVERCROSS PROPERTIES (NO.2) LTD

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 147 230
Investment property 4 472,000 465,000
Investments 5 182 567
472,329 465,797
Current assets
Debtors 6 1,471 202
Cash at bank and in hand 7 12,899 11,520
14,370 11,722
Creditors: amounts falling due within one year 8 ( 58,484) ( 59,426)
Net current liabilities (44,114) (47,704)
Total assets less current liabilities 428,215 418,093
Creditors: amounts falling due after more than one year 9 ( 235,601) ( 239,190)
Provision for liabilities 10 ( 8,299) ( 7,364)
Net assets 184,315 171,539
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 154,550 147,550
Profit and loss account 29,665 23,889
Total shareholders' funds 184,315 171,539

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Silvercross Properties (No.2) Ltd (registered number: 04078364) were approved and authorised for issue by the Director on 04 June 2025. They were signed on its behalf by:

N Wareing
Director
SILVERCROSS PROPERTIES (NO.2) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
SILVERCROSS PROPERTIES (NO.2) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

Silvercross Properties (No.2) 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 registered number is 04078364. The address of the Company's registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT, 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 £.

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.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

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.

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.

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 at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 October 2023 334 334
At 30 September 2024 334 334
Accumulated depreciation
At 01 October 2023 104 104
Charge for the financial year 83 83
At 30 September 2024 187 187
Net book value
At 30 September 2024 147 147
At 30 September 2023 230 230

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 465,000
Fair value movement 7,000
As at 30 September 2024 472,000

Split between Freehold and Leasehold property

The net book value of land and buildings may be further analysed as follows:

2024 2023
£ £
Freehold 255,000 250,000
Long leasehold 217,000 215,000
472,000 465,000

Valuation

The 2024 valuations were made by the director, on an open market value for existing use basis.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 October 2023 4,443 4,443
Additions 35 35
Disposals ( 783) ( 783)
Recovery of amounts written off 55 55
At 30 September 2024 3,750 3,750
Provisions for impairment
At 01 October 2023 3,876 3,876
Reversal of impairment ( 308) ( 308)
At 30 September 2024 3,568 3,568
Carrying value at 30 September 2024 182 182
Carrying value at 30 September 2023 567 567

6. Debtors

2024 2023
£ £
Trade debtors 1,116 0
Prepayments 355 202
1,471 202

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 12,899 11,520

8. Creditors: amounts falling due within one year

2024 2023
£ £
Other loans 52,750 51,850
Accruals and deferred income 2,818 2,738
Corporation tax 2,016 1,838
Other creditors 900 3,000
58,484 59,426

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

2024 2023
£ £
Bank loans 235,601 239,190

The bank loans are secured by a 1st legal charge over the freehold property.

The bank loans are interest only mortgages, due to expire after 5 years and are repayable other than by instalments.

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 7,364) ( 6,430)
Charged to the Profit and Loss Account ( 935) ( 934)
At the end of financial year ( 8,299) ( 7,364)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 28) ( 44)
Revaluation of investment property ( 8,271) ( 7,320)
( 8,299) ( 7,364)