Company No:
Contents
| 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 |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| Investments | 5 |
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| 472,329 | 465,797 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand | 7 |
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| 14,370 | 11,722 | |||
| Creditors: amounts falling due within one year | 8 | (
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| 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 | (
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| Provision for liabilities | 10 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Silvercross Properties (No.2) Ltd (registered number:
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N Wareing
Director |
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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 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.
| Plant and machinery |
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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.
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.
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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Plant and machinery | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 October 2023 |
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| At 30 September 2024 |
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| Accumulated depreciation | |||
| At 01 October 2023 |
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| Charge for the financial year |
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| At 30 September 2024 |
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| Net book value | |||
| At 30 September 2024 |
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| At 30 September 2023 |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 October 2023 |
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| Fair value movement | 7,000 |
| As at 30 September 2024 |
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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.
| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 October 2023 |
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| Additions |
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| Disposals | (
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| Recovery of amounts written off |
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| At 30 September 2024 |
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| Provisions for impairment | |||
| At 01 October 2023 |
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| Reversal of impairment | (
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| At 30 September 2024 |
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| Carrying value at 30 September 2024 |
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| Carrying value at 30 September 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other loans |
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| Accruals and deferred income |
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| Corporation tax |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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The bank loans are interest only mortgages, due to expire after 5 years and are repayable other than by instalments.
| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Charged to the Profit and Loss Account | (
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| At the end of financial year | (
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The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Accelerated capital allowances | (
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| Revaluation of investment property | (
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