Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mrs M S E Shackleford 21/03/2018 Mr R G Shackleford 06 June 2025 no description of principal activity 01155690 2024-09-30 01155690 bus:Director1 2024-09-30 01155690 2023-09-30 01155690 core:CurrentFinancialInstruments 2024-09-30 01155690 core:CurrentFinancialInstruments 2023-09-30 01155690 core:ShareCapital 2024-09-30 01155690 core:ShareCapital 2023-09-30 01155690 core:RetainedEarningsAccumulatedLosses 2024-09-30 01155690 core:RetainedEarningsAccumulatedLosses 2023-09-30 01155690 core:Vehicles 2023-09-30 01155690 core:FurnitureFittings 2023-09-30 01155690 core:Vehicles 2024-09-30 01155690 core:FurnitureFittings 2024-09-30 01155690 core:CostValuation 2023-09-30 01155690 core:CostValuation 2024-09-30 01155690 2023-10-01 2024-09-30 01155690 bus:FilletedAccounts 2023-10-01 2024-09-30 01155690 bus:SmallEntities 2023-10-01 2024-09-30 01155690 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 01155690 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01155690 bus:Director1 2023-10-01 2024-09-30 01155690 bus:Director2 2023-10-01 2024-09-30 01155690 core:FurnitureFittings 2023-10-01 2024-09-30 01155690 2022-10-01 2023-09-30 01155690 core:Vehicles 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Company No: 01155690 (England and Wales)

FLASKHILL LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

FLASKHILL LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

FLASKHILL LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
FLASKHILL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS Mrs M S E Shackleford
Mr R G Shackleford
SECRETARY Mrs M S E Shackleford
REGISTERED OFFICE 30 Pembroke Gardens
London
W8 6HU
United Kingdom
COMPANY NUMBER 01155690 (England and Wales)
ACCOUNTANT GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
FLASKHILL LIMITED

BALANCE SHEET

As at 30 September 2024
FLASKHILL LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 212 249
Investment property 4 3,000,000 3,000,000
Investments 5 2 2
3,000,214 3,000,251
Current assets
Debtors 6 1,842,259 1,145,456
Cash at bank and in hand 36,706 159,904
1,878,965 1,305,360
Creditors: amounts falling due within one year 7 ( 523,233) ( 112,039)
Net current assets 1,355,732 1,193,321
Total assets less current liabilities 4,355,946 4,193,572
Provision for liabilities ( 659,962) ( 659,962)
Net assets 3,695,984 3,533,610
Capital and reserves
Called-up share capital 200 200
Profit and loss account 3,695,784 3,533,410
Total shareholders' funds 3,695,984 3,533,610

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.

Directors' responsibilities:

The financial statements of Flaskhill Limited (registered number: 01155690) were approved and authorised for issue by the Board of Directors on 06 June 2025. They were signed on its behalf by:

Mr R G Shackleford
Director
FLASKHILL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
FLASKHILL LIMITED

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

Flaskhill 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 30 Pembroke Gardens, London, W8 6HU, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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.

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:

Vehicles
Fixtures and fittings 15 % reducing balance
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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

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

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 company’s contractual obligations expire or are discharged or cancelled.

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.

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 0 0

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 October 2023 0 8,896 8,896
At 30 September 2024 0 8,896 8,896
Accumulated depreciation
At 01 October 2023 0 8,647 8,647
Charge for the financial year 0 37 37
At 30 September 2024 0 8,684 8,684
Net book value
At 30 September 2024 0 212 212
At 30 September 2023 0 249 249

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 3,000,000
As at 30 September 2024 3,000,000

Valuation

The valuations of investment properties were made as at 30 September 2024 by the director of the company who is a member of Royal Institution of Chartered Surveyors on an existing use open market basis. No depreciation is provided in respect of these properties.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 2
At 30 September 2024 2
Carrying value at 30 September 2024 2
Carrying value at 30 September 2023 2

6. Debtors

2024 2023
£ £
Amounts owed by Group undertakings (note 8) 132,839 129,839
Corporation tax 427,190 184,136
Other debtors 1,282,230 831,481
1,842,259 1,145,456

7. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 297,191 53,262
Other creditors 226,042 58,777
523,233 112,039

8. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

At the reporting date, the company was owed £1,219,010 (2023: £500,228) by the director and £62,652 (2023: £61,273) by a shareholder of the company. The loan is repayable on demand and attracts average interest at 2.25%.