Silverfin false false 31/12/2024 01/01/2024 31/12/2024 M Greene 28/05/1992 B Carson 25/09/2014 13 June 2025 The principal activity of the Company during the financial year was property trading. 02693021 2024-12-31 02693021 bus:Director1 2024-12-31 02693021 bus:Director2 2024-12-31 02693021 2023-12-31 02693021 core:CurrentFinancialInstruments 2024-12-31 02693021 core:CurrentFinancialInstruments 2023-12-31 02693021 core:Non-currentFinancialInstruments 2024-12-31 02693021 core:Non-currentFinancialInstruments 2023-12-31 02693021 core:ShareCapital 2024-12-31 02693021 core:ShareCapital 2023-12-31 02693021 core:RetainedEarningsAccumulatedLosses 2024-12-31 02693021 core:RetainedEarningsAccumulatedLosses 2023-12-31 02693021 bus:OrdinaryShareClass1 2024-12-31 02693021 2024-01-01 2024-12-31 02693021 bus:FilletedAccounts 2024-01-01 2024-12-31 02693021 bus:SmallEntities 2024-01-01 2024-12-31 02693021 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02693021 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02693021 bus:Director1 2024-01-01 2024-12-31 02693021 bus:Director2 2024-01-01 2024-12-31 02693021 2023-01-01 2023-12-31 02693021 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 02693021 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 02693021 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02693021 (England and Wales)

LONDON & ARGYLL DEVELOPMENTS LIMITED

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

LONDON & ARGYLL DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

LONDON & ARGYLL DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
LONDON & ARGYLL DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Current assets
Stocks 5,621,015 5,555,384
Debtors 4 230,611 269,189
Cash at bank and in hand 517,668 617,441
6,369,294 6,442,014
Creditors: amounts falling due within one year 5 ( 666,106) ( 1,157,127)
Net current assets 5,703,188 5,284,887
Total assets less current liabilities 5,703,188 5,284,887
Creditors: amounts falling due after more than one year 6 ( 3,500,000) ( 3,500,000)
Net assets 2,203,188 1,784,887
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 2,203,088 1,784,787
Total shareholders' funds 2,203,188 1,784,887

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 London & Argyll Developments Limited (registered number: 02693021) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Greene
Director
B Carson
Director

13 June 2025

LONDON & ARGYLL DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
LONDON & ARGYLL DEVELOPMENTS 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

London & Argyll Developments 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 35 Ballards Lane, London, N3 1XW, 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 Statement of Financial Position 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 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 Statement of Financial Position date.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 Statement of Financial Position 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. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

4. Debtors

2024 2023
£ £
Trade debtors 135,492 174,107
Other debtors 95,119 95,082
230,611 269,189

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 181,300 183,664
Taxation and social security 245,956 214,222
Other creditors 238,850 759,241
666,106 1,157,127

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

2024 2023
£ £
Bank loans 3,500,000 3,500,000

The Company has granted a legal charge over property, treated as trading stock, with respect to a loan of £3,500,000 (2023: £3,500,000).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Other related party transactions

2024 2023
£ £
Management fees charged by shareholder 240,000 240,000

9. Ultimate controlling party

There is no ultimate controlling party.