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Company No: 00604445 (England and Wales)

CRISFIELD PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

CRISFIELD PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

CRISFIELD PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2025
CRISFIELD PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025
Directors D E Andrews
E V Russell
Secretary E V Russell
Registered office Springfield House
Springfield Road
Horsham
West Sussex
England
RH12 2RG
United Kingdom
Company number 00604445 (England and Wales)
Accountant Kreston Reeves LLP
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
CRISFIELD PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2025
CRISFIELD PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 9,091 10,792
Investment property 4 4,775,000 4,805,000
4,784,091 4,815,792
Current assets
Investments 5 1,898 1,360
Cash at bank and in hand 6 480,808 719,315
482,706 720,675
Creditors: amounts falling due within one year 7 ( 45,268) ( 46,797)
Net current assets 437,438 673,878
Total assets less current liabilities 5,221,529 5,489,670
Provision for liabilities 8 ( 564,318) ( 572,243)
Net assets 4,657,211 4,917,427
Capital and reserves
Called-up share capital 9 50,000 50,000
Revaluation reserve 3,648,657 3,671,157
Capital redemption reserve 10 52,092 52,092
Profit and loss account 906,462 1,144,178
Total shareholder's funds 4,657,211 4,917,427

For the financial year ending 31 March 2025 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 Crisfield Properties Limited (registered number: 00604445) were approved and authorised for issue by the Board of Directors on 16 June 2025. They were signed on its behalf by:

E V Russell
Director
CRISFIELD PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
CRISFIELD PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
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

Crisfield Properties 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 registration number of the company is 00604445. The address of the Company's registered office is Springfield House, Springfield Road, Horsham, West Sussex, England, RH12 2RG, 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 £.

The following principal accounting policies have been applied:

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the rent received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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:

Land and buildings 15 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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.

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.

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

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Office equipment Total
£ £ £
Cost
At 01 April 2024 28,507 1,910 30,417
Additions 0 116 116
At 31 March 2025 28,507 2,026 30,533
Accumulated depreciation
At 01 April 2024 18,588 1,037 19,625
Charge for the financial year 1,488 329 1,817
At 31 March 2025 20,076 1,366 21,442
Net book value
At 31 March 2025 8,431 660 9,091
At 31 March 2024 9,919 873 10,792

4. Investment property

Investment property
£
Valuation
As at 01 April 2024 4,805,000
Fair value movement (30,000)
As at 31 March 2025 4,775,000

Valuation

The 2025 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2025 2024
£ £
Historic cost 564,298 564,298

5. Current asset investments

2025 2024
£ £
Unlisted investments 1,898 1,360

6. Cash and cash equivalents

2025 2024
£ £
Cash at bank and in hand 480,808 719,315

7. Creditors: amounts falling due within one year

2025 2024
£ £
Accruals and deferred income 3,730 3,560
Corporation tax 41,056 42,691
Other taxation and social security 482 546
45,268 46,797

8. Deferred tax

2025 2024
£ £
At the beginning of financial year ( 572,243) ( 648,836)
Credited to the Profit and Loss Account 7,925 76,593
At the end of financial year ( 564,318) ( 572,243)

The deferred taxation balance is made up as follows:

2025 2024
£ £
Accelerated capital allowances ( 2,273) ( 2,698)
Potential tax on sale of investment properties ( 562,045) ( 569,545)
( 564,318) ( 572,243)

9. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000

10. Reserves

Capital redemption reserve

The capital redemption reserve is non distributable and was formed due to previous share purchases.

Investment property revaluation reserve

The company uses the fair value method for the measurement of its investment properties. This records the revaluation surplus recognised less provision for deferred tax. This is a non distributable reserve.

Profit and loss account

The profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

11. Ultimate controlling party

The company is controlled by the Trustees of The Andrews 1993 Family Settlement by virtue of the Trust owning 100% of the issued share capital of the company.