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Company No: 03542317 (England and Wales)

SILVERE LTD

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

SILVERE LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

SILVERE LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
SILVERE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 1,150,000 1,190,000
1,150,000 1,190,000
Current assets
Debtors 5 33,149 83,888
Cash at bank and in hand 288,166 246,168
321,315 330,056
Creditors: amounts falling due within one year 6 ( 1,223,852) ( 1,250,266)
Net current liabilities (902,537) (920,210)
Total assets less current liabilities 247,463 269,790
Net assets 247,463 269,790
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 9 247,461 269,788
Total shareholders' funds 247,463 269,790

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 Silvere Ltd (registered number: 03542317) were approved and authorised for issue by the Board of Directors on 13 June 2025. They were signed on its behalf by:

Kirsty Victoria Pascall
Director
SILVERE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
SILVERE 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

Silvere 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 address of the Company's registered office is C/O Bishop Fleming Brook House Manor Drive, Clyst St. Mary, Exeter, EX5 1GD, 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 £.

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 note that the business has net assets of £247,463. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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
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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Fixtures and fittings 5 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings 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.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

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

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 October 2023 27,148 27,148
At 30 September 2024 27,148 27,148
Accumulated depreciation
At 01 October 2023 27,148 27,148
At 30 September 2024 27,148 27,148
Net book value
At 30 September 2024 0 0
At 30 September 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 1,190,000
Fair value movement (40,000)
As at 30 September 2024 1,150,000

5. Debtors

2024 2023
£ £
Trade debtors 0 10,581
Prepayments and accrued income 8,172 48,330
Other debtors 24,977 24,977
33,149 83,888

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 2,700
Amounts owed to directors 1,209,402 1,209,402
Accruals and deferred income 7,000 11,681
Taxation and social security 7,449 26,482
Other creditors 1 1
1,223,852 1,250,266

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Monies owed by the Estate of J G Wood, former director 24,977 24,977

Transactions with the entity's directors

2024 2023
£ £
Monies owed to the director 1,209,402 1,209,402

9. Reserves

Included in the profit and loss account is non-distributable reserves of £(84,352) (2022: (£44,352)) representing the cumulative fair value movements of the Investment property, net of deferred tax. The remaining amount is distributable.