Silverfin false false 30/09/2024 01/10/2023 30/09/2024 I D Fern 31/03/2000 25 June 2025 no description of principal activity 03522414 2024-09-30 03522414 bus:Director1 2024-09-30 03522414 2023-09-30 03522414 core:CurrentFinancialInstruments 2024-09-30 03522414 core:CurrentFinancialInstruments 2023-09-30 03522414 core:Non-currentFinancialInstruments 2024-09-30 03522414 core:Non-currentFinancialInstruments 2023-09-30 03522414 core:ShareCapital 2024-09-30 03522414 core:ShareCapital 2023-09-30 03522414 core:FurtherSpecificReserve1ComponentTotalEquity 2024-09-30 03522414 core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-30 03522414 core:RetainedEarningsAccumulatedLosses 2024-09-30 03522414 core:RetainedEarningsAccumulatedLosses 2023-09-30 03522414 core:PlantMachinery 2023-09-30 03522414 core:PlantMachinery 2024-09-30 03522414 2022-09-30 03522414 core:AcceleratedTaxDepreciationDeferredTax 2024-09-30 03522414 core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 03522414 core:RevaluationInvestmentPropertyDeferredTax 2024-09-30 03522414 core:RevaluationInvestmentPropertyDeferredTax 2023-09-30 03522414 2023-10-01 2024-09-30 03522414 bus:FilletedAccounts 2023-10-01 2024-09-30 03522414 bus:SmallEntities 2023-10-01 2024-09-30 03522414 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 03522414 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03522414 bus:Director1 2023-10-01 2024-09-30 03522414 core:PlantMachinery 2023-10-01 2024-09-30 03522414 2022-10-01 2023-09-30 03522414 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 03522414 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Company No: 03522414 (England and Wales)

FERNS PROPERTY DEVELOPMENT LIMITED

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

FERNS PROPERTY DEVELOPMENT LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

FERNS PROPERTY DEVELOPMENT LIMITED

BALANCE SHEET

As at 30 September 2024
FERNS PROPERTY DEVELOPMENT LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 518 692
Investment property 4 11,679,879 11,525,000
11,680,397 11,525,692
Current assets
Debtors
- due within one year 5 2,552,149 2,534,561
- due after more than one year 5 645,192 630,137
Cash at bank and in hand 24,536 99,298
3,221,877 3,263,996
Creditors: amounts falling due within one year 6 ( 1,082,635) ( 1,141,468)
Net current assets 2,139,242 2,122,528
Total assets less current liabilities 13,819,639 13,648,220
Creditors: amounts falling due after more than one year 7 ( 1,138,042) ( 1,310,316)
Provision for liabilities 8 ( 2,155,242) ( 2,191,708)
Net assets 10,526,355 10,146,196
Capital and reserves
Called-up share capital 300 300
Fair value reserve 7,281,615 7,281,615
Profit and loss account 3,244,440 2,864,281
Total shareholders' funds 10,526,355 10,146,196

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.

Director's responsibilities:

The financial statements of Ferns Property Development Limited (registered number: 03522414) were approved and authorised for issue by the Director on 25 June 2025. They were signed on its behalf by:

I D Fern
Director
FERNS PROPERTY DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
FERNS PROPERTY DEVELOPMENT 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

Ferns Property Development 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 Tutsham Farm, West Farleigh, Maidstone, ME15 0NE, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Ferns Property Development Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover comprises revenue recognised by the company in respect of rental income receivable, exclusive of Value Added Tax, in the ordinary course of business for properties owned by the Company.
Rental income is recognised as it becomes receivable in accordance with the tenancy agreement. Where rental income is received in advance for a period which spans the year-end, the revenue is recognised as deferred income.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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:

Plant and machinery 25 % reducing balance

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.

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 director, on an open market value for existing use basis.

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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 October 2023 9,150 9,150
At 30 September 2024 9,150 9,150
Accumulated depreciation
At 01 October 2023 8,458 8,458
Charge for the financial year 174 174
At 30 September 2024 8,632 8,632
Net book value
At 30 September 2024 518 518
At 30 September 2023 692 692

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 11,525,000
Additions 154,879
As at 30 September 2024 11,679,879

Investment properties, which are all freehold, had 2024 valuations made by the director, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 1,846 1,815
Prepayments and accrued income 4,000 31,050
Other debtors 2,546,303 2,501,696
2,552,149 2,534,561
Debtors: amounts falling due after more than one year
Other debtors 645,192 630,137

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 169,444 166,614
Trade creditors 11,013 29,636
Amounts owed to Group undertakings 696,833 689,284
Accruals 5,498 5,400
Taxation and social security 166,965 250,534
Other creditors 32,882 0
1,082,635 1,141,468

The bank loans are secured by way of a First Legal Charge over the Company's freehold investment properties and an unlimited debenture by the Company.

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

2024 2023
£ £
Bank loans 1,138,042 1,310,316

The bank loans are secured by way of a First Legal Charge over the Company's freehold investment properties and an unlimited debenture by the Company.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 2,191,708) ( 2,190,725)
Credited/(charged) to the Profit and Loss Account 36,466 ( 983)
At the end of financial year ( 2,155,242) ( 2,191,708)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 22,142) ( 22,142)
Revaluation of investment property ( 2,169,566) ( 2,169,566)
( 2,155,242) ( 2,191,708)

9. Related party transactions

At the balance sheet date, the Company owed £696,833 (2023: £689,284) to companies under common control. These loans are interest free and repayable on demand.

At the balance sheet date, the Company was owed £ 561,800 (2023: 561,800) by company with common director. The loan is interest free and repayable on demand.

During the year the Company made cash advances of £nil (2023: £ nil) to the director. The loan bears interest in line with HMRC official rates. At the year-end, the Company was owed £1,984,303 (2023: £1,939,696) by the director which is included in other debtors.