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Company No: 13497940 (England and Wales)

LITTLE DOWRAN FARM LIMITED

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

LITTLE DOWRAN FARM LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

LITTLE DOWRAN FARM LIMITED

BALANCE SHEET

As at 31 July 2024
LITTLE DOWRAN FARM LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 2,149,555 1,242,863
2,149,555 1,242,863
Current assets
Debtors
- due within one year 5 4,150 10,351
- due after more than one year 5 9,200 0
Cash at bank and in hand 18 0
13,368 10,351
Creditors: amounts falling due within one year 6 ( 874,454) ( 1,319,568)
Net current liabilities (861,086) (1,309,217)
Total assets less current liabilities 1,288,469 (66,354)
Creditors: amounts falling due after more than one year 7 ( 1,494,715) 0
Net liabilities ( 206,246) ( 66,354)
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 206,248 ) ( 66,356 )
Total shareholders' deficit ( 206,246) ( 66,354)

For the financial year ending 31 July 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 Little Dowran Farm Limited (registered number: 13497940) were approved and authorised for issue by the Board of Directors on 08 July 2025. They were signed on its behalf by:

Mr T N McFadden
Director
LITTLE DOWRAN FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
LITTLE DOWRAN FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

Little Dowran Farm 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 Carnyorth Industrial Site, St Just, Penzance, Cornwall, TR19 7QD, 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 Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £206,246. 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.

Prior year adjustment

The share capital of the company was omitted from the prior year accounts. The called-up share capital and other creditors balances have been corrected in the 2024 accounts.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

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 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Ordinary share capital

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

2. Prior year adjustment

The share capital of the company was omitted from the prior year accounts. This has been corrected in the comparative figures for the 2024 accounts.

As previously reported Adjustment As restated
Year ended 31 July 2023 £ £ £
Called-up share capital 0 2 2
Other creditors 333,847 (2) 333,845

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

4. Tangible assets

Land and buildings Total
£ £
Cost
At 01 August 2023 1,242,863 1,242,863
Additions 906,692 906,692
At 31 July 2024 2,149,555 2,149,555
Accumulated depreciation
At 01 August 2023 0 0
At 31 July 2024 0 0
Net book value
At 31 July 2024 2,149,555 2,149,555
At 31 July 2023 1,242,863 1,242,863

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Other debtors 4,150 10,351
Debtors: amounts falling due after more than one year
Other debtors 9,200 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 17,577 749,177
Trade creditors 3,128 793
Amounts owed to directors 336,855 333,845
Accruals 7,558 235,753
Other creditors 509,336 0
874,454 1,319,568

The mortgage is secured via a debenture from Little Dowran Farm Limited and a legal mortgage on the freehold property of the Company known as Little Dowran Farm. The directors have also provided a guarantee limited to £100,000 supported by a legal mortgage over specific personal property.

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

2024 2023
£ £
Bank loans (secured) 1,494,715 0

The mortgage which has a carrying value of £716,857 (2023: £731,490) is secured via a debenture from Little Dowran Farm Limited and a legal mortgage on the freehold property of the Company known as Little Dowran Farm. The directors have also provided a guarantee limited to £100,000 supported by a legal mortgage over specific personal property.

The development loan which has a carrying value of £777,858 (2023: £nil) is secured via a legal mortgage from Little Dowran Farm Limited and guaranteed by Little Dowran Farm Limited, Iktin Solutions Limited, Celtic Turf Limited & CGS Contractors Southwest Limited. The directors have also provided a guarantee limited to £250,000 supported by a second legal mortgage over specific personal property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 646,548 0

8. Called-up share capital

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