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Company No: 03361802 (England and Wales)

PAYTONE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

PAYTONE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

PAYTONE LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAYTONE LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
DIRECTORS A C Barrs
B S Cooper
T B Symes
SECRETARY S Latham
REGISTERED OFFICE 6th Floor
Manfield House
1 Southampton Street
London
WC2R 0LR
United Kingdom
COMPANY NUMBER 03361802 (England and Wales)
ACCOUNTANT Alliotts LLP
Manfield House
1 Southampton Street
London
WC2R 0LR
PAYTONE LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2024
PAYTONE LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 5,800,000 5,250,000
Investments 5 428,420 484,312
6,228,420 5,734,312
Current assets
Debtors 6 30,637 18,540
Cash at bank and in hand 465,140 449,546
495,777 468,086
Creditors: amounts falling due within one year 7 ( 331,554) ( 341,601)
Net current assets 164,223 126,485
Total assets less current liabilities 6,392,643 5,860,797
Creditors: amounts falling due after more than one year 8 ( 444,427) ( 581,823)
Provision for liabilities 9 ( 350,000) ( 161,500)
Net assets 5,598,216 5,117,474
Capital and reserves
Called-up share capital 10 1,000 1,000
Revaluation reserve 1,993,446 1,993,446
Profit and loss account 3,603,770 3,123,028
Total shareholders' funds 5,598,216 5,117,474

For the financial year ending 31 October 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 Paytone Limited (registered number: 03361802) were approved and authorised for issue by the Board of Directors on 21 July 2025. They were signed on its behalf by:

Brian Stanley Cooper
Director
PAYTONE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAYTONE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

Paytone 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 6th Floor, Manfield House,, 1 Southampton Street, London, WC2R 0LR, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents rental income from operating leases and is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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 has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

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 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).

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 October 2024 of £150.00 (2023: £150.00) per ordinary share 150,000 150,000

4. Investment property

Investment property
£
Valuation
As at 01 November 2023 5,250,000
Fair value movement 550,000
As at 31 October 2024 5,800,000

Valuation

The fair value of the investment properties has been arrived at on the basis of a directors valuation carried out at 31 October 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and taking into account the current condition of the properties at the end of the reporting period.

5. Fixed asset investments

Loans Other investments Total
£ £ £
Cost or valuation before impairment
At 01 November 2023 428,420 55,892 484,312
Disposals 0 ( 55,892) ( 55,892)
At 31 October 2024 428,420 0 428,420
Carrying value at 31 October 2024 428,420 0 428,420
Carrying value at 31 October 2023 428,420 55,892 484,312

6. Debtors

2024 2023
£ £
Other debtors 30,637 18,540

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 145,000 145,000
Trade creditors 0 17,560
Corporation tax 89,748 81,572
Other taxation and social security 1,356 1,851
Other creditors 95,450 95,618
331,554 341,601

The bank loans are secured by fixed and floating charges over the assets of the company.

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

2024 2023
£ £
Bank loans 444,427 581,823

The bank loans are secured by fixed and floating charges over the assets of the company.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 350,000 161,500

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
670 Ordinary A shares of £ 1.00 each 670 670
330 Ordinary B shares of £ 1.00 each 330 330
1,000 1,000

The company has two classes of ordinary shares which both carry no right to fixed income and have one vote per share at meetings.

11. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 19,446,778 22,698,518