Registered number
03119466
SHILLOFAD LIMITED
Filleted Accounts
31 December 2024
SHILLOFAD LIMITED
Registered number: 03119466
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Investments
Investments 3 20,610,656 11,531,414
Current assets
Debtors 4 379,721 256,949
Cash at bank and in hand 677,414 6,199,857
1,057,135 6,456,806
Creditors: amounts falling due within one year 5 (2,355,725) (307,363)
Net current (liabilities)/assets (1,298,590) 6,149,443
Net assets 19,312,066 17,680,857
Capital and reserves
Called up share capital 5,000 5,000
Non-Distributable Reserve 3,373,985 2,917,479
Profit and loss account 15,933,081 14,758,378
Shareholders' funds 19,312,066 17,680,857
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Timothy Mucklow
Director
Approved by the board on 25 June 2025
SHILLOFAD LIMITED
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets measured at fair value through profit or loss.

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102.
Investment Properties (woodlands)
The company’s investment properties were valued as at 31st December 2024 by Mr Duns-Scot Mucklow. These assets are held as investments in Woodlands. In accordance with the Financial Reporting Standard 102 the investment properties are included at open market value and any gains and losses recognised in profit and loss. Accordingly, no depreciation or impairment is provided in respect of the investment property. The fair value gains are not realised profits and a non-distributable reserve shows the accumulation of the fair value gains. The directors consider that the policy results in the accounts giving a true and fair view.
Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.
Deferred Taxation
The sale and costs of the Woodlands are not within the charge to corporation tax and no
provision for taxation is included in respect of the revaluation surplus.
Going Concern
The accounts have been prepared using the going concern basis.
Turnover
The turnover shown in the profit and loss account represents goods sold, grants, rents and interest receivable for the year, net of value added tax.
Employee benefits
The cost of short term benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Pensions
The company is not required to provide a pension scheme for its employee. There are no pension provisions for the directors.
2 Employees 2024 2023
Number Number
Average number of persons (including directors) employed by the company - 1
3 Investments
Land and woodland
£
Fair value
At 1 January 2024 11,531,414
Additions 8,622,736
Surplus on revaluation 456,506
At 31 December 2024 20,610,656
Depreciation
At 31 December 2024 -
Net book value
At 31 December 2024 20,610,656
At 31 December 2023 11,531,414
Freehold land and woodlands: 2024 2023
£ £
Historical cost 17,236,671 8,613,935
Valuation surplus 3,373,985 2,917,479
20,610,656 11,531,414
The Woodlands are stated at their 31st December 2024 market value and are valued by Mr Duns-Scot Mucklow. It is considered no corporation tax would arise in the event of disposals at amounts equal to the revaluation due to the special provisions relating to the taxation of commercial woodlands.
4 Debtors 2024 2023
Due within one year £ £
Trade debtors 342,255 222,757
Prepayments 37,466 34,192
379,721 256,949
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 141,881 95,122
Amount owing to Holding Company 2,000,000 -
Accruals and deferred income 7,213 31,025
Taxation 206,631 181,216
2,355,725 307,363
6 Holding Company
The company is the wholly owned subsidiary of Tellin (Bermuda) Limited, a company incorporated in the Islands of the Bermudas. Tellin (Bermuda) Limited is the ultimate holding company.
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