Company Registration No. 05460710 (England and Wales)
SILVERMIST PROPERTIES (CHELMSFORD) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SILVERMIST PROPERTIES (CHELMSFORD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SILVERMIST PROPERTIES (CHELMSFORD) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,338
17,417
Investment properties
5
11,199,999
11,200,000
11,218,337
11,217,417
Current assets
Debtors
6
364,171
132,788
Cash at bank and in hand
311,381
-
0
675,552
132,788
Creditors: amounts falling due within one year
7
(1,438,247)
(1,370,950)
Net current liabilities
(762,695)
(1,238,162)
Total assets less current liabilities
10,455,642
9,979,255
Creditors: amounts falling due after more than one year
8
(8,000,000)
(8,000,000)
Provisions for liabilities
9
(345,000)
(345,000)
Net assets
2,110,642
1,634,255
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
10
2,110,641
1,634,254
Total equity
2,110,642
1,634,255

The directors of the company have elected not to include a copy of the profit and loss account and directors' report within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
MPR Kean
Director
Company Registration No. 05460710
SILVERMIST PROPERTIES (CHELMSFORD) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Silvermist Properties (Chelmsford) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fairacres, Stock Lane, Ingatestone, Essex, CM4 9QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The investment properties are held for long term return and rental yield thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover consists of amounts receivable for UK property rental services, including associated charges made to tenants where applicable within the terms of their lease, net of VAT and trade discounts, and amounts recharged to tenants where appropriate under the terms of their lease. Credit is taken for rents receivable on a daily basis. Any amounts of rent receivable in advance are carried forward.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Plant and machinery
2-5 year straight line

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

SILVERMIST PROPERTIES (CHELMSFORD) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
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 current liabilities.

1.8
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.

Classification of financial liabilities

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.

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.

SILVERMIST PROPERTIES (CHELMSFORD) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Fair Value of Investment Property

The directors exercise judgement on the carrying value of investment properties based on their experience and understanding of market conditions. Such judgement is supported by periodic professional valuations which provide further relevant information which assists the directors in reaching their conclusions.

3
Employees

The average monthly number of persons employed by the company during the year was 0 (2024: 0).

SILVERMIST PROPERTIES (CHELMSFORD) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
20,417
Additions
6,550
At 31 March 2025
26,967
Depreciation and impairment
At 1 April 2024
3,000
Depreciation charged in the year
5,629
At 31 March 2025
8,629
Carrying amount
At 31 March 2025
18,338
At 31 March 2024
17,417
5
Investment property
2025
£
Fair value
At 1 April 2024
11,200,000
Disposals
(1)
At 31 March 2025
11,199,999

Two of the company's investment properties were last valued on a fair value basis by an independent qualified professional valuer in 2024. The final investment property was last valued professionally by an independent valuer in 2022. The Directors have considered the value of the investment property portfolio as at 31 March 2025 and considered there to be no material change since the previous year. The historic cost of the investment properties is £10,907,681. A small strip of grass verge was disposed of in the year and it had no significant cost or carrying value attached to it. As such £1 has been reflected as its disposal cost.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
304,328
58,121
Other debtors
59,843
74,667
364,171
132,788
SILVERMIST PROPERTIES (CHELMSFORD) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
-
0
1,008,957
Trade creditors
11,118
15,797
Amounts owed to group undertakings
285,468
-
0
Corporation tax
73,613
45,693
Other taxation and social security
38,634
34,737
Other creditors
1,029,414
265,766
1,438,247
1,370,950

The bank overdraft is secured by a fixed and floating charge over the present and future assets of the company.

8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
8,000,000
8,000,000

The £8,000,000 bank loan is secured by first priority legal charge over all the commercial freehold property of the company and on all group assets together with a guarantee from all group companies for the principle sum of £8,000,000. The loan facility was renewed in the previous year under a five year term.

9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
197,000
197,000
Revaluations
148,000
148,000
345,000
345,000
There were no deferred tax movements in the year.
10
Profit and loss reserves

The company has £1,834,048 (2024: £1,834,048) of non-distributable retained earnings in relation to unrealised revaluation gains on investment property, net of deferred tax.

SILVERMIST PROPERTIES (CHELMSFORD) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Michael Breame
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
8 August 2025
12
Financial commitments, guarantees and contingent liabilities

The company, together with four other group companies, has entered a composite guarantee in respect of bank overdrafts of those companies. There is a right of set-off incorporated within the inter company guarantee. The net overdraft indebtedness of the group companies to the bank at the year end was £Nil (2024: £Nil).

13
Parent company

Following a share for share exchange and distribution in specie in the financial year, the company became a wholly owned subsidiary of Fairacres Group (Holdings) Limited, a company registered in England. Details of the group and consolidated financial statements can be found at Companies House. That company is controlled by the directors.

14
Related party transactions

Included within other creditors due within one year is an unsecured loan of £750,000 (2024: £nil) owed to a director of the company.

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