Company Registration No. 00633649 (England and Wales)
SILVERMIST PROPERTIES (RESIDENTIAL DEVELOPMENTS) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SILVERMIST PROPERTIES (RESIDENTIAL DEVELOPMENTS) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SILVERMIST PROPERTIES (RESIDENTIAL DEVELOPMENTS) LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,700,000
Current assets
Debtors
4
2,000
5,326
Cash at bank and in hand
512,883
2,000
518,209
Creditors: amounts falling due within one year
5
(5,489)
Net current assets
2,000
512,720
Total assets less current liabilities
2,000
2,212,720
Provisions for liabilities
(395,680)
Net assets
2,000
1,817,040
Capital and reserves
Called up share capital
2,000
2,000
Other reserves
1,241,941
Profit and loss reserves
573,099
Total equity
2,000
1,817,040
The directors of the company have elected not to include a copy of the profit and loss account and director's 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. 00633649
SILVERMIST PROPERTIES (RESIDENTIAL DEVELOPMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information
Silvermist Properties (Residential Developments) Ltd 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 have been prepared under 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
The truecompany is dormant as at the balance sheet date and the directors have prepared the financial statements on the basis that the company will continue in existence as a dormant company for the foreseeable future, but irrespective of this there are no adjustments required to the balance sheet presented on the basis that all assets have now been disposed of.
1.3
Turnover
Revenue from rental income represents amounts receiveable for UK rental property and is accounted for on a daily time apportioned basis. Any amounts receivable in advance are carried forward as deferred income.
Revenue from the sale of development property is recognised on legal completion of the transaction.
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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
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.
SILVERMIST PROPERTIES (RESIDENTIAL DEVELOPMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.7
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.
Derecognition of financial assets
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SILVERMIST PROPERTIES (RESIDENTIAL DEVELOPMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
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
Employees
The average monthly number of persons employed by the company during the year was 0 (2024: 0).
3
Investment property
2025
£
Fair value
At 1 April 2024
1,700,000
Disposals
(1,700,000)
At 31 March 2025
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,000
Other debtors
5,326
2,000
5,326
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
5,489
SILVERMIST PROPERTIES (RESIDENTIAL DEVELOPMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
6
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:
£
£
On revaluation of investment property
-
395,680
2025
Movements in the year:
£
Liability at 1 April 2024
395,680
Credit to profit or loss
(395,680)
Liability at 31 March 2025
-
7
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:
give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Michael Breame
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
8 August 2025
8
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.
9
Directors' transactions
SILVERMIST PROPERTIES (RESIDENTIAL DEVELOPMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Directors' transactions
(Continued)
- 6 -
During the year £1,350,000 was loaned to the company on an interest free basis by one of the directors. Of this, £Nil is outstanding at the balance sheet date.
One of the directors purchased the company investment property during the year.