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Company No: 09915714 (England and Wales)

LARKMEAD HOMES LIMITED

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

LARKMEAD HOMES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

LARKMEAD HOMES LIMITED

BALANCE SHEET

As at 31 December 2024
LARKMEAD HOMES LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,081 0
Investment property 4 1,511,850 1,380,098
Investments 51 51
1,518,982 1,380,149
Current assets
Debtors 5 2,562 6,992
Cash at bank and in hand 18,183 4,920
20,745 11,912
Creditors: amounts falling due within one year 6 ( 1,068,366) ( 945,075)
Net current liabilities (1,047,621) (933,163)
Total assets less current liabilities 471,361 446,986
Provision for liabilities 7 ( 54,191) ( 52,421)
Net assets 417,170 394,565
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 417,169 394,564
Total shareholders' funds 417,170 394,565

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Larkmead Homes Limited (registered number: 09915714) were approved and authorised for issue by the Director on 19 August 2025. They were signed on its behalf by:

Mr A Drake
Director
LARKMEAD HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
LARKMEAD HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Larkmead Homes 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 30 Mead Road, Torquay, TQ2 6TF, England, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

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).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

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

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2024 0 0
Additions 8,851 8,851
At 31 December 2024 8,851 8,851
Accumulated depreciation
At 01 January 2024 0 0
Charge for the financial year 1,770 1,770
At 31 December 2024 1,770 1,770
Net book value
At 31 December 2024 7,081 7,081
At 31 December 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 1,380,098
Additions 131,752
As at 31 December 2024 1,511,850

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,283,031 1,157,020

The fair value is determined annually by the director, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Trade debtors 0 1,500
Prepayments 992 0
VAT recoverable 1,520 4,892
Other debtors 50 600
2,562 6,992

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,271 2,644
Amounts owed to Group undertakings 51 51
Amounts owed to director 154,384 256,471
Accruals and deferred income 3,400 2,950
Taxation and social security 6,260 7,959
Other creditors 900,000 675,000
1,068,366 945,075

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 52,421) ( 52,421)
Charged to the Statement of Income and Retained Earnings ( 1,770) 0
At the end of financial year ( 54,191) ( 52,421)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1 1

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Marymead Limited 900,000 675,000

No interest is charged on the above loan and there are no fixed repayment terms.

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Harmony Homes 2020 Limited (51) (51)

No interest is charged on the above loan and there are no fixed repayment terms.

Transactions with the entity's director

2024 2023
£ £
Mr A Drake 154,384 256,471

No interest is charged on the above loan and there are no fixed repayment terms.

10. Reserves

The profit and loss account includes £170,657 (2023: £170,657) of non-distributable reserves relating to the revaluation of investment property.