| SILVERFLEET LIMITED |
| Registered number: |
05035659 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| € |
€ |
| Fixed assets |
| Tangible assets |
3 |
|
|
933,161 |
|
|
933,161 |
|
| Current assets |
| Debtors |
4 |
|
9,895 |
|
|
- |
| Cash at bank and in hand |
|
|
21,876 |
|
|
24,317 |
|
|
|
31,771 |
|
|
24,317 |
|
| Creditors: amounts falling due within one year |
5 |
|
(1,014,408) |
|
|
(1,023,359) |
|
| Net current liabilities |
|
|
|
(982,637) |
|
|
(999,042) |
|
| Total assets less current liabilities |
|
|
|
(49,476) |
|
|
(65,881) |
|
|
| Provisions for liabilities |
|
|
|
(86,501) |
|
|
(81,471) |
|
|
| Net liabilities |
|
|
|
(135,977) |
|
|
(147,352) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,476 |
|
|
1,476 |
| Fair value reserve |
6 |
|
|
257,397 |
|
|
252,367 |
| Profit and loss account |
|
|
|
(394,850) |
|
|
(401,195) |
|
| Shareholder's funds |
|
|
|
(135,977) |
|
|
(147,352) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his 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. |
|
|
|
|
| Mr Andreas Hadjiyiannis |
| Director |
| Approved by the board on 25 September 2025 |
|
| SILVERFLEET LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going Concern |
|
The accounts have been prepared on a going concern basis even though this basis may not be appropriate as the company had a net liabilities position at the year end. However the director believes that the company will continue its operating existence in the foreseeable future and be able to meet its financial obligations as he has pledged to continue to provide working capital to the company and not call in the loan due to him which is interest free and repayable on demand until the company is in a position to pay. |
|
|
Turnover |
|
Turnover represents rents receivable on investment properties recognised in accordance with the tenancy agreement. |
|
|
Investment properties |
|
Investment properties are properties held for rental and/or capital appreciation. Investment properties are initially measure at cost,including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value.Gains and losses arising from changes in the fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investment properties |
|
|
|
|
|
|
|
|
Land and buildings |
| € |
|
Cost |
|
At 1 January 2024 |
933,161 |
|
At 31 December 2024 |
933,161 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
933,161 |
|
At 31 December 2023 |
933,161 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2024 |
|
2023 |
| € |
€ |
|
Historical cost |
608,195 |
|
608,195 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
608,195 |
|
608,195 |
|
The investment property was revalued at the year end by the director at market value. |
|
|
| 4 |
Debtors |
2024 |
|
2023 |
| € |
€ |
|
|
Other debtors |
9,895 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| € |
€ |
|
|
Amount due to shareholder |
1,007,507 |
|
1,007,507 |
|
Other creditors |
6,901 |
|
15,852 |
|
|
|
|
|
|
1,014,408 |
|
1,023,359 |
|
|
|
|
|
|
|
|
|
|
Amounts due to the shareholder are interest free and repayable on demand. |
|
|
| 6 |
Fair value reserve |
2024 |
|
2023 |
| € |
€ |
|
|
At 1 January 2024 |
252,367 |
|
246,445 |
|
Deferred taxation arising on the revaluation of land and buildings |
5,030 |
|
5,922 |
|
|
At 31 December 2024 |
257,397 |
|
252,367 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Other information |
|
|
SILVERFLEET LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
5 Market Yard Mews |
|
194-204 Bermondsey Street |
|
London |
|
SE1 3TQ |