Salts Estates Limited

	Page
Strategic Report	1—2
Directors' Report	3
Independent Auditor's Report	4—5
Statement of Comprehensive Income	6
Balance Sheet	7
Statement of Changes in Equity	8
Statement of Cash Flows	9
Notes to the Statement of Cash Flows	10
Notes to the Financial Statements	11—17

The directors present their strategic report for the year ended 31 December 2024.

Principal Activity

The company's principal activity continues to be that of trading within Salts Mill along with the maintenance of the Grade II* redevelopment and letting of space at the property.

Review of the Business

Salts Mill is a historic building located in the World Heritage site of Saltaire in West Yorkshire. The company's own trading activities are the single largest occupier of space in the Mill and include art galleries, retail outlets and restaurants. Space within the mill is also leased to commercial tenants from a variety of sectors, including retail, industrial and office based businesses.

Art continues to draw visitors to the mill which in turn drives trade and continues to improve the location’s appeal.

The directors continue to monitor turnover and costs as the key indicators of the company's financial performance. The directors are satisfied with the level of turnover in the current economic climate, and the relative consistency of rental income levels, both of which are continually being assessed. Included within operating costs are expenses relating to repair costs and professional fees required to maintain the infrastructure, integrity and compliance of the Mill.

The company's key financial performance indicators during the year were as follows:

	2024	2023

Turnover	£3,642,825	£3,403,736


Gross Profit	£2,199,550	£1,945,115
Gross Profit Margin	60.38%	57.15%


Administrative Expenses	£3,252,925	£3,260,616
Administrative Expenses as a percentage of turnover	89.30%	95.80%

Principal Risks and Uncertainties

The directors monitor the company's exposure to risk across every area of the business through good communication, active involvement in the day-to-day running of the business and through maintenance of insurance levels. Retention of customers, suppliers, personnel and tenants is critical to this process.

The company is exposed to the usual risks associated with leasing to tenants, which are managed through appropriate credit control and lease renewal procedures. The directors have taken action to control operating costs and continue to monitor all areas of the business.

Future Developments

The company continues to invest in the gallery and its exhibitions in order to further stimulate trade and continue to develop the commercial opportunities at the mill. Examples of this are the planned exhibitions of “20 Flowers For 2025 And Some Bigger Pictures” and “We Will Sing”, both of which will open in 2025, Bradford’s City of Culture year.

The ongoing maintenance and gradual redevelopment of the mill’s building continues, and the company invests prudently in improvements to the mill building and facilities, and to fulfil its obligations for compliance with regulations and legislation.

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Salts Estates Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Financial Instruments

Financial risk management objectives and policies

The company's objective is to keep financial risk to a minimum. This is done by maintaining credit bank balances, operating appropriate debtor and creditor control procedures, and through the continued involvement of the directors in the day-to-day running of the business. The accounting policies are outlined further in note 2.

The company has low exposure to financial risks due to maintaining a credit bank balance, not relying on bank borrowings and not trading in foreign currencies.

On behalf of the board

Z Silver

Director

30 September 2025

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Salts Estates Limited

Company No. 02123490

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who held office during the year were as follows:

Z Silver

D Silver

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Brays of Wetherby Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Z Silver

Director

30 September 2025

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Independent Auditor's Report

to the Members of

Salts Estates Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Salts Estates Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) 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.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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Independent Auditor's Report (continued)

to the Members of

Salts Estates Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements of the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

The inherent limitations of an audit mean there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Crossley (Senior Statutory Auditor)

for and on behalf of Brays of Wetherby Limited , Statutory Auditor

30 September 2025

Brays of Wetherby Limited

Riverview Court

Castle Gate

Wetherby

West Yorkshire

LS22 6LE

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Salts Estates Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2024

Statement of Comprehensive Income

		2024	2023
	Notes	£	£
TURNOVER		3,642,825	3,403,736
Cost of sales		(1,443,275 )	(1,458,621 )

GROSS PROFIT		2,199,550	1,945,115

Administrative expenses		(3,256,773 )	(3,260,616 )
Other operating income		1,320,778	1,194,514

OPERATING PROFIT/(LOSS)	4	263,555	(120,987 )
Profit on disposal of fixed assets		5,196	-
Other interest receivable and similar income	9	22,124	11,558

PROFIT/(LOSS) BEFORE TAXATION		290,875	(109,429 )
Tax on Profit/(loss)	10	(115,771 )	(20,877 )

PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR		175,104	(130,306 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		175,104	(130,306 )

The notes on pages 10 to 17 form part of these financial statements.

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Salts Estates Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 02123490

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		5,740,920		5,975,431
Investments	13		100		100

			5,741,020		5,975,531
CURRENT ASSETS
Stocks	14	817,706		698,386
Debtors	15	383,561		1,024,537
Cash at bank and in hand		2,208,039		1,117,612

		3,409,306		2,840,535
Creditors: Amounts Falling Due Within One Year	16	(881,308 )		(712,240 )

NET CURRENT ASSETS (LIABILITIES)			2,527,998		2,128,295

TOTAL ASSETS LESS CURRENT LIABILITIES			8,269,018		8,103,826

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(354,827 )		(364,739 )

NET ASSETS			7,914,191		7,739,087

CAPITAL AND RESERVES
Called up share capital	19		100		100
Revaluation reserve			3,351,352		3,497,064
Profit and Loss Account			4,562,739		4,241,923

SHAREHOLDERS' FUNDS			7,914,191		7,739,087

On behalf of the board

Z Silver

Director

30 September 2025

The notes on pages 10 to 17 form part of these financial statements.

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Salts Estates Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	100	3,642,776	4,226,517	7,869,393
Loss for the year and total comprehensive income	-	-	(130,306 )	(130,306)

Transfer from revaluation reserve	-	-	145,712	145,712
Transfer to/from Profit & Loss Account	-	(145,712 )	-	(145,712)

As at 31 December 2023 and 1 January 2024	100	3,497,064	4,241,923	7,739,087


Profit for the year and total comprehensive income	-	-	175,104	175,104

Transfer from revaluation reserve	-	-	145,712	145,712
Transfer to/from Profit & Loss Account	-	(145,712 )	-	(145,712)

As at 31 December 2024	100	3,351,352	4,562,739	7,914,191

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Salts Estates Limited

Statement of Cash Flows

For The Year Ended 31 December 2024

Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	1,084,962	(356,806 )
Tax paid		(20,364 )	(89,393 )

Net cash generated from/(used in) operating activities		1,064,598	(446,199 )

Cash flows from investing activities
Purchase of tangible assets		(2,495 )	(51,539 )
Proceeds from disposal of tangible assets		6,200	-
Interest received		22,124	11,558

Net cash generated from/(used in) investing activities		25,829	(39,981 )

Cash flows from financing activities
Amount introduced by directors		-	5,928



Increase/(decrease) in cash and cash equivalents		1,090,427	(480,252 )
Cash and cash equivalents at beginning of year	2	1,117,612	1,597,864

Cash and cash equivalents at end of year	2	2,208,039	1,117,612

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Salts Estates Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Statement of Cash Flows

1. Reconciliation of profit/(loss) for the financial year to cash generated from/(used in) operations

	2024	2023
	£	£
Profit/(loss) for the financial year	175,104	(130,306 )
Adjustments for:
Tax on profit/(loss)	115,771	20,877
Interest income	(22,124 )	(11,558 )
Depreciation of tangible assets	236,002	243,450
Profit on disposal of tangible assets	(5,196)	-
Movements in working capital:
(Increase)/decrease in stocks	(119,320 )	27,170
Decrease/(increase) in trade and other debtors	640,976	(549,464 )
Increase in trade and other creditors	63,749	43,025

Net cash generated from/(used in) operations	1,084,962	(356,806 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	2,208,039	1,117,612

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	1,117,612	1,090,427	2,208,039

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Salts Estates Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Salts Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02123490 . The registered office is Salts Mill, Victoria Road, Saltaire, Shipley, BD18 3LB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer pays for the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the actual services provided to date, multiplied by the charge rates associated with the particular service, as set out in the contract with the customer.

Rental income

Rental income is recognised on an accruals basis in accordance with the terms of the lease agreement in place with the customer. Rental income is recorded separately from turnover in the accounts.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are the Gallery website. It is amortised to profit and loss account over its estimated economic life of 5 years on a straight line basis.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% straight line basis
Fine Art	Not depreciated
Motor Vehicles	25% reducing balance basis
Fixtures & Fittings	15% reducing balance basis
Computer Equipment	33% reducing balance basis

Fine Art was previously depreciated on a 15% reducing balance basis. Following a 2018 review of the expected useful economic life of the assets in this class, it is deemed more appropriate not to depreciate these assets.

2.5. Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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Salts Estates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Other Operating Income

	2024	2023
	£	£
Rental income	1,320,778	1,194,514

	1,320,778	1,194,514

4. Operating Profit/(loss)

The operating profit/(loss) is stated after charging:

	2024	2023
	£	£
Depreciation of tangible fixed assets	236,002	243,450

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	15,000	14,000

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Salts Estates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	1,549,379	1,376,634
Social security costs	116,189	100,907
Other pension costs	26,735	28,185

	1,692,303	1,505,726

7. Average Number of Employees

Average number of employees, including directors, during the year was: 104 (2023: 98)

8. Directors' remuneration

	2024	2023
	£	£
Emoluments	183,949	148,300
Company contributions to money purchase pension schemes	2,634	2,003

	186,583	150,303

The number of directors to whom retirement benefits were accruing was as follows:

	2024		2023
Money purchase pension schemes	2		2

9. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	17,914	7,314
Other interest receivable	4,210	4,244

	22,124	11,558

10. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the profit/(loss) for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	125,683	20,360
Deferred Tax
Origination and reversal of timing differences			(9,912 )	517


Total tax charge for the period			115,771	20,877


The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit/(loss) and the standard rate of corporation tax as follows:

...CONTINUED

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Salts Estates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

	2024	2023
	£	£
Profit before tax	290,875	(109,429)

Tax on profit at 25% (UK standard rate)	72,719	(27,357 )
Goodwill/depreciation not allowed for tax	57,702	60,862
Capital allowances	(4,738 )	(9,999 )
Short term timing differences	(9,912 )	517
Difference in tax rates	-	(3,146 )

Total tax charge for the period	115,771	20,877

11. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	4,479

As at 31 December 2024	4,479

Amortisation
As at 1 January 2024	4,479

As at 31 December 2024	4,479

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

12. Tangible Assets

	Land & Property
	Freehold	Fine Art	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2024	9,832,970	2,066,174	127,841	1,431,588	13,458,573
Additions	-	-	-	2,495	2,495
Disposals	-	-	(42,300 )	-	(42,300 )

As at 31 December 2024	9,832,970	2,066,174	85,541	1,434,083	13,418,768

Depreciation
As at 1 January 2024	4,647,745	1,516,929	109,600	1,208,868	7,483,142
Provided during the period	196,659	-	4,310	35,033	236,002
Disposals	-	-	(41,296 )	-	(41,296 )

As at 31 December 2024	4,844,404	1,516,929	72,614	1,243,901	7,677,848

Net Book Value
As at 31 December 2024	4,988,566	549,245	12,927	190,182	5,740,920

As at 1 January 2024	5,185,225	549,245	18,241	222,720	5,975,431

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Salts Estates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Included within the net book value of land and buildings above is £4,988,566 (2023 - £5,185,225) in respect of freehold land and buildings.

The freehold land and buildings included above were previously revalued. On transition to FRS 102 the valuation was deemed cost, and the land and buildings are now held at cost.

The fine art category is worth at least the value at which it is shown in the accounts.

13. Investments

	Subsidiaries
	£
Cost
As at 1 January 2024	100

As at 31 December 2024	100

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	100

As at 1 January 2024	100

Subsidiaries

Details of the company's subsidiaries as at 31 December 2024 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Jonathan Silver Limited	Salts Mill, Victoria Road, Saltaire, Shipley, BD18 3LB	Ordinary shares	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Jonathan Silver Limited	3,329	-

The financial period end of Jonathan Silver Limited is 31 December. The company is dormant and so made no profit for the financial year to 31

December 2024.

Group accounts have not been prepared as the subsidiary is both dormant and immaterial.

14. Stocks

	2024	2023
	£	£
Stock	817,706	698,386

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Salts Estates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

15. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	146,796	196,809
Prepayments and accrued income	236,765	277,556
Related party loans	-	550,172

	383,561	1,024,537

16. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	218,799	191,272
Amounts owed to group undertakings	3,329	3,329
Other creditors	135,273	111,681
Corporation tax	125,683	20,364
Taxation and social security	234,486	194,513
Accruals and deferred income	163,738	191,081

	881,308	712,240

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	354,827	364,739

18. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2024	364,739	364,739
Utilised	(9,912 )	(9,912)

Balance at 31 December 2024	354,827	354,827

19. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

20. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £26,735 (2023: £28,185).

At the balance sheet date contributions of £4,970 (2023: £5,074) were due to the fund and are included in creditors.

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Salts Estates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

21. Related Party Disclosures

During the year loans to former Directors of the company were repaid in full. At the balance sheet date the company was owed £nil (2023 - £550,172) from former or current Directors. Interest was charged on the loans at the official rate and the loans were repayable on demand.

During the year the company incurred and recharged expenses totalling £9,748 (2023 - £9,128) on behalf of a partnership in which a former Director is a partner. The partnership also provided consultancy services to the company, for which the partnership was paid £36,000 (2023 - £36,000). At the balance sheet date the amount due to/from the partnership was £nil (2023 - £nil).

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