Silverfin false false 31/12/2025 01/01/2025 31/12/2025 S E Blatchford 05/02/2013 A G Denman 05/02/2013 D M Denman 05/02/2013 M D Denman 05/02/2013 13 April 2026 The principal activity of the Company during the financial year was that of holding an investment portfolio. 08389307 2025-12-31 08389307 bus:Director1 2025-12-31 08389307 bus:Director2 2025-12-31 08389307 bus:Director3 2025-12-31 08389307 bus:Director4 2025-12-31 08389307 2024-12-31 08389307 core:Non-currentFinancialInstruments 2025-12-31 08389307 core:Non-currentFinancialInstruments 2024-12-31 08389307 core:CurrentFinancialInstruments 2025-12-31 08389307 core:CurrentFinancialInstruments 2024-12-31 08389307 core:ShareCapital 2025-12-31 08389307 core:ShareCapital 2024-12-31 08389307 core:SharePremium 2025-12-31 08389307 core:SharePremium 2024-12-31 08389307 core:OtherCapitalReserve 2025-12-31 08389307 core:OtherCapitalReserve 2024-12-31 08389307 core:RetainedEarningsAccumulatedLosses 2025-12-31 08389307 core:RetainedEarningsAccumulatedLosses 2024-12-31 08389307 core:CostValuation 2024-12-31 08389307 core:CostValuation 2025-12-31 08389307 core:AdditionsToInvestments 2025-12-31 08389307 core:DisposalsRepaymentsInvestments 2025-12-31 08389307 core:RevaluationsIncreaseDecreaseInInvestments 2025-12-31 08389307 bus:OrdinaryShareClass1 2025-12-31 08389307 2025-01-01 2025-12-31 08389307 bus:FilletedAccounts 2025-01-01 2025-12-31 08389307 bus:SmallEntities 2025-01-01 2025-12-31 08389307 bus:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 08389307 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 08389307 bus:Director1 2025-01-01 2025-12-31 08389307 bus:Director2 2025-01-01 2025-12-31 08389307 bus:Director3 2025-01-01 2025-12-31 08389307 bus:Director4 2025-01-01 2025-12-31 08389307 2024-01-01 2024-12-31 08389307 core:CurrentFinancialInstruments 2025-01-01 2025-12-31 08389307 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 08389307 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08389307 (England and Wales)

# DENMAN TRUSTEES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

DENMAN TRUSTEES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2025

Contents

DENMAN TRUSTEES LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 December 2025
DENMAN TRUSTEES LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Investments | 3 | 882,453 |  | 948,601
|  | 882,453 |  | 948,601
Current assets |  |  |  |
Debtors |  |  |  |
- due after more than one year | 4 | 1,135,450 |  | 1,083,468
Cash at bank and in hand |  | 7,814 |  | 11,913
|  | 1,143,264 |  | 1,095,381
Creditors: amounts falling due within one year | 5 | ( 28,483) |  | ( 14,837)
Net current assets |  | 1,114,781 |  | 1,080,544
Total assets less current liabilities |  | 1,997,234 |  | 2,029,145
Net assets |  | 1,997,234 |  | 2,029,145
Capital and reserves |  |  |  |
Called-up share capital | 6 | 1,000 |  | 1,000
Share premium account |  | 1,113,821 |  | 1,113,821
Other reserves | 7 | 238,632 |  | 420,420
Profit and loss account |  | 643,781 |  | 493,904
Total shareholder's funds |  | 1,997,234 |  | 2,029,145

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Denman Trustees Limited (registered number: 08389307) were approved and authorised for issue by the Board of Directors on 13 April 2026. They were signed on its behalf by:

M D Denman Director |

DENMAN TRUSTEES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
DENMAN TRUSTEES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 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

Denman Trustees 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 Camers Badminton Road, Old Sodbury, Bristol, BS37 6RG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include 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 directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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.

##### Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

##### Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### 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 Statement of Financial Position date.

##### 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.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 4 |  | 4

#### 3. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 January 2025 | 50,505
At 31 December 2025 | 50,505
Carrying value at 31 December 2025 | 50,505
Carrying value at 31 December 2024 | 50,505

| Listed investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 January 2025 | 898,096 |  | 898,096
Additions | 197,731 |  | 197,731
Disposals | ( 175,557) |  | ( 175,557)
Movement in fair value | ( 88,322) |  | ( 88,322)
At 31 December 2025 | 831,948 |  | 831,948
Carrying value at 31 December 2025 | 831,948 |  | 831,948
Carrying value at 31 December 2024 | 898,096 |  | 898,096

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Debtors: amounts falling due after more than one year |  |  |
Amounts owed by Group undertakings | 1,135,450 |  | 1,083,468

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Accruals | 6,720 |  | 4,140
Corporation tax | 21,763 |  | 10,697
| 28,483 |  | 14,837

There are no amounts included above in respect of which any security has been given by the small entity.

#### 6. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1,000 Ordinary shares of £ 1.00 each | 1,000 |  | 1,000

#### 7. Other reserves

Historical gains on the listed investments built up between 2015 and 2019 (inclusive) had previously been recognised within other reserves, and this amount has now been transferred to the profit and loss reserve for consistency. The remaining balance in other reserves represents a merger reserve.