| SHILLOFAD LIMITED |
| Registered number: |
03119466 |
| Balance Sheet |
| as at 31 December 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Investments |
| Investments |
3 |
|
|
21,441,974 |
|
|
20,610,656 |
|
| Current assets |
| Debtors |
4 |
|
229,074 |
|
|
379,721 |
| Cash at bank and in hand |
|
|
2,945,137 |
|
|
677,414 |
|
|
|
3,174,211 |
|
|
1,057,135 |
|
| Creditors: amounts falling due within one year |
5 |
|
(2,530,817) |
|
|
(2,355,725) |
|
| Net current assets/(liabilities) |
|
|
|
643,394 |
|
|
(1,298,590) |
|
| Net assets |
|
|
|
22,085,368 |
|
|
19,312,066 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
5,000 |
|
|
5,000 |
| Non-Distributable Reserve |
|
|
|
4,205,303 |
|
|
3,373,985 |
| Profit and loss account |
|
|
|
17,875,065 |
|
|
15,933,081 |
|
| Shareholders' funds |
|
|
|
22,085,368 |
|
|
19,312,066 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their 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. |
|
|
|
|
| Timothy Mucklow |
| Director |
| Approved by the board on 1 June 2026 |
|
| SHILLOFAD LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets measured at fair value through profit or loss.
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102. |
|
|
Investment Properties (woodlands) |
|
The company’s investment properties were valued as at 31st December 2025 by Mr Duns-Scot Mucklow. These assets are held as investments in Woodlands. In accordance with the Financial Reporting Standard 102 the investment properties are included at open market value and any gains and losses recognised in profit and loss. Accordingly, no depreciation or impairment is provided in respect of the investment property. The fair value gains are not realised profits and a non-distributable reserve shows the accumulation of the fair value gains. The directors consider that the policy results in the accounts giving a true and fair view. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account. |
|
|
Deferred Taxation |
|
The sale and costs of the Woodlands are not within the charge to corporation tax and no
provision for taxation is included in respect of the revaluation surplus. |
|
|
Going Concern |
|
The accounts have been prepared using the going concern basis. |
|
|
Turnover |
|
The turnover shown in the profit and loss account represents goods sold, grants, rents and interest receivable for the year, net of value added tax. |
|
|
Employee benefits |
|
The cost of short term benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
|
|
Pensions |
|
The company is not required to provide a pension scheme for its employee. There are no pension provisions for the directors. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons (including directors) employed by the company |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
|
|
|
|
|
|
|
|
Land and woodland |
| £ |
|
Fair value |
|
At 1 January 2025 |
20,610,656 |
|
Surplus on revaluation |
831,318 |
|
At 31 December 2025 |
21,441,974 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2025 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2025 |
21,441,974 |
|
At 31 December 2024 |
20,610,656 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and woodlands: |
2025 |
|
2024 |
| £ |
£ |
|
Historical cost |
17,236,671 |
|
17,236,671 |
|
Valuation surplus |
4,205,303 |
|
3,373,985 |
|
|
|
|
|
|
21,441,974 |
|
20,610,656 |
|
The Woodlands are stated at their 31st December 2025 market value and are valued by Mr Duns-Scot Mucklow. It is considered no corporation tax would arise in the event of disposals at amounts equal to the revaluation due to the special provisions relating to the taxation of commercial woodlands. |
|
|
| 4 |
Debtors |
2025 |
|
2024 |
|
Due within one year |
£ |
£ |
|
|
Trade debtors |
181,155 |
|
342,255 |
|
Prepayments |
|
|
|
|
47,919 |
|
37,466 |
|
|
|
|
|
|
229,074 |
|
379,721 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
120,356 |
|
141,881 |
|
Amount owing to Holding Company |
|
2,000,000 |
|
2,000,000 |
|
Accruals and deferred income |
|
|
|
|
11,610 |
|
7,213 |
|
Taxation |
398,851 |
|
206,631 |
|
|
|
|
|
|
2,530,817 |
|
2,355,725 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Holding Company |
|
|
The company is the wholly owned subsidiary of Tellin (Bermuda) Limited, a company incorporated in the Islands of the Bermudas. Tellin (Bermuda) Limited is the ultimate holding company. |