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COMPANY REGISTRATION NUMBER: 02673851
Silverleaf Properties Limited
Filleted Unaudited Financial Statements
30 June 2019
Silverleaf Properties Limited
Statement of Financial Position
30 June 2019
2019
2018
Note
£
£
£
Fixed Assets
Tangible assets
5
385,795
350,037
Current Assets
Debtors
6
2,276
Cash at bank and in hand
2,453
6,262
-------
-------
4,729
6,262
Creditors: amounts falling due within one year
7
59,664
67,344
--------
--------
Net Current Liabilities
54,935
61,082
---------
---------
Total Assets Less Current Liabilities
330,860
288,955
Creditors: amounts falling due after more than one year
8
74,285
25,685
Provisions
Taxation including deferred tax
6,801
---------
---------
Net Assets
249,774
263,270
---------
---------
Capital and Reserves
Called up share capital
2
2
Revaluation reserve
234,256
234,256
Profit and loss account
15,516
29,012
---------
---------
Shareholders Funds
249,774
263,270
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Silverleaf Properties Limited
Statement of Financial Position (continued)
30 June 2019
These financial statements were approved by the board of directors and authorised for issue on 6 March 2020 , and are signed on behalf of the board by:
K Hails
Director
Company registration number: 02673851
Silverleaf Properties Limited
Notes to the Financial Statements
Year ended 30 June 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Long Meadow House, Beamish, Stanley, County Durham, DH9 0RL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Freehold Property - No depreciation is charged against freehold property as the director believes the net book value in the accounts accurately reflects the market value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2018
350,001
2,035
352,036
Additions
1,129
46,560
47,689
---------
-------
--------
---------
At 30 June 2019
350,001
3,164
46,560
399,725
---------
-------
--------
---------
Depreciation
At 1 July 2018
1,999
1,999
Charge for the year
291
11,640
11,931
---------
-------
--------
---------
At 30 June 2019
2,290
11,640
13,930
---------
-------
--------
---------
Carrying amount
At 30 June 2019
350,001
874
34,920
385,795
---------
-------
--------
---------
At 30 June 2018
350,001
36
350,037
---------
-------
--------
---------
Tangible assets held at valuation
The property was revalued on 4th July 2008 by Thomas Madrell B.A. (Dunelm), M.R.I.C.S. on the open market capital value basis.
6. Debtors
2019
2018
£
£
Other debtors
2,276
-------
----
7. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
4,950
4,950
Trade creditors
21,690
26,689
Corporation tax
7,559
Social security and other taxes
2
Other creditors
33,022
28,146
--------
--------
59,664
67,344
--------
--------
8. Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
18,012
22,977
Other creditors
56,273
2,708
--------
--------
74,285
25,685
--------
--------
9. Director's advances, credits and guarantees
Included in creditors: amounts falling due within one year is a directors loan balance of £25,000 (2018: £25,000). Included in creditors: amounts falling due after more than one year is a directors loan balance of £25,882(2018: £2,708).
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities.