Silvestri Properties Limited - Accounts to registrar (filleted) - small 22.3
Silvestri Properties Limited - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 |
FOR |
SILVESTRI PROPERTIES LIMITED |
SILVESTRI PROPERTIES LIMITED (REGISTERED NUMBER: 12329910) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31st December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SILVESTRI PROPERTIES LIMITED |
COMPANY INFORMATION |
for the year ended 31st December 2021 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Priestley House |
Priestley Gardens |
Chadwell Heath |
Essex |
RM6 4SN |
SILVESTRI PROPERTIES LIMITED (REGISTERED NUMBER: 12329910) |
BALANCE SHEET |
31st December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SILVESTRI PROPERTIES LIMITED (REGISTERED NUMBER: 12329910) |
BALANCE SHEET - continued |
31st December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SILVESTRI PROPERTIES LIMITED (REGISTERED NUMBER: 12329910) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31st December 2021 |
1. | STATUTORY INFORMATION |
Silvestri Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Silvestri Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company determines whether a property qualifies as an investment property, and has developed criteria in making that judgement. Investment property is a property held to earn rentals or for capital appreciation or both. Therefore, the company considers whether a property generates cash flows largely independently of the other assets held by the company. |
The fair values of investment properties are determined by using valuation techniques. The company uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Where appropriate, professional valuations or similar valuation techniques are also used to determine the fair values of the properties. |
In the absence of current prices in an active market for similar properties, the company considers information from a variety of sources, including: |
(1) current prices in an active market for properties of a different nature, condition or location, adjusted to reflect those differences |
(2) recent prices of similar properties on less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices |
(3) discounted cash flow projections based on reliable estimates of future cash flows, supported by the terms of any existing lease and other contracts and (when possible) by external evidence such as current market rents for similar properties in the same location and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows. |
Tangible fixed assets |
Plant and machinery etc | - |
SILVESTRI PROPERTIES LIMITED (REGISTERED NUMBER: 12329910) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31st December 2021 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31st December 2021 |
DEPRECIATION |
Charge for year |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
During the year the fixtures and fittings at a market value of £2,179 were transferred to Silvestri Properties Limited by Langley UK Properties Limited, the subsidiary company. |
SILVESTRI PROPERTIES LIMITED (REGISTERED NUMBER: 12329910) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31st December 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
Fair value at 31st December 2021 is represented by: |
£ |
Valuation in 2015 | 243,832 |
Valuation in 2020 | (30,000 | ) |
Cost | 1,561,549 |
1,775,381 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2021 | 2020 |
£ | £ |
Cost | 1,561,549 | - |
Investment properties were valued on an open market basis on 9th April 2021 by Hawkins & Harrison . |
During the year the investment properties at a market value of £1,770,000 were transferred to Silvestri Properties Limited by Langley UK Properties Limited, the subsidiary company. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
SILVESTRI PROPERTIES LIMITED (REGISTERED NUMBER: 12329910) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31st December 2021 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 619,301 | - |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank loans |
The bank loans were secured by way of fixed and floating charges over the company's property and assets in favour of Lloyds Bank PLC and legal charges over the investment properties of the company. |
11. | CALLED UP SHARE CAPITAL |
The company issued 1,799,999 ordinary shares in the year. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is A Silvestri. |