Silvergold Estates Ltd 31/05/2022 iXBRL

Silvergold Estates Ltd 31/05/2022 iXBRL

SILVERGOLD ESTATES LTD - Company Information

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Company registration number: 10163366
Silvergold Estates Ltd
Unaudited filleted financial statements
31 May 2022
Silvergold Estates Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Silvergold Estates Ltd
Directors and other information
Director Esther Horowitz
Secretary Myer Bernard Rothfeld
Company number 10163366
Registered office 149A Stamford Hill
London
Greater London
N16 5LL
Accountants Rothfeld & Co
Medcat House
149A Stamford Hill
London
N16 5LL
Bankers Lloyds Bank PLc
180-182 High Street
Walthamstow
London
E17 7JH
Silvergold Estates Ltd
Statement of financial position
31 May 2022
31/05/21
Note £ £ £ £
Fixed assets
Tangible assets 5 301,266 301,394
_______ _______
301,266 301,394
Current assets
Debtors 6 135,638 236,028
Cash at bank and in hand 3,073 2,246
_______ _______
138,711 238,274
Creditors: amounts falling due
within one year 7 ( 91,627) ( 199,560)
_______ _______
Net current assets 47,084 38,714
_______ _______
Total assets less current liabilities 348,350 340,108
Creditors: amounts falling due
after more than one year 8 ( 329,333) ( 337,500)
_______ _______
Net assets 19,017 2,608
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 19,016 2,607
_______ _______
Shareholder funds 19,017 2,608
_______ _______
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 20 June 2023 , and are signed on behalf of the board by:
Esther Horowitz
Director
Company registration number: 10163366
Silvergold Estates Ltd
Statement of changes in equity
Year ended 31 May 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2020 1 ( 6,688) ( 6,687)
Profit for the year 9,295 9,295
_______ _______ _______
Total comprehensive income for the year - 9,295 9,295
_______ _______ _______
At 31 May 2021 and 1 June 2021 1 2,607 2,608
Profit for the year 16,409 16,409
_______ _______ _______
Total comprehensive income for the year - 16,409 16,409
_______ _______ _______
At 31 May 2022 1 19,016 19,017
_______ _______ _______
Silvergold Estates Ltd
Notes to the financial statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Medcar House, 149A Stamford Hill, London, Greater London, N16 5LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2021 and 31 May 2022 300,854 1,010 301,864
_______ _______ _______
Depreciation
At 1 June 2021 - 470 470
Charge for the year - 128 128
_______ _______ _______
At 31 May 2022 - 598 598
_______ _______ _______
Carrying amount
At 31 May 2022 300,854 412 301,266
_______ _______ _______
At 31 May 2021 300,854 540 301,394
_______ _______ _______
6. Debtors
31/05/21
£ £
Other debtors 135,638 236,028
_______ _______
7. Creditors: amounts falling due within one year
31/05/21
£ £
Bank loans and overdrafts 20,019 175,109
Corporation tax 4,375 496
Social security and other taxes 137 197
Other creditors 67,096 23,758
_______ _______
91,627 199,560
_______ _______
8. Creditors: amounts falling due after more than one year
31/05/21
£ £
Bank loans and overdrafts 329,333 337,500
_______ _______