REGISTERED NUMBER:
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SILVERACE PROPERTIES LTD |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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REGISTERED NUMBER:
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SILVERACE PROPERTIES LTD |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2020 |
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SILVERACE PROPERTIES LTD (REGISTERED NUMBER: 03326975) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 4 |
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SILVERACE PROPERTIES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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First Floor |
94 Stamford Hill |
London |
N16 6XS |
SILVERACE PROPERTIES LTD (REGISTERED NUMBER: 03326975) |
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BALANCE SHEET |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve |
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Retained earnings |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
signed by: |
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SILVERACE PROPERTIES LTD (REGISTERED NUMBER: 03326975) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Silverace Properties Ltd is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified to include |
investment properties measured at fair value through profit or loss. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors that are considered to be relevant. The estimates and underlying |
assumptions are reviewed on an ongoing basis. |
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Turnover |
Turnover is recognised at the fair value of the consideration receivable in respect of services provided |
in the normal course of business. The turnover of the company is represented by rents and charges |
receivable in respect of the company's investment portfolio. Rental income is accounted for on an |
accruals basis. |
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Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially |
recorded at cost, which includes purchase price and any directly attributable expenditure. |
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Investment property is revalued to its fair value at each reporting date and any changes in fair value |
are recognised in profit or loss. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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SILVERACE PROPERTIES LTD (REGISTERED NUMBER: 03326975) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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5. | INVESTMENT PROPERTY - continued |
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The fair value of the investment properties has been arrived at on the basis of a valuation carried out |
by the company's director who is considered to have the experience and expertise required to |
undertake such an exercise. The valuation was made on an open market value basis by reference to |
market evidence of transaction prices for similar properties in the same location. |
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The historical cost of investment properties at 31 March 2020 is £50,631. |
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In the event of the realisation of the company's investment properties at its fair value, no liability to |
corporation tax would arise as the company intends to wholly gift aid all of its profits to its parent |
charity. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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Other creditors include £2,715 (2019: £2,715) due to the parent company. |
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8. | PARENT UNDERTAKING |
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The company is a wholly owned subsidiary of Ov Voaim Charity. |