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Company registration number: 10616778
Silver Salt Restoration Limited
Unaudited filleted financial statements
31 July 2018
Silver Salt Restoration Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Silver Salt Restoration Limited
Directors and other information
Directors A O Badger
S Y Bearman
M J Bonnici
R K King
N P Pannaman
Secretary S C Pannaman
Company number 10616778
Registered office 3rd Floor, The Heights
59-65 Lowlands Road
Harrow
Middlesex
HA1 3AW
Accountants Leftley Rowe and Company
The Heights
59-65 Lowlands Road
Harrow
Middlesex
HA1 3AW
Silver Salt Restoration Limited
Statement of financial position
31 July 2018
31/07/18
Note £ £
Fixed assets
Tangible assets 5 175,717
_______
175,717
Current assets
Debtors 6 269,366
Cash at bank and in hand 17,508
_______
286,874
Creditors: amounts falling due
within one year 7 ( 264,871)
_______
Net current assets 22,003
_______
Total assets less current liabilities 197,720
Creditors: amounts falling due
after more than one year 8 ( 249,750)
_______
Net liabilities ( 52,030)
_______
Capital and reserves
Called up share capital 9 2
Profit and loss account ( 52,032)
_______
Shareholders deficit ( 52,030)
_______
For the period ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge 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 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 13 November 2018 , and are signed on behalf of the board by:
N P Pannaman
Director
Company registration number: 10616778
Silver Salt Restoration Limited
Statement of changes in equity
Period ended 31 July 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2017 - - -
Loss for the period ( 52,032) ( 52,032)
_______ _______ _______
Total comprehensive income for the period - ( 52,032) ( 52,032)
Issue of shares 2 2
_______ _______ _______
Total investments by and distributions to owners 2 - 2
_______ _______ _______
At 31 July 2018 2 ( 52,032) ( 52,030)
_______ _______ _______
Silver Salt Restoration Limited
Notes to the financial statements
Period ended 31 July 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 3rd Floor, The Heights, 59-65 Lowlands Road, Harrow, Middlesex, HA1 3AW.
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 services rendered, net of discounts and Value Added Tax. Where a contract for services provided is partially complete at the Reporting Date then turnover represents the value of the services provided to date based on a proportion of the total expected consideration at completion.
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.
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:
Plant and machinery - 30 % reducing balance
Fittings fixtures and equipment - 30 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Staff costs
The average number of persons employed by the company during the period amounted to 6
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2017 - - -
Additions 222,513 2,184 224,697
_______ _______ _______
At 31 July 2018 222,513 2,184 224,697
_______ _______ _______
Depreciation
At 1 March 2017 - - -
Charge for the year 48,551 429 48,980
_______ _______ _______
At 31 July 2018 48,551 429 48,980
_______ _______ _______
Carrying amount
At 31 July 2018 173,962 1,755 175,717
_______ _______ _______
6. Debtors
31/07/18
£
Trade debtors 182,273
Other debtors 87,093
_______
269,366
_______
7. Creditors: amounts falling due within one year
31/07/18
£
Other loans 83,248
Trade creditors 70,592
Social security and other taxes 26,276
Other creditors 84,755
_______
264,871
_______
8. Creditors: amounts falling due after more than one year
31/07/18
£
Other loans 249,750
_______
9. Called up share capital
Issued, called up and fully paid
31/07/18
No £
Ordinary shares of £ 1.00 each 2 2
_______ _______
10. Related party transactions
During the period the company received a loan from Mr N P and Mrs S C Pannaman to fund the working capital of the business. Mr N P Pannaman is a director and shareholder of the company. As at 31 July 2018 the balance of the loan was £332,998. Interest was charged on the loan during the year in an amount of £24,409.