REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2022 |
for |
Silverhill Finance Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2022 |
for |
Silverhill Finance Limited |
Silverhill Finance Limited (Registered number: 09401629) |
Contents of the Financial Statements |
for the Year Ended 31 January 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Silverhill Finance Limited |
Company Information |
for the Year Ended 31 January 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
85 Oakways |
London |
SE9 2NZ |
Silverhill Finance Limited (Registered number: 09401629) |
Balance Sheet |
31 January 2022 |
31.1.22 | 31.1.21 |
Notes | $ | $ |
CURRENT ASSETS |
Investments | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
Silverhill Finance Limited (Registered number: 09401629) |
Notes to the Financial Statements |
for the Year Ended 31 January 2022 |
1. | STATUTORY INFORMATION |
Silverhill Finance Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared in USD and this is also considered by the director to be the company's functional currency. |
The financial statements have been prepared on a going concern basis. The director has reviewed the more short term position, taking into account the 12 months from the approval of the financial statements, and has concluded that, based on current levels of cash and given that the ultimate controlling party has expressed a willingness to provide financial support to the company, the company will be able to meet its liabilities as they fall due. |
Interest income |
Interest income is measured at the fair value of the consideration received. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash in hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Significant judgements and estimates |
The company's assets valuation is based on discounted cashflow models using publicly available sources of information (interest and exchange rates) listed below: |
- UAH National Bank of Ukraine Zero Coupon Yield Curve |
- US Treasuries Actives Index |
- USDUAH Non-deliverable forward index |
- Ukrainian Hryvnia Spot |
Investments |
Investments in financial instruments are held as one trading portfolio and are measured at fair value through profit or loss. The fair value is calculated using discounted cashflow technique where discounting rates are defined based on the market data. |
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. |
Silverhill Finance Limited (Registered number: 09401629) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Going concern |
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
31.1.22 | 31.1.21 |
$ | $ |
Fees payable to the company's auditors for the audit of the company's financial statements |
11,882 |
5. | CURRENT ASSET INVESTMENTS |
31.1.22 | 31.1.21 |
$ | $ |
Unlisted investments | 54,419,185 | 54,394,775 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.22 | 31.1.21 |
$ | $ |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.22 | 31.1.21 |
value: | $ | $ |
Ordinary | £1 | 142 | 142 |
Ordinary | $1 | 54,147,005 | 54,147,005 |
54,147,147 | 54,147,147 |
Silverhill Finance Limited (Registered number: 09401629) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2022 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE CONTROLLING PARTY |
The immediate holding company is Goldsmith Business Ltd, a company incorporated in the British Virgin Islands. The ultimate controlling party is |
10. | AUDITOR LIABILITY LIMITATION AGREEMENT |
An auditors' limitation of liability agreement has been approved by the members for the financial year ended 31 January 2022. The principal terms and conditions are as below: |
- The agreement limits the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the Company's accounts and pursuant to this agreement the auditor may be guilty in relation to the Company. |
- The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above. |