Registered number
09276328
Silverback Commercial Law Services Limited
Filleted Accounts
31 March 2023
Silverback Commercial Law Services Limited
Registered number: 09276328
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 36,348 39,944
Current assets
Work in progress 171,559 81,181
Debtors 4 557,345 405,863
Cash at bank and in hand 225,853 412,940
954,757 899,984
Creditors: amounts falling due within one year 5 (358,103) (299,202)
Net current assets 596,654 600,782
Total assets less current liabilities 633,002 640,726
Creditors: amounts falling due after more than one year 6 - (130,000)
Provisions for liabilities (4,640) (4,777)
Net assets 628,362 505,949
Capital and reserves
Called up share capital 186 186
Profit and loss account 628,176 505,763
Shareholders' funds 628,362 505,949
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs J Tullock
Director
Approved by the board on 3 August 2023
Silverback Commercial Law Services Limited
Notes to the Accounts
for the period from 1 May 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvements to property 25% reducing balance
Computer equipment 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Grant income
Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 18
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2022 23,023 65,578 88,601
Additions 1,105 7,866 8,971
Disposals - (1,368) (1,368)
At 31 March 2023 24,128 72,076 96,204
Depreciation
At 1 May 2022 8,223 40,434 48,657
Charge for the period 3,976 8,159 12,135
On disposals - (936) (936)
At 31 March 2023 12,199 47,657 59,856
Net book value
At 31 March 2023 11,929 24,419 36,348
At 30 April 2022 14,800 25,144 39,944
4 Debtors 2023 2022
£ £
Trade debtors 547,618 390,309
Other debtors 9,727 15,554
557,345 405,863
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 33,462 40,000
Trade creditors 146,549 113,147
Corporation tax 100,714 69,224
Taxation and social security costs 64,217 74,030
Other creditors 13,161 2,801
358,103 299,202
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 130,000
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 18,162 5,013
8 Related party transactions
The directors drew salaries of £171,759 (2022: £139,386) during the period.
9 Other information
Silverback Commercial Law Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Regents Court
Farmoor Lane
Redditch
Worcestershire
B98 0SD
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