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REGISTERED NUMBER: 12885055 (England and Wales)









Financial Statements

for the Year Ended 31 May 2023

for

Silverline Autos Limited

Silverline Autos Limited (Registered number: 12885055)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Silverline Autos Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: J Hilburn
P Hilburn





REGISTERED OFFICE: 4th Floor
333 Edgware Road
London
NW9 6TD





REGISTERED NUMBER: 12885055 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Silverline Autos Limited (Registered number: 12885055)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 1,181,967 1,046,139
Cash at bank 2,497 3,053
1,184,464 1,049,192
CREDITORS
Amounts falling due within one year 5 (656,230 ) (521,656 )
NET CURRENT ASSETS 528,234 527,536
TOTAL ASSETS LESS CURRENT
LIABILITIES

528,234

527,536

CREDITORS
Amounts falling due after more than one
year

6

(725,000

)

(525,000

)
NET (LIABILITIES)/ASSETS (196,766 ) 2,536

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (196,768 ) 2,534
(196,766 ) 2,536

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:





J Hilburn - Director


Silverline Autos Limited (Registered number: 12885055)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Silverline Autos Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised when the service is provided.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,181,967 1,040,344
Other debtors - 5,795
1,181,967 1,046,139

Silverline Autos Limited (Registered number: 12885055)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security - 768
Other creditors 656,230 520,888
656,230 521,656

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 725,000 525,000

7. SECURED DEBTS

Included in other creditors due within one year is a loan of £250,000 received from Little 15 Investments Limited. Interest is charged at a rate of 8% per annum. The loan was repayable on 31 March 2022, however the agreement shall automatically renew for an additional year until 90 days written notice is given by Silverline Autos Limited of their intention to terminate the agreement. P Hilburn, director of Silverline Autos Limited is Guarantor.

Included in other creditors more than one year is a loan of £725,000 received from DK Investments Limited. A maximum facility of £1,000,000 has been provided which can be drawn down up until 1 December 2023. Interest is charged at a rate of 10% for the first two years and 9.9% above the Bank of England base rate thereafter, capped at a total interest rate of 12% per annum. The loan is repayable on 30 November 2026. P Hilburn, director of Silverline Autos Limited is guarantor.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors at the year end is an amount of £nil (2022: £5,793) due from director P Hilburn.

There have been no advances which individually were considered material and no individual advances exceeding £10,000 to P Hilburn.