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Registration number: 08538754

Silicon Construction Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2022

 

Silicon Construction Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Silicon Construction Ltd

Company Information

Director

Mr Suraj S Kumar

Registered office

27 Walton Road
Woking
Surrey
GU21 5DL

Accountants

DRP + Co Accountants Limited
1st Floor 6 St Johns Court
Upper Fforest Way
Swansea
C & C of Swansea
SA6 8QQ

 

Silicon Construction Ltd

(Registration number: 08538754)
Balance Sheet as at 31 August 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

48,909

3,041

Current assets

 

Stocks

5

25,000

88,500

Debtors

6

171,155

45,017

Cash at bank and in hand

 

43,955

16,520

 

240,110

150,037

Creditors: Amounts falling due within one year

7

(468,836)

(423,701)

Net current liabilities

 

(228,726)

(273,664)

Total assets less current liabilities

 

(179,817)

(270,623)

Creditors: Amounts falling due after more than one year

7

(41,685)

(70,000)

Provisions for liabilities

(578)

(578)

Net liabilities

 

(222,080)

(341,201)

Capital and reserves

 

Called up share capital

8

500

500

Retained earnings

(222,580)

(341,701)

Shareholders' deficit

 

(222,080)

(341,201)

For the financial year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 November 2023
 

 

Silicon Construction Ltd

(Registration number: 08538754)
Balance Sheet as at 31 August 2022

.........................................
Mr Suraj S Kumar
Director

 

Silicon Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
27 Walton Road
Woking
Surrey
GU21 5DL
United Kingdom

The principal place of business is:
27 Walton Road
Woking
Surrey
GU21 5DL
United Kingdom

These financial statements were authorised for issue by the director on 24 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Silicon Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% Reducing balance

Office equipment

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on 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 change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Silicon Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 3).

 

Silicon Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2021

3,946

4,013

-

7,959

Additions

-

200

45,668

45,868

At 31 August 2022

3,946

4,213

45,668

53,827

Depreciation

At 1 September 2021

2,884

2,034

-

4,918

At 31 August 2022

2,884

2,034

-

4,918

Carrying amount

At 31 August 2022

1,062

2,179

45,668

48,909

At 31 August 2021

1,062

1,979

-

3,041

5

Stocks

2022
£

2021
£

Work in progress

25,000

88,500

6

Debtors

Current

2022
£

2021
£

Trade debtors

141,850

25,042

Prepayments

720

480

Other debtors

28,585

19,495

 

171,155

45,017

7

Creditors

Creditors: amounts falling due within one year

 

Silicon Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

9

13,257

-

trade creditors

 

157,548

92,521

Taxation and social security

 

13,524

19,066

Accruals and deferred income

 

2,013

2,013

Other creditors

 

282,494

310,101

 

468,836

423,701

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

41,685

70,000

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

500

500

500

500

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

41,685

70,000

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

13,257

-