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Registration number: 03675825

Satinsilk Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

image-name
 

Satinsilk Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Satinsilk Limited

Company Information

Directors

Mr DJ Frankpitt

HL Frankpitt

A M W Frankpitt

Mrs AJ Frankpitt

Registered office

8 Jesu Street
Ottery St Mary
Devon
EX11 1EU

Accountants

Easterbrook Eaton Limited
Chartered Accountants
8 Jesu Street
Old Fore Street
Ottery St Mary
Devon
EX11 1EU

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Satinsilk Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Satinsilk Limited for the year ended 28 February 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Satinsilk Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Satinsilk Limited and state those matters that we have agreed to state to the Board of Directors of Satinsilk Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Satinsilk Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Satinsilk Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Satinsilk Limited. You consider that Satinsilk Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Satinsilk Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Easterbrook Eaton Limited
Chartered Accountants
8 Jesu Street
Old Fore Street
Ottery St Mary
Devon
EX11 1EU

14 November 2023

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Satinsilk Limited

(Registration number: 03675825)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

802,266

6,087,697

Other financial assets

5

15

15

 

802,281

6,087,712

Current assets

 

Stocks

6

820,680

1,341,514

Debtors

7

1,308,508

100,934

Cash at bank and in hand

 

837

15,463

 

2,130,025

1,457,911

Creditors: Amounts falling due within one year

8

(1,906,229)

(2,251,614)

Net current assets/(liabilities)

 

223,796

(793,703)

Total assets less current liabilities

 

1,026,077

5,294,009

Creditors: Amounts falling due after more than one year

8

(720,183)

(4,675,913)

Net assets

 

305,894

618,096

Capital and reserves

 

Called up share capital

9

12,801

12,801

Retained earnings

293,093

605,295

Shareholders' funds

 

305,894

618,096

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

 

Satinsilk Limited

(Registration number: 03675825)
Balance Sheet as at 28 February 2023

.........................................
Mr DJ Frankpitt
Director

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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:
8 Jesu Street
Ottery St Mary
Devon
EX11 1EU
England

These financial statements were authorised for issue by the Board on 14 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 current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Freehold land

No depreciation

Freehold property

4% reducing balance basis

Plant and machinery

15% reducing balance basis

Motor vehicle

25% reducing balance basis

Office equipment

50% reducing balance basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 23).

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

5,997,307

1,844,717

34,459

7,876,483

Additions

99,344

72,682

32,858

204,884

Disposals

(4,852,356)

(1,045,000)

-

(5,897,356)

At 28 February 2023

1,244,295

872,399

67,317

2,184,011

Depreciation

At 1 March 2022

827,616

930,090

31,080

1,788,786

Charge for the year

22,514

19,881

9,060

51,455

Eliminated on disposal

(273,265)

(185,231)

-

(458,496)

At 28 February 2023

576,865

764,740

40,140

1,381,745

Carrying amount

At 28 February 2023

667,430

107,659

27,177

802,266

At 28 February 2022

5,169,691

914,627

3,379

6,087,697

Included within the net book value of land and buildings above is £667,430 (2022 - £5,169,691) in respect of freehold land and buildings.
 

5

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

15

15

6

Stocks

2023
£

2022
£

Other inventories

820,680

1,341,514

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

51,838

658

Other debtors

1,256,670

100,276

 

1,308,508

100,934

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

1,549,432

1,792,015

trade creditors

 

223,061

343,605

Taxation and social security

 

47,391

45,217

Accruals and deferred income

 

17,259

9,197

Other creditors

 

69,086

61,580

 

1,906,229

2,251,614

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

720,183

4,675,913

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

12,801

12,801

12,801

12,801

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,079

231,410

Bank overdrafts

576,751

197,477

Hire purchase contracts

47,004

27,087

Finance lease liabilities

84,332

-

Other borrowings

791,266

1,336,041

1,549,432

1,792,015

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,691

4,650,642

Hire purchase contracts

703,492

25,271

720,183

4,675,913

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of 6.25 per each ordinary

 

80,000

 

80,000

         

12

Related party transactions

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Transactions with directors

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

156,277

140,362

Summary of transactions with associates

Hazelsfield Limited and Dalwood Poultry Limited
 

Summary of transactions with associates

Hazelsfield Limited

£807,526 balance owing from associate Hazelsfield Limited due to transfer of property, plant, equipment and stock in the year per agreement drawn up by a solicitor less bank loans in the name of Satinsilk Ltd repaid by Hazelsfield Limited in the year

Dalwood Poultry Limited

£247,018 balance owing from associate Hazelsfield Limited due to transfer of property, plant, equipment and stock in the year per agreement drawn up by a solicitor less bank loans in the name of Satinsilk Ltd repaid by Dalwood Poultry Limited in the year

Income and receivables from related parties

2023

Associates
£

Sale of goods

319,849

Amounts receivable from related party

51,395

2022

Loans to related parties

2023

Associates
£

Total
£

Advanced

5,815,754

5,815,754

Repaid

(4,761,210)

(4,761,210)

At end of period

1,054,544

1,054,544