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REGISTERED NUMBER: 02960695 (England and Wales)







SILVERLINE LANDFLIGHT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






SILVERLINE LANDFLIGHT LIMITED (REGISTERED NUMBER: 02960695)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SILVERLINE LANDFLIGHT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: W Matthews
P S Chaudhry
A Ali





SECRETARY: A Cakebread





REGISTERED OFFICE: Argent House
Vulcan Road
Solihull
B91 2JY





REGISTERED NUMBER: 02960695 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
Corner Oak
1 Homer Road
Solihull
B91 3QG

SILVERLINE LANDFLIGHT LIMITED (REGISTERED NUMBER: 02960695)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 1,765,472 851,412
1,765,472 851,412

CURRENT ASSETS
Stocks 17,450 9,701
Debtors 5 819,758 389,712
Cash at bank and in hand 128,416 135,268
965,624 534,681
CREDITORS
Amounts falling due within one year 6 923,074 448,247
NET CURRENT ASSETS 42,550 86,434
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,808,022

937,846

CREDITORS
Amounts falling due after more than one
year

7

(863,917

)

(120,452

)

PROVISIONS FOR LIABILITIES (229,651 ) (150,299 )
NET ASSETS 714,454 667,095

CAPITAL AND RESERVES
Called up share capital 500,000 500,000
Retained earnings 214,454 167,095
SHAREHOLDERS' FUNDS 714,454 667,095

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.

SILVERLINE LANDFLIGHT LIMITED (REGISTERED NUMBER: 02960695)

BALANCE SHEET - continued
31 MAY 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





A Ali - Director


SILVERLINE LANDFLIGHT LIMITED (REGISTERED NUMBER: 02960695)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. 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 represents net invoiced sales of services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - at varying rates on cost
Fixtures and fittings - at variable rates on reducing balance
Motor vehicles - at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

SILVERLINE LANDFLIGHT LIMITED (REGISTERED NUMBER: 02960695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease.


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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 73 (2022 - 62 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 275,000
AMORTISATION
At 1 June 2022
and 31 May 2023 275,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

SILVERLINE LANDFLIGHT LIMITED (REGISTERED NUMBER: 02960695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 41,466 22,727 2,038,107 10,721 2,113,021
Additions 9,567 850 1,081,501 - 1,091,918
Disposals - (800 ) - - (800 )
At 31 May 2023 51,033 22,777 3,119,608 10,721 3,204,139
DEPRECIATION
At 1 June 2022 41,466 22,727 1,196,532 884 1,261,609
Charge for year 1,140 850 172,330 3,538 177,858
Eliminated on disposal - (800 ) - - (800 )
At 31 May 2023 42,606 22,777 1,368,862 4,422 1,438,667
NET BOOK VALUE
At 31 May 2023 8,427 - 1,750,746 6,299 1,765,472
At 31 May 2022 - - 841,575 9,837 851,412

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2022 1,374,155
Additions 1,081,501
Transfer to ownership (786,593 )
At 31 May 2023 1,669,063
DEPRECIATION
At 1 June 2022 711,391
Charge for year 134,439
Transfer to ownership (584,018 )
At 31 May 2023 261,812
NET BOOK VALUE
At 31 May 2023 1,407,251
At 31 May 2022 662,764

SILVERLINE LANDFLIGHT LIMITED (REGISTERED NUMBER: 02960695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 332,797 149,968
Other debtors 486,961 239,744
819,758 389,712

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,808 9,566
Hire purchase contracts (see note 8) 506,330 111,481
Trade creditors 188,681 152,047
Amounts owed to group undertakings 75,000 50,000
Taxation and social security 34,491 31,327
Other creditors 108,764 93,826
923,074 448,247

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 28,271 38,079
Hire purchase contracts (see note 8) 835,646 82,373
863,917 120,452

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 506,330 111,481
Between one and five years 835,646 82,373
1,341,976 193,854

SILVERLINE LANDFLIGHT LIMITED (REGISTERED NUMBER: 02960695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 223,909 264,786
Between one and five years 88,496 263,342
312,405 528,128

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 38,079 47,645
Hire purchase contracts 1,341,976 193,854
1,380,055 241,499

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Crown Cars Solihull Ltd.

Registered office Argent House, 16 Vulcan Road, Solihull, West Midlands, B91 2JY.