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REGISTERED NUMBER: SC559410 (Scotland)












LANTERN SILVER LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






LANTERN SILVER LTD (REGISTERED NUMBER: SC559410)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LANTERN SILVER LTD

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTOR: Mr J Wang





REGISTERED OFFICE: 82 Drymen Road
Glasgow
G61 2RH





REGISTERED NUMBER: SC559410 (Scotland)





ACCOUNTANTS: Nicolson Accountancy
Trinity House
31 Lynedoch Street
Glasgow
G3 6EF

LANTERN SILVER LTD (REGISTERED NUMBER: SC559410)

BALANCE SHEET
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,321 7,115

CURRENT ASSETS
Stocks 750 1,200
Cash at bank and in hand 32,566 40,424
33,316 41,624
CREDITORS
Amounts falling due within one
year

5

14,886

23,351
NET CURRENT ASSETS 18,430 18,273
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,751

25,388

CREDITORS
Amounts falling due after more
than one year

6

-

278
NET ASSETS 28,751 25,110

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 7 28,750 25,109
SHAREHOLDERS' FUNDS 28,751 25,110

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

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

The director acknowledges his 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.

LANTERN SILVER LTD (REGISTERED NUMBER: SC559410)

BALANCE SHEET - continued
31 March 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 director and authorised for issue on 28 November 2023 and were signed by:





Mr J Wang - Director


LANTERN SILVER LTD (REGISTERED NUMBER: SC559410)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Lantern Silver Ltd is a private company, limited by shares , registered in Scotland. 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.

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.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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.

LANTERN SILVER LTD (REGISTERED NUMBER: SC559410)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2022 10,000 6,306 16,306
Additions - 8,300 8,300
Disposals - (6,306 ) (6,306 )
At 31 March 2023 10,000 8,300 18,300
DEPRECIATION
At 1 April 2022 4,880 4,311 9,191
Charge for year 1,024 2,075 3,099
Eliminated on disposal - (4,311 ) (4,311 )
At 31 March 2023 5,904 2,075 7,979
NET BOOK VALUE
At 31 March 2023 4,096 6,225 10,321
At 31 March 2022 5,120 1,995 7,115

LANTERN SILVER LTD (REGISTERED NUMBER: SC559410)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 6,306
Disposals (6,306 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 4,311
Eliminated on disposal (4,311 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 1,995

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 278 827
Trade creditors 355 -
Taxation and social security 4,507 20,566
Other creditors 9,746 1,958
14,886 23,351

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts - 278

7. RESERVES
Retained
earnings
£   

At 1 April 2022 25,109
Profit for the year 5,641
Dividends (2,000 )
At 31 March 2023 28,750