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REGISTERED NUMBER: 08734528 (England and Wales)



















THE SILVER X GROUP LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






THE SILVER X GROUP LIMITED (REGISTERED NUMBER: 08734528)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


THE SILVER X GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mr G Burgess
Mr J R Foskett
Mr N G Ahlfors-Hunt





SECRETARY: Mr G Burgess





REGISTERED OFFICE: 81 Burton Road
Derby
Derbyshire
DE1 1TJ





BUSINESS ADDRESS: Amber Business Centre
Charity Road
Riddings
Alfreton
DE55 4BR





REGISTERED NUMBER: 08734528 (England and Wales)





AUDITORS: Johnson Tidsall Limited
Chartered Accountants
& Statutory Auditor
81 Burton Road
Derby
Derbyshire
DE1 1TJ

THE SILVER X GROUP LIMITED (REGISTERED NUMBER: 08734528)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,281,092 918,997

CURRENT ASSETS
Debtors 5 1,630,526 1,552,709
Cash at bank and in hand 490,663 900,259
2,121,189 2,452,968
CREDITORS
Amounts falling due within one year 6 1,884,727 1,761,267
NET CURRENT ASSETS 236,462 691,701
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,517,554

1,610,698

CREDITORS
Amounts falling due after more than one
year

7

(749,028

)

(690,363

)

PROVISIONS FOR LIABILITIES 11 (277,485 ) (180,242 )
NET ASSETS 491,041 740,093

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 490,941 739,993
SHAREHOLDERS' FUNDS 491,041 740,093

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





Mr G Burgess - Director


THE SILVER X GROUP LIMITED (REGISTERED NUMBER: 08734528)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

The Silver X Group 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.

Significant judgements and estimates
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements:

Depreciation - £213,236 (2022: £146,078) the useful economic lives of fixed assets can vary. Management review the policies and determine their appropriateness based on historic experience and the current expectations of useful life.

Residual values - £254,000 (2022: £nil). Management review the amount that the company would obtain from disposal of the assets, if the asset were already of the age and in the condition expected at the estimated disposal date.

Deferred Tax - £277,485 (2022: £180,242) Deferred tax is measured using tax rates that have been enacted by the year-end. Timing differences expected to reverse after 30 June 2023 have been measured at 25%.

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

Turnover in respect of warehouse income is recognised on a daily rate when the storage is provided or when movement has been performed.

Turnover in respect of transport income is recognised when the goods have been delivered to its intended location.

At the year-end, provisions are made to ensure that revenue is recognised in the accounting period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 20 years
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on cost and 10% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Motor vehicles are depreciated down to their disposal value under a straight-line basis.

The depreciation rates were reviewed and changed at the start of the year. This led to a decrease in the overall depreciation charge of £8,172 and an increase in the tangible fixed assets net book value of £8,172.

THE SILVER X GROUP LIMITED (REGISTERED NUMBER: 08734528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Government grants
Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

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.

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.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs. They are subsequently measured at amortised cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 85 (2022 - 79 ) .

THE SILVER X GROUP LIMITED (REGISTERED NUMBER: 08734528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2022 160,875 231,663 32,178
Additions 43,092 8,521 10,174
Disposals - - -
At 30 June 2023 203,967 240,184 42,352
DEPRECIATION
At 1 July 2022 6,567 84,928 17,142
Charge for year 8,838 53,435 6,517
Eliminated on disposal - - -
At 30 June 2023 15,405 138,363 23,659
NET BOOK VALUE
At 30 June 2023 188,562 101,821 18,693
At 30 June 2022 154,308 146,735 15,036

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 773,319 39,866 1,237,901
Additions 516,487 3,647 581,921
Disposals (21,500 ) - (21,500 )
At 30 June 2023 1,268,306 43,513 1,798,322
DEPRECIATION
At 1 July 2022 176,274 33,993 318,904
Charge for year 139,381 5,065 213,236
Eliminated on disposal (14,910 ) - (14,910 )
At 30 June 2023 300,745 39,058 517,230
NET BOOK VALUE
At 30 June 2023 967,561 4,455 1,281,092
At 30 June 2022 597,045 5,873 918,997

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,229,466 1,250,758
Amounts owed by group undertakings 162,281 106,561
Other debtors 13,120 2,255
Directors' current accounts 317 -
Prepayments and accrued income 225,342 193,135
1,630,526 1,552,709

THE SILVER X GROUP LIMITED (REGISTERED NUMBER: 08734528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 50,000 50,000
Hire purchase contracts (see note 9) 371,563 255,414
Trade creditors 843,204 855,135
Amounts owed to group undertakings 28,798 71,399
Corporation tax 40,524 86,778
Social security and other taxes 72,277 62,484
VAT 121,311 46,354
Other creditors 132,757 92,833
Directors' current accounts - 4,496
Accruals and deferred income 224,293 236,374
1,884,727 1,761,267

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 108,331 158,335
Hire purchase contracts (see note 9) 640,697 532,028
749,028 690,363

Amounts falling due in more than five years:

Repayable by instalments
Bank loans >5 yr (instalments) - 8,333

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 50,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 58,331 100,002

Amounts falling due in more than five years:

Repayable by instalments
Bank loans >5 yr (instalments) - 8,333

THE SILVER X GROUP LIMITED (REGISTERED NUMBER: 08734528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 371,563 255,414
Between one and five years 640,697 532,028
1,012,260 787,442

Non-cancellable operating leases
2023 2022
£    £   
Within one year 389,586 375,832
Between one and five years 821,603 1,049,927
In more than five years 350,000 470,000
1,561,189 1,895,759

The financial commitments under operating leases are in relation to commercial property rental and vehicle leasing.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 1,012,260 787,442
Invoice financing 599 1,411
1,012,859 788,853

The hire purchase contracts are secured against the assets they relate to, carried forward in fixed assets.

The invoice financing account has a fixed and floating charge over the company assets.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 277,485 180,242

Deferred
tax
£   
Balance at 1 July 2022 180,242
Provided during year 97,243
Balance at 30 June 2023 277,485

THE SILVER X GROUP LIMITED (REGISTERED NUMBER: 08734528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Mellor FCA (Senior Statutory Auditor)
for and on behalf of Johnson Tidsall Limited

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The Silver X Group Limited is a wholly owned subsidiary of SXG Holdings Limited. They share the same registered office. Consolidated financial statements, of which The Silver X Group Limited forms a part, are publicly available at Companies House, Crown Way, Cardiff, CF14 3UZ, DX 33050 Cardiff, United Kingdom.

An unlimited multilateral guarantee was given to HSBC on 10 May 2021 by SXG Holdings Limited and The Silver X Group Limited.