Registered number
08540766
Silverfin Search Ltd
Filleted Accounts
31 May 2023
Silverfin Search Ltd
Registered number: 08540766
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 49,852 13,159
Current assets
Debtors 4 1,875 49,225
Cash at bank and in hand 56,950 20,003
58,825 69,228
Creditors: amounts falling due within one year 5 (27,983) (18,264)
Net current assets 30,842 50,964
Total assets less current liabilities 80,694 64,123
Creditors: amounts falling due after more than one year 6 (16,206) (24,047)
Net assets 64,488 40,076
Capital and reserves
Called up share capital 200 200
Profit and loss account 64,288 39,876
Shareholders' funds 64,488 40,076
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J.Silver
Director
Approved by the board on 9 February 2024
Silverfin Search Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Motor Vehicle over 4 years
Investments
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 8,407 47,817 56,224
Additions 16,669 49,325 65,994
Disposals - (47,817) (47,817)
At 31 May 2023 25,076 49,325 74,401
Depreciation
At 1 June 2022 7,203 35,862 43,065
Charge for the year 5,015 12,331 17,346
On disposals - (35,862) (35,862)
At 31 May 2023 12,218 12,331 24,549
Net book value
At 31 May 2023 12,858 36,994 49,852
At 31 May 2022 1,204 11,955 13,159
4 Debtors 2023 2022
£ £
Other debtors 1,875 49,225
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,880 9,120
Taxation and social security costs - -
Other creditors 19,103 9,144
27,983 18,264
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,206 24,047
7 Controlling party
The Directors are the controlling party .
8 Other information
Silverfin Search Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The House
High Street
Brenchley
Kent
TN12 7NQ
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