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Registered number: 11339711
Silverray Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2023
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11339711
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,671 11,144
Tangible Assets 5 122,836 7,084
132,507 18,228
CURRENT ASSETS
Debtors 6 116,947 1,806
Cash at bank and in hand 947,015 23,880
1,063,962 25,686
Creditors: Amounts Falling Due Within One Year 7 52,836 1,870
NET CURRENT ASSETS (LIABILITIES) 1,116,798 27,556
TOTAL ASSETS LESS CURRENT LIABILITIES 1,249,305 45,784
Creditors: Amounts Falling Due After More Than One Year 8 (10,430 ) (19,023 )
NET ASSETS 1,238,875 26,761
CAPITAL AND RESERVES
Called up share capital 10 20 12
Share premium account 1,850,274 150,089
Other reserves 57,585 -
Profit and Loss Account (669,004 ) (123,340 )
SHAREHOLDERS' FUNDS 1,238,875 26,761
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Page 2
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Daniel Peter Cathie
Director
14 February 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Silverray Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11339711 . The registered office is Unit F8, 5th Floor, Pear Mill Industrial Estate, Stockport Road, West Stockport, Greater Manchester, SK6 2BP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets contains Patents. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5 years straight line
Plant & Machinery 3 years straight line
Fixtures & Fittings 5 years straight line
Computer Equipment 5 years straight line
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
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2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Research and Development
In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives. 
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. 
2.11. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity received services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. 
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 4)
9 4
4. Intangible Assets
Other
£
Cost
As at 1 June 2022 14,740
Additions 1
As at 31 May 2023 14,741
Amortisation
As at 1 June 2022 3,596
Provided during the period 1,474
As at 31 May 2023 5,070
Net Book Value
As at 31 May 2023 9,671
As at 1 June 2022 11,144
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2022 - 17,200 - 2,482 19,682
Additions 4,807 98,233 10,989 21,293 135,322
As at 31 May 2023 4,807 115,433 10,989 23,775 155,004
Depreciation
As at 1 June 2022 - 10,116 - 2,482 12,598
Provided during the period 630 15,851 1,405 1,684 19,570
As at 31 May 2023 630 25,967 1,405 4,166 32,168
Net Book Value
As at 31 May 2023 4,177 89,466 9,584 19,609 122,836
As at 1 June 2022 - 7,084 - - 7,084
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 106,558 -
VAT 10,389 1,806
116,947 1,806
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 12,347 7,883
Bank loans and overdrafts 4,470 -
Corporation tax (131,551 ) (13,107 )
Other taxes and social security 20,694 2,731
Other creditors - (1 )
Accruals and deferred income 40,580 -
Directors' loan accounts 624 624
(52,836 ) (1,870 )
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 10,430 19,023
10,430 19,023
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9. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 4,470 -
4,470 -
2023 2022
£ £
Amounts falling due between one and five years:
Bank loans 10,430 19,023
10,430 19,023
10. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1,964,449 Ordinary Shares of £ 0.00001 each 20 12
Shares issued during the period: £
810,604 Ordinary Shares of £ 0.00001 each 8
On 29th July 2022, 82,141 Ordinary shares of £0.00001 each were allotted and fully paid at a price of £2.0635 per share.
On 21st September 2022, 112,565 Ordinary shares of £0.00001 each were allotted and fully paid at a price of £2.0635 per share.
On 27th January 2023, 482,674 Ordinary shares of £0.00001 each were allotted and fully paid at a price of £2.0635 per share.
On 1st March 2023, 133,224 Ordinary shares of £0.00001 each were allotted and fully paid at a price of £2.27 per share.
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