REGISTERED NUMBER: 11064265 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SILVERSTRING HOLDINGS LIMITED |
REGISTERED NUMBER: 11064265 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SILVERSTRING HOLDINGS LIMITED |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Income and Retained Earnings | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 11 |
Notes to the Consolidated Financial Statements | 12 |
SILVERSTRING HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Hugh Maxwell |
AUDITORS: |
9 Abbey Business Park |
Monks Walk |
Farnham |
Surrey |
GU9 8HT |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report on the Group, referring to the subsidiary companies herein. We also present the financial statements of the company for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the design and development of a data cloud platform for the purpose of data resilience, data protection and governance. |
REVIEW OF BUSINESS |
Profit from our commercial operations increased by 80% to £351,096 for the year (2021/22 profit £194,814) as noted below detailing our R&D spend. Our turnover for the year was 10% down against the previous year however we are pleased to report that gross profit held steady. Our gross profit percentage improved to 59% (2021/22 53%) against turnover. This is a result of our continuing transition away from reseller activities to recurring software and managed services solutions. |
We are pleased to report that all cost reduction measures introduced during the initial Coronavirus pandemic were successfully concluded during the year with salary reductions fully repaid. As a result of this no further provision was required in these annual results. |
Predatar Inc saw an improved financial performance reporting a profit for its second full trading year. This has reduced the level of working capital support required from the Group materially. |
The pace of development of our Predatar platform continued into this year focused on cyber resilience orchestration. A number of significant new capabilities are in development or have been released to the platform. |
Overall orders received slipped by 11% year on year to £4.4m revenue but there was much less impact on gross profit, down 2%. Whilst the overall revenue value of orders received has slipped, gross profit on net new business increased by 5%. It is notable that 90% of our annual orders gross profit now relates to our own software and services, up from 84% the previous year. An increasing proportion of these orders consist of various subscription services invoiced and delivered over terms of one to three years. |
In that context our reported revenue for the year will only reflect the appropriate percentage of the service invoiced and delivered within the reporting year. The remaining revenue will be released over the remainder of the subscription term which provides a growing and firm future revenue and gross profit base as it increases our pre-existing annuities revenue stream. |
Overhead costs reduced by 5% year on year. |
Our research and development spend amounted to £211,243 (2021/22 £187,811), which is written off to the profit and loss account as incurred. The Group profit before tax and development costs closed at £351,096 (2021/22 profit £194,814). |
We take this opportunity to give our thanks to all our employees for their dedication and hard work over the last year. |
FUTURE DEVELOPMENTS |
Investment into R&D of the Predatar platform will remain a priority over the next year. We expect to file new patent applications relating to the use of artificial intelligence to increase the platform's efficacy for cyber threat detection. |
Our priority for the year is to create added value from the improved addressable market which comes from our ability to reach global markets through a growing network for partners, as part of our Apex initiative. This has been made possible through the diversification strategy which has seen us add platform support for major strategic vendors, in addition to our core IBM partnership. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Maxwell & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SILVERSTRING HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Silverstring Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SILVERSTRING HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SILVERSTRING HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. |
In particular, we looked at where management made subjective judgements, for example in respect of the amortization of licences that involved making assumptions and considering future events that are inherently uncertain. |
We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. |
We gained an understanding of the legal and regulatory framework applicable to the Company and the technology industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Company that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and equivalent local laws and regulations. |
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the board meetings, legal reports provided to the board and correspondence between the Company and its solicitors. |
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. |
We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the board that represented a risk of material misstatement due to fraud. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SILVERSTRING HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
9 Abbey Business Park |
Monks Walk |
Farnham |
Surrey |
GU9 8HT |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
CONSOLIDATED |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4,497,949 | 4,949,269 |
Cost of sales | 1,843,061 | 2,324,369 |
GROSS PROFIT | 2,654,888 | 2,624,900 |
Administrative expenses | 2,464,300 | 2,568,901 |
190,588 | 55,999 |
Other operating income | - | 6,375 |
OPERATING PROFIT | 4 | 190,588 | 62,374 |
Interest payable and similar expenses | 50,735 | 55,371 |
PROFIT BEFORE TAXATION | 139,853 | 7,003 |
Tax on profit | 6 | (36,265 | ) | (272 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | 484,422 | 503,630 |
Dividends | 8 | (46,267 | ) | (46,267 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
614,273 |
464,638 |
Profit attributable to: |
Owners of the parent | 176,118 | 27,059 |
Non-controlling interests | - | (19,784 | ) |
176,118 | 7,275 |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 391,090 | 526,550 |
Tangible assets | 10 | 17,066 | 7,800 |
Investments | 11 | - | - |
408,156 | 534,350 |
CURRENT ASSETS |
Debtors | 12 | 1,343,230 | 1,299,480 |
Cash at bank | 13 | 803,486 | 739,357 |
2,146,716 | 2,038,837 |
CREDITORS |
Amounts falling due within one year | 14 | 1,781,243 | 1,857,267 |
NET CURRENT ASSETS | 365,473 | 181,570 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
773,629 |
715,920 |
CREDITORS |
Amounts falling due after more than one year | 15 | (166,581 | ) | (240,682 | ) |
PROVISIONS FOR LIABILITIES | (2,341 | ) | (382 | ) |
NET ASSETS | 604,707 | 474,856 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 106 | 106 |
Other reserves | 18 | 10,112 | 10,112 |
Retained earnings | 18 | 594,489 | 484,422 |
SHAREHOLDERS' FUNDS | 604,707 | 494,640 |
NON-CONTROLLING INTERESTS | - | (19,784 | ) |
TOTAL EQUITY | 604,707 | 474,856 |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
CONSOLIDATED BALANCE SHEET - continued |
31 MARCH 2023 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by: |
A Mackenzie - Director |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 46,267 | 46,267 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Silverstring Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 March each year. The results of subsidiaries are consolidated for the periods from when the group was formed on the 1 April 2018. |
Business combinations are accounted for under the merger accounting method. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding, discounts, rebates and value added tax. |
Turnover includes the rendering of services, incorporating software and support which are recognised over the period of the contract. |
Sales of software licences and hardware are recognised at the time of delivery, |
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 |
Fixtures and fittings | - |
Computer equipment | - |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date. |
Government grants |
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Income and Retained Earnings, 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
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 or the lease term, whichever is the shorter. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 8,405 | 3,841 |
Patents and licences amortisation | 241,421 | 162,305 |
5. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
16,750 |
19,334 |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | (38,224 | ) | - |
Deferred tax | 1,959 | (272 | ) |
Tax on profit | (36,265 | ) | (272 | ) |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary Shares shares of £0.0001 each |
Interim | 46,267 | 46,267 |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1 April 2022 | 786,275 |
Additions | 105,961 |
Disposals | (107,588 | ) |
At 31 March 2023 | 784,648 |
AMORTISATION |
At 1 April 2022 | 259,725 |
Amortisation for year | 241,421 |
Eliminated on disposal | (107,588 | ) |
At 31 March 2023 | 393,558 |
NET BOOK VALUE |
At 31 March 2023 | 391,090 |
At 31 March 2022 | 526,550 |
The cost of intangible assets includes software licences of £253,821 purchased via finance leases, which have been amortised by £120,139. Net book value £133,682. |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 19,598 | 36,026 | 55,624 |
Additions | - | 18,106 | 18,106 |
Disposals | - | (7,244 | ) | (7,244 | ) |
At 31 March 2023 | 19,598 | 46,888 | 66,486 |
DEPRECIATION |
At 1 April 2022 | 17,825 | 29,999 | 47,824 |
Charge for year | 585 | 7,820 | 8,405 |
Eliminated on disposal | - | (6,809 | ) | (6,809 | ) |
At 31 March 2023 | 18,410 | 31,010 | 49,420 |
NET BOOK VALUE |
At 31 March 2023 | 1,188 | 15,878 | 17,066 |
At 31 March 2022 | 1,773 | 6,027 | 7,800 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Silverstring Limited |
Registered office: UK |
Nature of business: Data protection |
% |
Class of shares: | holding |
Ordinary shares | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 1,496,516 | 1,508,846 |
(Loss)/profit for the year | (12,330 | ) | 63,797 |
Predatar Limited |
Registered office: UK |
Nature of business: Software development and consultancy |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | (736,913 | ) | (840,773 | ) |
Profit for the year | 103,860 | 141,321 |
Predatar Inc |
Registered office: North Carolina, USA |
Nature of business: Software provider |
% |
Class of shares: | holding |
Ordinary $1 | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | (159,514 | ) | (197,835 | ) |
Profit/(loss) for the year | 38,321 | (197,843 | ) |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 475,778 | 829,947 |
Amounts owed by group undertakings | - | - |
Tax | 38,224 | - |
Called up share capital not paid | (1 | ) | - |
Prepayments and accrued income | 829,229 | 469,533 |
1,343,230 | 1,299,480 |
13. | CASH AT BANK |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank account GBP | 547,936 | 314,438 | 2 | 2 |
Bank account USD | 218,936 | 384,777 | - | - |
Bank account EUR | 36,614 | 40,142 | - | - |
803,486 | 739,357 | 2 | 2 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Other loans | 62,194 | 58,032 |
Finance leases (see note 16) | 384,172 | 185,019 |
Trade creditors | 330,931 | 357,845 |
Social security and other taxes | 32,769 | 30,289 |
VAT | 104,395 | 105,631 |
Other creditors | 17,316 | 140,658 |
Accruals and deferred income | 759,787 | 773,221 |
Accrued expenses | 89,679 | 206,572 |
1,781,243 | 1,857,267 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Other loans - 2-5 years | 104,269 | 165,866 |
Finance leases (see note 16) | 62,312 | 74,816 |
166,581 | 240,682 |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Finance leases |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year | 419,276 | 208,739 |
Between one and five years | 75,318 | 86,166 |
494,594 | 294,905 |
Finance charges repayable: |
Within one year | 35,104 | 23,720 |
Between one and five years | 13,006 | 11,350 |
48,110 | 35,070 |
Net obligations repayable: |
Within one year | 384,172 | 185,019 |
Between one and five years | 62,312 | 74,816 |
446,484 | 259,835 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | £0.0001 | 106 | 106 |
18. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2022 | 484,422 | 10,112 | 494,534 |
Profit for the year | 176,118 | 176,118 |
Dividends | (46,267 | ) | (46,267 | ) |
Purchase of minority interest | (19,784 | ) | - | (19,784 | ) |
At 31 March 2023 | 594,489 | 10,112 | 604,601 |
SILVERSTRING HOLDINGS LIMITED (REGISTERED NUMBER: 11064265) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
19. | POST BALANCE SHEET EVENTS |
The impact of the Coronavirus epidemic continues, in the opinion of the Directors', to compromise the growth of the business in FY23/24. It is unclear to what extent this will occur, but the directors are confident that the group remains a going concern for the foreseeable future. As such, the financial statements have been prepared on a going concern basis. |