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REGISTERED NUMBER: 04370585 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

SILVERSTRING LIMITED

SILVERSTRING LIMITED (REGISTERED NUMBER: 04370585)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


SILVERSTRING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A Mackenzie
G L Titchener



SECRETARY: A Mackenzie



REGISTERED OFFICE: Bloxham Mill
Barford Road
Bloxham
Banbury
Oxfordshire
OX15 4FF



REGISTERED NUMBER: 04370585 (England and Wales)



SENIOR STATUTORY AUDITOR: H W G Maxwell



AUDITORS: Maxwell & Co
9 Abbey Business Park
Monks Walk
Farnham
Surrey
GU9 8HT

SILVERSTRING LIMITED (REGISTERED NUMBER: 04370585)

ABRIDGED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 358,171 478,197
Tangible assets 6 17,066 7,800
375,237 485,997

CURRENT ASSETS
Debtors 7 2,329,458 2,367,065
Cash at bank 545,096 324,955
2,874,554 2,692,020
CREDITORS
Amounts falling due within one year 1,584,353 1,428,107
NET CURRENT ASSETS 1,290,201 1,263,913
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,665,438

1,749,910

CREDITORS
Amounts falling due after more than one year (166,581 ) (240,682 )

PROVISIONS FOR LIABILITIES (2,341 ) (382 )
NET ASSETS 1,496,516 1,508,846

CAPITAL AND RESERVES
Called up share capital 9 106 106
Share premium 10,112 10,112
Retained earnings 1,486,298 1,498,628
SHAREHOLDERS' FUNDS 1,496,516 1,508,846

SILVERSTRING LIMITED (REGISTERED NUMBER: 04370585)

ABRIDGED 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

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:





G L Titchener - Director


SILVERSTRING LIMITED (REGISTERED NUMBER: 04370585)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Silverstring 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.

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 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.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on reducing balance

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.

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.


SILVERSTRING LIMITED (REGISTERED NUMBER: 04370585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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 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.

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 16 (2022 - 20 ) .

4. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

12,000

13,000

SILVERSTRING LIMITED (REGISTERED NUMBER: 04370585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 736,540
Additions 105,961
Disposals (107,588 )
At 31 March 2023 734,913
AMORTISATION
At 1 April 2022 258,343
Amortisation for year 225,987
Eliminated on disposal (107,588 )
At 31 March 2023 376,742
NET BOOK VALUE

At 31 March 2023 358,171
At 31 March 2022 478,197

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.

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 55,624
Additions 18,106
Disposals (7,244 )
At 31 March 2023 66,486
DEPRECIATION
At 1 April 2022 47,824
Charge for year 8,405
Eliminated on disposal (6,809 )
At 31 March 2023 49,420
NET BOOK VALUE
At 31 March 2023 17,066
At 31 March 2022 7,800

SILVERSTRING LIMITED (REGISTERED NUMBER: 04370585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 930,933 952,757

8. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

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

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,055,556 Ordinary £.000 1 106 106

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

The Report of the Auditors was unqualified.

H W G Maxwell (Senior Statutory Auditor)
for and on behalf of Maxwell & Co

11. 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 company remains a going concern for the foreseeable future and the financial statements have been prepared on a going concern basis.

SILVERSTRING LIMITED (REGISTERED NUMBER: 04370585)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. ULTIMATE CONTROLLING PARTY

The controlling party is Silverstring Holdings Limited.