IRIS Accounts Production v23.3.1.45 11064265 Board of Directors 31.3.23 1.4.22 31.3.23 31.3.23 true false true true false false false true false Ordinary Shares 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh110642652022-03-31110642652023-03-31110642652022-04-012023-03-31110642652021-03-31110642652021-04-012022-03-31110642652022-03-3111064265ns10:Originalns15:EnglandWales2022-04-012023-03-3111064265ns14:PoundSterlingns10:Original2022-04-012023-03-3111064265ns10:Originalns10:Director12022-04-012023-03-3111064265ns10:Original2022-04-012023-03-3111064265ns10:Originalns10:Director22022-04-012023-03-3111064265ns10:Originalns10:Consolidated2023-03-3111064265ns10:Original2023-03-3111064265ns10:Originalns10:ConsolidatedGroupCompanyAccounts2022-04-012023-03-3111064265ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3111064265ns10:Originalns10:Consolidatedns10:SmallEntities2022-04-012023-03-3111064265ns10:Originalns10:Consolidatedns10:Audited2022-04-012023-03-3111064265ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3111064265ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3111064265ns10:Originalns10:Consolidatedns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3111064265ns10:SmallCompaniesRegimeForAccountsns10:Originalns10:Consolidated2022-04-012023-03-3111064265ns10:Originalns10:FullAccounts2022-04-012023-03-3111064265ns10:Original12022-04-012023-03-3111064265ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-3111064265ns10:Originalns10:Consolidated2022-04-012023-03-3111064265ns10:CompanySecretary1ns10:Original2022-04-012023-03-3111064265ns10:Originalns10:RegisteredOffice2022-04-012023-03-3111064265ns10:Originalns10:Consolidated2021-04-012022-03-3111064265ns10:Original2022-03-3111064265ns5:ShareCapitalns10:Original2023-03-3111064265ns5:ShareCapitalns10:Original2022-03-3111064265ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3111064265ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3111064265ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-04-012023-03-3111064265ns10:Originalns5:PatentsTrademarksLicencesConcessionsSimilar2022-04-012023-03-3111064265ns10:Originalns5:FurnitureFittings2022-04-012023-03-3111064265ns10:Originalns5:ComputerEquipment2022-04-012023-03-3111064265ns10:Original2021-04-012022-03-3111064265ns10:Originalns5:CostValuation2022-03-3111064265ns10:Originalns5:CurrentFinancialInstruments2023-03-3111064265ns10:Originalns5:CurrentFinancialInstruments2022-03-3111064265ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3111064265ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3111064265ns10:Originalns10:OrdinaryShareClass12023-03-31
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: A Mackenzie
G L Titchener



SECRETARY: A Mackenzie



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



REGISTERED NUMBER: 11064265 (England and Wales)



SENIOR STATUTORY AUDITOR: Hugh Maxwell



AUDITORS: Maxwell & Co
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.

A Mackenzie
G L Titchener

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:





A Mackenzie - Director


7 March 2024

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.




Hugh Maxwell (Senior Statutory Auditor)
for and on behalf of Maxwell & Co
9 Abbey Business Park
Monks Walk
Farnham
Surrey
GU9 8HT

7 March 2024

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 176,118 7,275

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 11 106 106
106 106

CURRENT ASSETS
Debtors 12 4,624 4,624
Cash at bank 13 2 2
4,626 4,626
NET CURRENT ASSETS 4,626 4,626
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,732

4,732

CAPITAL AND RESERVES
Called up share capital 17 106 106
Retained earnings 4,626 4,626
SHAREHOLDERS' FUNDS 4,732 4,732

Company's profit for the financial year 46,267 46,267

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:





G L Titchener - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

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.

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 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.

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 17 (2022 - 20 ) .

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 106
NET BOOK VALUE
At 31 March 2023 106
At 31 March 2022 106

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 - - 4,624 4,624
Tax 38,224 - - -
Called up share capital not paid (1 ) - - -
Prepayments and accrued income 829,229 469,533 - -
1,343,230 1,299,480 4,624 4,624

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: £    £   
1,055,556 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.