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REGISTERED NUMBER: 08053298 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 July 2023

for

Silverlining Furniture Group Limited

Silverlining Furniture Group Limited (Registered number: 08053298)






Contents of the Consolidated Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Statement of Cash Flows 17

Notes to the Consolidated Statement of Cash
Flows

18

Notes to the Consolidated Financial
Statements

19


Silverlining Furniture Group Limited

Company Information
for the Year Ended 31 July 2023







Directors: J M Boddington
T J Boddington



Registered office: 114-120 Northgate Street
Chester
CH1 2HT



Registered number: 08053298 (England and Wales)



Senior statutory auditor: Robert Ellis FCA



Auditors: Ellis & Co (Accountants & Business Advisers) Ltd
Chartered Accountants
and Statutory Auditors
114-120 Northgate Street
Chester
CH1 2HT

Silverlining Furniture Group Limited (Registered number: 08053298)

Group Strategic Report
for the Year Ended 31 July 2023

The directors present their strategic report of the company and the group for the year ended 31 July 2023.

Incorporated in May 2012, Silverlining Furniture Group Limited is a private limited company which is family owned. The company is the holding company of a UK group which has four trading companies, one investment company, one non-trading company and two dormant companies. All of the subsidiaries are 100% owned by Silverlining Furniture Group Limited.

Review of business
The group had a satisfactory year in terms of margin and net profit however worldwide economic and geopolitical events are resulting in no or slower sales in some countries.

The results were boosted by a fuller order book and an element of profit from a large project cancellation.

2024 will again be more challenging due to continued overhead, labour and raw material cost increases.

The directors believe the group is in a good position to manage this period of ongoing uncertainty, given the actions taken to minimise inflationary costs and with the investments in new products, marketing and particularly expanding investment in new business development in strong existing and new markets, not affected by economic and geopolitical events.

Principal risks and uncertainties
The principal risks to the group include:

- Exchange rates: These are mitigated by agreeing all sale contracts in Sterling and being paid in Sterling.
- Gaps in production pipeline due to client decisions: this is avoided as much as possible by having multiple projects at any one time and continual monitoring by our scheduling department.
- China, Hong Kong and some East European markets falling away. These are being negated as stated above by expanding new business development in strong existing and new markets not effected by economic and geopolitical events.

Financial key performance indicators
Financial performance is measured by monthly work in progress calculations, gross profit monitoring of projects, profit and loss and balance sheet management accounts and weekly deposit and creditors analysis as well as daily cash flow.

During the year group turnover fell slightly to £7.6m (2022: £7.7m) and the group profit before tax was in line with the previous year at £1.7m (2022: £1.7m).


Silverlining Furniture Group Limited (Registered number: 08053298)

Group Strategic Report
for the Year Ended 31 July 2023

Other key performance indicators
Attracting, retaining, and developing employees is vital to the success of the group. The group has worked hard to improve culture in the last year through training, regular catch ups on individual's growth pathways, benchmarking salaries to be above market rates, flexible working/working from home, social, green, charity and employee forum committees, and payment of discretionary bonus, resulting in record retention and recruitment.

Skills in furniture making are enhanced by the group's investment in its own academy and training organization.

As a group working in the premium sector, quality is monitored on a daily basis to ensure we exceed the expectations of clients, especially as 98% of clients return and 78% of annual turnover is through repeat clients.

Financial risk management and funding
The company has no borrowing in the form of an overdraft or asset finance. The group does have a loan secured against a commercial building owned by the group which will be repaid within 4 years. The Loan to Value is less than 15% of the asset value and so constitutes a low risk.

Cashflow and cash reserves are strong due to contract deposits and stage payments in advance and strong retained earnings.

Debtors and creditors are reviewed and managed weekly. Monthly trade creditor and trade debtor balances are typically less than 5% of turnover. Creditors are paid weekly and any late payment of debtors is managed by placing the project on hold until any balance is paid.

To assess the group's and the parent company's ability to continue as a going concern, the directors have reviewed the group's trading performance and the group's business plans for a period of at least 12 months from the date of approval of these financial statements. The directors are satisfied that the group has the orders and resources going forward and the group and parent company are a going concern.

On behalf of the board:





J M Boddington - Director


14 March 2024

Silverlining Furniture Group Limited (Registered number: 08053298)

Report of the Directors
for the Year Ended 31 July 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2023.

Dividends
Interim dividends were paid during the year. The first interim dividend was paid on 22 August 2022 at £320 per share and the last interim dividend of £140 per share was paid on 31 July 2023. The total interim dividends per share were £4,920. The directors recommend that no final dividend be paid.

The total dividends for the year ended 31 July 2023 will be £492,000.

Directors
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

J M Boddington
T J Boddington

Disclosure in the strategic report
The directors have disclosed in the Group Strategic Report information regarding the principal risks and uncertainties affecting the group.

Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Silverlining Furniture Group Limited (Registered number: 08053298)

Report of the Directors
for the Year Ended 31 July 2023


Auditors
The auditors, Ellis & Co (Accountants & Business Advisers) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





J M Boddington - Director


14 March 2024

Report of the Independent Auditors to the Members of
Silverlining Furniture Group Limited

Opinion
We have audited the financial statements of Silverlining Furniture Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 July 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.

Report of the Independent Auditors to the Members of
Silverlining Furniture Group Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Group Strategic Report or 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.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, 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
Silverlining Furniture Group 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures in response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance
including the design of remuneration policies, key drivers for Directors' remuneration, bonus
levels and performance targets

- results of our enquiries of management about their own identification and assessment of the
risks of irregularities

- any matters we identified having obtained and reviewed documentation of policies and
procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether
management were aware of any instances of non-compliance
- detecting and responding to the risks of fraud and whether management have
knowledge of any actual, suspected or alleged fraud
- the internal controls established to mitigate risks of fraud or non-compliance with laws
and regulations

- the matters discussed among the audit engagement team regarding how and where fraud
might occur in the financial statements and any potential indicators of fraud

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the completeness of revenue. In common with all audits under ISA (UK), we are also required to perform specific procedures to respond to the risk of management override.

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
Silverlining Furniture Group 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.




Robert Ellis FCA (Senior Statutory Auditor)
for and on behalf of Ellis & Co (Accountants & Business Advisers) Ltd
Chartered Accountants
and Statutory Auditors
114-120 Northgate Street
Chester
CH1 2HT

14 March 2024

Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated
Income Statement
for the Year Ended 31 July 2023

31/7/23 31/7/22
Notes £    £   

Turnover 3 7,597,539 7,727,386

Cost of sales 4,200,708 4,579,929
Gross profit 3,396,831 3,147,457

Administrative expenses 1,859,009 1,764,994
1,537,822 1,382,463

Other operating income 642 1,995
Operating profit 5 1,538,464 1,384,458

Gain on revaluation of investment
property

180,000

300,000
1,718,464 1,684,458

Interest payable and similar
expenses

6

20,541

11,852
Profit before taxation 1,697,923 1,672,606

Tax on profit 7 373,230 310,908
Profit for the financial year 1,324,693 1,361,698
Profit attributable to:
Owners of the parent 1,324,693 1,361,698

Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated
Other Comprehensive Income
for the Year Ended 31 July 2023

31/7/23 31/7/22
Notes £    £   

Profit for the year 1,324,693 1,361,698


Other comprehensive income - -
Total comprehensive income for
the year

1,324,693

1,361,698

Total comprehensive income attributable to:
Owners of the parent 1,324,693 1,361,698

Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated Statement of Financial Position
31 July 2023

31/7/23 31/7/22
Notes £    £    £    £   
Fixed assets
Intangible assets 11 - -
Tangible assets 12 252,065 256,095
Investments 13 - -
Investment property 14 2,280,000 2,100,000
2,532,065 2,356,095

Current assets
Stocks 15 140,454 150,854
Debtors 16 1,206,820 1,112,227
Cash at bank and in hand 1,260,666 2,272,434
2,607,940 3,535,515
Creditors
Amounts falling due within one year 17 1,645,179 3,194,470
Net current assets 962,761 341,045
Total assets less current liabilities 3,494,826 2,697,140

Creditors
Amounts falling due after more than
one year

18

(245,172

)

(328,260

)

Provisions for liabilities 22 (189,491 ) (141,410 )
Net assets 3,060,163 2,227,470

Capital and reserves
Called up share capital 23 100 100
Other reserves 24 658,033 523,033
Retained earnings 24 2,402,030 1,704,337
Shareholders' funds 3,060,163 2,227,470

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:





J M Boddington - Director


Silverlining Furniture Group Limited (Registered number: 08053298)

Company Statement of Financial Position
31 July 2023

31/7/23 31/7/22
Notes £    £    £    £   
Fixed assets
Intangible assets 11 - -
Tangible assets 12 94,811 77,439
Investments 13 107 107
Investment property 14 - -
94,918 77,546

Current assets
Stocks 15 69,827 77,003
Debtors 16 1,980,585 5,560,101
Cash at bank and in hand 55,708 54,907
2,106,120 5,692,011
Creditors
Amounts falling due within one year 17 1,073,132 5,249,449
Net current assets 1,032,988 442,562
Total assets less current liabilities 1,127,906 520,108

Provisions for liabilities 22 15,418 10,656
Net assets 1,112,488 509,452

Capital and reserves
Called up share capital 23 100 100
Retained earnings 24 1,112,388 509,352
Shareholders' funds 1,112,488 509,452

Company's profit for the financial
year

1,095,036

938,219

Silverlining Furniture Group Limited (Registered number: 08053298)

Company Statement of Financial Position - continued
31 July 2023


The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:





J M Boddington - Director


Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated Statement of Changes in Equity
for the Year Ended 31 July 2023

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 August 2021 100 1,073,538 294,534 1,368,172

Changes in equity
Dividends - (502,400 ) - (502,400 )
Total comprehensive income - 1,361,698 - 1,361,698
Transfer between reserves - (228,499 ) 228,499 -
Balance at 31 July 2022 100 1,704,337 523,033 2,227,470

Changes in equity
Dividends - (492,000 ) - (492,000 )
Total comprehensive income - 1,324,693 - 1,324,693
Transfer between reserves - (135,000 ) 135,000 -
Balance at 31 July 2023 100 2,402,030 658,033 3,060,163

Silverlining Furniture Group Limited (Registered number: 08053298)

Company Statement of Changes in Equity
for the Year Ended 31 July 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2021 100 73,533 73,633

Changes in equity
Dividends - (502,400 ) (502,400 )
Total comprehensive income - 938,219 938,219
Balance at 31 July 2022 100 509,352 509,452

Changes in equity
Dividends - (492,000 ) (492,000 )
Total comprehensive income - 1,095,036 1,095,036
Balance at 31 July 2023 100 1,112,388 1,112,488

Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated Statement of Cash Flows
for the Year Ended 31 July 2023

31/7/23 31/7/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (50,727 ) (467,163 )
Interest paid (20,541 ) (11,803 )
Interest element of hire purchase or
finance lease rental payments paid

-

(49

)
Tax paid (260,148 ) (205,196 )
Net cash from operating activities (331,416 ) (684,211 )

Cash flows from investing activities
Purchase of tangible fixed assets (105,264 ) (140,615 )
Sale of tangible fixed assets - 25,101
Net cash from investing activities (105,264 ) (115,514 )

Cash flows from financing activities
Loan repayments in year (83,088 ) (85,540 )
Capital repayments in year - (15,657 )
Amount introduced by directors - 3,397
Equity dividends paid (492,000 ) (502,400 )
Net cash from financing activities (575,088 ) (600,200 )

Decrease in cash and cash equivalents (1,011,768 ) (1,399,925 )
Cash and cash equivalents at
beginning of year

2

2,272,434

3,672,359

Cash and cash equivalents at end
of year

2

1,260,666

2,272,434

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 July 2023

1. Reconciliation of profit before taxation to cash generated from operations
31/7/23 31/7/22
£    £   
Profit before taxation 1,697,923 1,672,606
Depreciation charges 109,294 155,080
Profit on disposal of fixed assets - (19,144 )
Gain on revaluation of fixed assets (180,000 ) (300,000 )
Finance costs 20,541 11,852
1,647,758 1,520,394
Decrease/(increase) in stocks 10,400 (58,515 )
Increase in trade and other debtors (94,594 ) (167,226 )
Decrease in trade and other creditors (1,614,291 ) (1,761,816 )
Cash generated from operations (50,727 ) (467,163 )

2. Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 July 2023
31/7/23 1/8/22
£    £   
Cash and cash equivalents 1,260,666 2,272,434
Year ended 31 July 2022
31/7/22 1/8/21
£    £   
Cash and cash equivalents 2,272,434 3,672,359


3. Analysis of changes in net funds

At 1/8/22 Cash flow At 31/7/23
£    £    £   
Net cash
Cash at bank and in hand 2,272,434 (1,011,768 ) 1,260,666
2,272,434 (1,011,768 ) 1,260,666
Debt
Debts falling due within 1 year (90,000 ) - (90,000 )
Debts falling due after 1 year (328,260 ) 83,088 (245,172 )
(418,260 ) 83,088 (335,172 )
Total 1,854,174 (928,680 ) 925,494

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements
for the Year Ended 31 July 2023

1. Statutory information

Silverlining Furniture Group 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given and liabilities incurred or assumed plus the costs directly attributable to the business combination. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities.

The Group consolidated financial statements include the financial statements of the Company and its subsidiary undertakings. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements. All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

2. Accounting policies - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors, there are no critical judgements other than those involving estimates.

The directors make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

i. Stage of completion of contracts
The directors have used their judgement to estimate the stage of completion of contracts ongoing at 31 July 2023. Small variances in these estimates can have a significant impact on the turnover figure included in the financial statements.

ii. Valuation of Investment Propery
The directors consider that the value of the commercial property at 31 July 2023 was £2.28m. The investment property was valued on an open market value basis with vacant possession by Legat Owen of Chester on 4 October 2023 for this amount.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

2. Accounting policies - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion
of the service transaction at the end of the reporting period provided that the outcome can
be reliably estimated. When the outcome cannot be reliably estimated, revenue is
recognised only to the extent that expenses recognised are recoverable.

Profit is recognised on long-term contracts if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity advances.

Long-term contracts
Amounts recoverable on long-term contracts are included in debtors and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

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.

Trademarks are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost then subsequently at cost net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements-20% on cost
Plant and machinery-15% on cost
Fixtures and fittings-20% on cost
Motor vehicles-20% reducing balance
Office equipment-20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

2. Accounting policies - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing stock to its present location and position.

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a straight line basis over the term of the agreement.

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.

3. Turnover

An analysis of the company's turnover has not been disclosed as it is deemed to be
commercially sensitive.

4. Employees and directors

Staff costs were as follows:
Group Company
31/7/23 31/7/22 31/7/23 31/7/22
£ £ £ £
Wages and salaries 2,276,124 2,096,116 360,368 286,411
Social security costs 239,887 223,298 36,067 31,320
Other pension costs 113,784 216,005 12,434 130,322
2,629,795 2,535,419 408,869 448,053



The average number of employees during the year was as follows:
Group Company
31/7/23 31/7/22 31/7/23 31/7/22

Sales and marketing 2 2 2 2
Administration 6 6 6 6
Production 52 50 - -
60 58 8 9

31/7/23 31/7/22
£    £   
Directors' remuneration 26,492 25,825
Directors' pension contributions to money purchase schemes - 120,000

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

4. Employees and directors - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. Operating profit

The operating profit is stated after charging/(crediting):

31/7/23 31/7/22
£    £   
Other operating leases 171,387 167,030
Depreciation - owned assets 109,294 155,081
Profit on disposal of fixed assets - (19,144 )
Auditors' remuneration 36,575 36,000
Foreign exchange differences (2,072 ) -

6. Interest payable and similar expenses
31/7/23 31/7/22
£    £   
Interest on overdue tax 736 873
Bank loan interest 19,805 10,930
Hire purchase interest - 49
20,541 11,852

7. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/7/23 31/7/22
£    £   
Current tax:
UK corporation tax 325,149 260,148
Prior year overprovision - (36,364 )
Total current tax 325,149 223,784

Deferred tax 48,081 87,124
Tax on profit 373,230 310,908

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

7. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/7/23 31/7/22
£    £   
Profit before tax 1,697,923 1,672,606
Profit multiplied by the standard rate of corporation tax in the
UK of 21 % (2022 - 19 %)

356,564

317,795

Effects of:
Expenses not deductible for tax purposes 11,182 13,910
Adjustments to tax charge in respect of previous periods - (36,364 )
Enhanced deductions (2,209 ) (18,371 )
Deferred tax - change in tax rates 7,693 33,938
Total tax charge 373,230 310,908

8. Individual income statement

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.


9. Dividends
31/7/23 31/7/22
£    £   
Ordinary shares of £1 each
Interim 492,000 502,400

10. Reduced disclosure in the financial statements

The group has taken advantage of the reduced disclosure framework under FRS 102 not to include the parent company statement of cashflow.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

11. Intangible fixed assets

Group
Trademarks
£   
Cost
At 1 August 2022
and 31 July 2023 2,359
Amortisation
At 1 August 2022
and 31 July 2023 2,359
Net book value
At 31 July 2023 -
At 31 July 2022 -

Company
Trademarks
£   
Cost
At 1 August 2022
and 31 July 2023 2,359
Amortisation
At 1 August 2022
and 31 July 2023 2,359
Net book value
At 31 July 2023 -
At 31 July 2022 -

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

12. Tangible fixed assets

Group
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
Cost
At 1 August 2022 488,070 970,778 59,726
Additions 20,748 10,156 -
At 31 July 2023 508,818 980,934 59,726
Depreciation
At 1 August 2022 452,853 832,639 56,759
Charge for year 14,833 58,690 983
At 31 July 2023 467,686 891,329 57,742
Net book value
At 31 July 2023 41,132 89,605 1,984
At 31 July 2022 35,217 138,139 2,967

Motor Office
vehicles equipment Totals
£    £    £   
Cost
At 1 August 2022 77,249 182,614 1,778,437
Additions 43,950 30,410 105,264
At 31 July 2023 121,199 213,024 1,883,701
Depreciation
At 1 August 2022 36,732 143,359 1,522,342
Charge for year 16,818 17,970 109,294
At 31 July 2023 53,550 161,329 1,631,636
Net book value
At 31 July 2023 67,649 51,695 252,065
At 31 July 2022 40,517 39,255 256,095

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

12. Tangible fixed assets - continued

Company
Fixtures
Leasehold and Office
improvements fittings equipment Totals
£    £    £    £   
Cost
At 1 August 2022 488,070 59,726 182,614 730,410
Additions 20,748 - 30,410 51,158
At 31 July 2023 508,818 59,726 213,024 781,568
Depreciation
At 1 August 2022 452,853 56,759 143,359 652,971
Charge for year 14,833 983 17,970 33,786
At 31 July 2023 467,686 57,742 161,329 686,757
Net book value
At 31 July 2023 41,132 1,984 51,695 94,811
At 31 July 2022 35,217 2,967 39,255 77,439

13. Fixed asset investments

Company
Shares in
group
undertakings
£   
Cost
At 1 August 2022
and 31 July 2023 107
Net book value
At 31 July 2023 107
At 31 July 2022 107

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

13. Fixed asset investments - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Silverlining Furniture Limited
Registered office: United Kingdom
Nature of business: Makers of bespoke furniture
%
Class of shares: holding
Ordinary 100.00
31/7/23 31/7/22
£    £   
Aggregate capital and reserves 494,312 459,620
Profit for the year 34,692 71,496

Silverlining Marine Limited
Registered office: United Kingdom
Nature of business: Makers of bespoke furniture
%
Class of shares: holding
Ordinary 100.00
31/7/23 31/7/22
£    £   
Aggregate capital and reserves 593,998 547,889
Profit for the year 46,109 37,961

Silverlining Special Projects Limited
Registered office: United Kingdom
Nature of business: Makers of bespoke furniture
%
Class of shares: holding
Ordinary 100.00
31/7/23 31/7/22
£    £   
Aggregate capital and reserves 72,440 102,533
(Loss)/profit for the year (30,093 ) 58,644

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

13. Fixed asset investments - continued

Studio Silverlining Limited
Registered office: United Kingdom
Nature of business: Makers of bespoke furniture
%
Class of shares: holding
Ordinary 100.00
31/7/23 31/7/22
£    £   
Aggregate capital and reserves (23,407 ) (22,354 )
Loss for the year (1,053 ) (1,259 )

Under section 479A Companies Act 2006, Studio Silverlining Limited (Company registration number 08052384) is exempt from from the requirements relating to the audit of individual accounts.

Silverlining Commercial Properties Limited
Registered office: United Kingdom
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
31/7/23 31/7/22
£    £   
Aggregate capital and reserves 806,527 627,453
Profit for the year 179,074 256,895

Silverlining Workshops Limited
Registered office: United Kingdom
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00
31/7/23 31/7/22
£    £   
Aggregate capital and reserves 3,922 3,922

Under section 479A Companies Act 2006, Silverlining Workshops Limited (Company registration number 02886595) is exempt from from the requirements relating to the audit of individual accounts.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

13. Fixed asset investments - continued

Silverlining Interiors Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31/7/23 31/7/22
£    £   
Aggregate capital and reserves 1 1

Silverlining Yachts Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31/7/23 31/7/22
£    £   
Aggregate capital and reserves 1 1


14. Investment property

Group
Total
£   
Fair value
At 1 August 2022 2,100,000
Revaluations 180,000
At 31 July 2023 2,280,000
Net book value
At 31 July 2023 2,280,000
At 31 July 2022 2,100,000

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2023 2,280,000

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

14. Investment property - continued

Group

If investment property had not been revalued it would have been included at the following historical cost:

31/7/23 31/7/22
£    £   
Cost 1,615,923 1,615,923
Aggregate depreciation (210,069 ) (177,751 )

The directors consider that the value of the commercial property at 31 July 2023 was £2.28m. The investment property was valued on an open market value basis with vacant possession by Legat Owen of Chester on 4 October 2023 for this amount.

Leasing agreements

Minimum lease receipts fall due as follows:

Group
Non-cancellable
operating lease
31/7/23 31/7/22
£ £
Within one year 230,000 230,000
Between one and five years 862,500 920,000
Greater than five years 172,500
1,092,500 1,322,500

The corresponding figures for the company are £Nil.

15. Stocks

Group Company
31/7/23 31/7/22 31/7/23 31/7/22
£    £    £    £   
Raw materials 64,627 73,851 - -
Finished goods 75,827 77,003 69,827 77,003
140,454 150,854 69,827 77,003

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

16. Debtors: amounts falling due within one year

Group Company
31/7/23 31/7/22 31/7/23 31/7/22
£    £    £    £   
Trade debtors 350,574 160,569 - -
Amounts owed by group undertakings - - 1,752,973 5,401,224
Amounts recoverable on contracts 382,205 378,512 - -
Other debtors 9,159 16,649 85 85
Directors' loan accounts 4,917 4,917 4,917 4,917
VAT 77,010 249,490 - -
Prepayments and accrued income 382,955 302,090 222,610 153,875
1,206,820 1,112,227 1,980,585 5,560,101

17. Creditors: amounts falling due within one year

Group Company
31/7/23 31/7/22 31/7/23 31/7/22
£    £    £    £   
Bank loans and overdrafts (see note 19)
90,000

90,000

-

-
Payments on account 498,339 1,982,979 - -
Trade creditors 340,276 397,497 130,086 194,807
Amounts owed to group undertakings - - 554,798 4,729,420
Tax 325,149 260,148 300,342 227,130
Social security and other taxes 60,924 55,426 9,438 5,749
VAT - - 28,648 11,195
Other creditors 66,332 57,845 3,655 2,037
Accruals and deferred income 264,159 350,575 46,165 79,111
1,645,179 3,194,470 1,073,132 5,249,449

18. Creditors: amounts falling due after more than one year

Group
31/7/23 31/7/22
£    £   
Bank loans (see note 19) 245,172 328,260

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

19. Loans

An analysis of the maturity of loans is given below:

Group
31/7/23 31/7/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 90,000 90,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 245,172 328,260

20. Leasing agreements

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31/7/23 31/7/22
£    £   
Within one year 142,011 145,246
Between one and five years 146,672 256,676
288,683 401,922

Company
Non-cancellable operating leases
31/7/23 31/7/22
£    £   
Within one year 142,011 145,246
Between one and five years 146,672 256,676
288,683 401,922

21. Secured debts

The following secured debts are included within creditors:

Group
31/7/23 31/7/22
£    £   
Bank loans 335,172 418,260

Bank loans are secured by way of a charge over the investment property.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

22. Provisions for liabilities

Group Company
31/7/23 31/7/22 31/7/23 31/7/22
£    £    £    £   
Deferred tax
Accelerated capital allowances 38,015 34,934 15,418 10,656
Other timing differences 151,476 106,476 - -
189,491 141,410 15,418 10,656

Group
Deferred
tax
£   
Balance at 1 August 2022 141,410
Charge to Income Statement during year 48,081
Balance at 31 July 2023 189,491

Company
Deferred
tax
£   
Balance at 1 August 2022 10,656
Charge to Income Statement during year 4,762
Balance at 31 July 2023 15,418

23. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31/7/23 31/7/22
value: £    £   
100 Ordinary £1 100 100

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2023

24. Reserves

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 August 2022 1,704,337 523,033 2,227,370
Profit for the year 1,324,693 1,324,693
Dividends (492,000 ) (492,000 )
Transfer between reserves (135,000 ) 135,000 -
At 31 July 2023 2,402,030 658,033 3,060,063

Company
Retained
earnings
£   

At 1 August 2022 509,352
Profit for the year 1,095,036
Dividends (492,000 )
At 31 July 2023 1,112,388

Under FRS 102 surpluses on the revaluation of investment property are treated as fair value adjustments and are recognised in the Consolidated Income Statement. However under company law, these surpluses are not distributable. In these financial statements, the cumulative revaluation surpluses have been included in other reserves under profit and loss - not distributable. On disposal of an investment property, any revaluation surplus realised on disposal is transferred to distributable reserves.

25. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

31/7/23 31/7/22
£    £   
J M Boddington
Balance outstanding at start of year 4,917 8,314
Amounts repaid - (3,397 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,917 4,917

The maximum overdrawn balance during the year was £4,917. Advances to directors are interest free, unsecured and repayable on demand.