2022-08-012023-07-312023-07-31false10292852Silicon Milk Roundabout 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Silicon Milk Roundabout Ltd

Registered Number
10292852
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

Silicon Milk Roundabout Ltd
Company Information
for the year from 1 August 2022 to 31 July 2023

Director

L G Reynolds

Registered Address

1 Sopwith Crescent
Hurricane Way
Wickford
SS11 8YU

Registered Number

10292852 (England and Wales)
Silicon Milk Roundabout Ltd
Statement of Financial Position
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets310,71314,129
Tangible assets43,658-
Investments588
14,37914,137
Current assets
Debtors7,307177,645
Cash at bank and on hand404,162372,093
411,469549,738
Creditors amounts falling due within one year6(12,732)(185,966)
Net current assets (liabilities)398,737363,772
Total assets less current liabilities413,116377,909
Net assets413,116377,909
Capital and reserves
Called up share capital100100
Profit and loss account413,016377,809
Shareholders' funds413,116377,909
The financial statements were approved and authorised for issue by the Director on 14 February 2024, and are signed on its behalf by:
L G Reynolds
Director
Registered Company No. 10292852
Silicon Milk Roundabout Ltd
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
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 rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. The statement of financial position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current 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. Group relief of trading losses has been claimed to utilised some of the losses incurred.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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. Goodwill is being amortised evenly over its estimated useful life of ten years. Trademarks are being amortised evenly over their estimated useful life of nine years.
Research and development
Revenue expenditure on research and development is written off in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Office Equipment 3 and 4 years on straight line basis.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments 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, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
2.Average number of employees

20232022
Average number of employees during the year52
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 August 2234,09234,092
At 31 July 2334,09234,092
Amortisation and impairment
At 01 August 2219,96319,963
Charge for year3,4163,416
At 31 July 2323,37923,379
Net book value
At 31 July 2310,71310,713
At 31 July 2214,12914,129
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 August 225,0815,081
Additions4,3614,361
At 31 July 239,4429,442
Depreciation and impairment
At 01 August 225,0815,081
Charge for year703703
At 31 July 235,7845,784
Net book value
At 31 July 233,6583,658
At 31 July 22--
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 August 2288
At 31 July 2388
Net book value
At 31 July 2388
At 31 July 2288

Notes

1Investments in group undertakings and participating interests
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables5,6705,846
Taxation and social security6,42235,910
Other creditors6401,610
Accrued liabilities and deferred income-142,600
Total12,732185,966
7.Parent-subsidiary relationships
The financial statements contain information about Silicon Milk Roundabout as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.