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Registered number: 13948902














SILVERWORKS ISLAND LIMITED
(FORMERLY DOCKYARDS LONDON LIMITED)
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

 
SILVERWORKS ISLAND LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 5

 
SILVERWORKS ISLAND LIMITED
REGISTERED NUMBER:13948902

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
2,590

Current assets
  

Debtors: amounts falling due within one year
 5 
364,392

Cash at bank and in hand
  
26,010

  
390,402

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(248,214)

Net current assets
  
 
 
142,188

Total assets less current liabilities
  
144,778

  

Net assets
  
144,778


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
144,777

  
144,778


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 January 2024.




S J Tracey
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
SILVERWORKS ISLAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Silverworks Island Limited is a private limited liability company registered in England and Wales. Its registered office is 30 Water Street, Canary Wharf, London, E14 5GX and its principal place of business is Silvertown Square, Royal Victoria Dock, Connaught Bridge, North Woolwich Road, London, E16 2BU.
The company was incorporated on 2 March 2022 and commenced trading on 1 April 2022.
The company changed its name from Dockyards London Limited to Silverworks Island Limited on 28 July 2023.
The principal activity of the company was the development and management of corporate and ticketed live music event venues.
The company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of the hiring out of live music and corporate venues, event management fees and production fees.
Revenue is recognised when the events take place and it is probable that economic benefits will flow to the company. It is exclusive of Value Added Tax and trade discounts.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 2

 
SILVERWORKS ISLAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Plant and machinery
-
5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. 
Cash is represented by cash in hand and deposits with financial institutions.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.

Page 3

 
SILVERWORKS ISLAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost


Additions
2,775



At 31 March 2023

2,775



Depreciation


Charge for the period on owned assets
185



At 31 March 2023

185



Net book value



At 31 March 2023
2,590


5.


Debtors

2023
£


Trade debtors
25,844

Amounts owed by group undertakings
334,143

Other debtors
1,269

Prepayments and accrued income
3,136

364,392



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
25,148

Amounts owed to group undertakings
55,809

Taxation and social security
26,599

Other creditors
68,956

Accruals and deferred income
71,702

248,214


Page 4

 
SILVERWORKS ISLAND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


Share capital

2023
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


On incorporation the company issued 1 £1 Ordinary share at par.


8.


Parent undertaking

The immediate parent undertaking of the company is Broadwick Venues Limited, a company registered in England and Wales with its registered office at Acre House, 11-15 William Road, London, NW1 3ER.
The ultimate parent undertaking of the company is Broadwick Group Limited, a company registered in England and Wales with its registered office at Acre House, 11-15 William Road, London, NW1 3ER.
Broadwick Group Limited prepares consolidated accounts, which are available from Companies House.

9.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2023 was unqualified.

The audit report was signed on 25 January 2024 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 5