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REGISTERED NUMBER: 08057118 (England and Wales)















Financial Statements for the Year Ended 31 July 2023

for

Silverlining Furniture Limited

Silverlining Furniture Limited (Registered number: 08057118)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Silverlining Furniture 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: 08057118 (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 Limited (Registered number: 08057118)

Statement of Financial Position
31 July 2023

31/7/23 31/7/22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 157,254 178,656

Current assets
Stocks 70,627 73,851
Debtors 5 942,026 4,731,876
Cash at bank and in hand 132,997 192,002
1,145,650 4,997,729
Creditors
Amounts falling due within one year 6 785,995 4,692,487
Net current assets 359,655 305,242
Total assets less current liabilities 516,909 483,898

Provisions for liabilities 7 22,597 24,278
Net assets 494,312 459,620

Capital and reserves
Called up share capital 1 1
Retained earnings 494,311 459,619
494,312 459,620

Silverlining Furniture Limited (Registered number: 08057118)

Statement of Financial Position - continued
31 July 2023


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

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

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





J M Boddington - Director


Silverlining Furniture Limited (Registered number: 08057118)

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

1. Statutory information

Silverlining Furniture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Motor vehicles - 20% reducing balance

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

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


Silverlining Furniture Limited (Registered number: 08057118)

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

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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.

3. Employees and directors

The average number of employees during the year was 51 (2022 - 50 ) .

Silverlining Furniture Limited (Registered number: 08057118)

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

4. Tangible fixed assets
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 August 2022 970,778 77,249 1,048,027
Additions 10,156 43,950 54,106
At 31 July 2023 980,934 121,199 1,102,133
Depreciation
At 1 August 2022 832,639 36,732 869,371
Charge for year 58,690 16,818 75,508
At 31 July 2023 891,329 53,550 944,879
Net book value
At 31 July 2023 89,605 67,649 157,254
At 31 July 2022 138,139 40,517 178,656

5. Debtors: amounts falling due within one year
31/7/23 31/7/22
£    £   
Trade debtors 296,420 34,262
Amounts owed by group undertakings 506,158 4,255,323
Amounts recoverable on contracts 39,791 346,613
Other debtors 99,657 95,678
942,026 4,731,876

6. Creditors: amounts falling due within one year
31/7/23 31/7/22
£    £   
Payments on account 264,529 1,064,794
Trade creditors 116,221 147,397
Amounts owed to group undertakings 160,381 3,157,347
Taxation and social security 60,014 58,236
Other creditors 184,850 264,713
785,995 4,692,487

7. Provisions for liabilities
31/7/23 31/7/22
£    £   
Deferred tax
Accelerated capital allowances 22,597 24,278

Silverlining Furniture Limited (Registered number: 08057118)

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

7. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 August 2022 24,278
Credit to Statement of Income and Retained Earnings during
year

(1,681

)
Balance at 31 July 2023 22,597

8. Disclosure under Section 444(5B) of the Companies Act 2006

The financial statements of the company for the year ended 31 July 2023 were audited by Ellis & Co (Accountants and Business Advisers) Limited, and the audit report was signed by Robert Ellis FCA, senior statutory auditor. The audit report was unqualified.

9. Related party disclosures

Silverlining Furniture Group Limited, a company incorporated in the United Kingdom, is the parent company of the smallest group for which accounts are prepared and of which Silverlining Furniture Limited is a member. The registered office of Silverlining Furniture Group Limited is 114-120 Northgate Street, Chester, CH1 2HT.