Company registration number 04592750 (England and Wales)
SILVERLINE TRADING UK LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
SILVERLINE TRADING UK LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
3 - 4
Notes to the financial statements
5 - 7
SILVERLINE TRADING UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 April 2023.
Principal activities
The principal activity of the company continued to be that of the wholesale of household and other goods.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A D Williams
(Resigned 31 March 2023)
Mrs C L Williams
(Resigned 31 March 2023)
Mr S J Rees
(Appointed 31 March 2023)
Mr L Rees
(Appointed 31 March 2023)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr S J Rees
Mr L Rees
Director
Director
4 April 2024
SILVERLINE TRADING UK LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SILVERLINE TRADING UK LIMITED FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Silverline Trading UK Limited for the year ended 30 April 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Silverline Trading UK Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Silverline Trading UK Limited and state those matters that we have agreed to state to the board of directors of Silverline Trading UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Silverline Trading UK Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Silverline Trading UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Silverline Trading UK Limited. You consider that Silverline Trading UK Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Silverline Trading UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WBV Limited
4 April 2024
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
SILVERLINE TRADING UK LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
361
563
Current assets
Stocks
20,000
20,000
Debtors
4
53,140
60,045
Cash at bank and in hand
13,940
83,685
87,080
163,730
Creditors: amounts falling due within one year
5
(93,697)
(123,119)
Net current (liabilities)/assets
(6,617)
40,611
Total assets less current liabilities
(6,256)
41,174
Creditors: amounts falling due after more than one year
6
(38,870)
Net (liabilities)/assets
(6,256)
2,304
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(6,258)
2,302
Total equity
(6,256)
2,304
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SILVERLINE TRADING UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 4 April 2024 and are signed on its behalf by:
Mr S J Rees
Mr L Rees
Director
Director
Company registration number 04592750 (England and Wales)
SILVERLINE TRADING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
1
Accounting policies
Company information
Silverline Trading UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Inspiration Limited, Phoenix Way, Garngoch Industrial Estate, Swansea, United Kingdom, SA4 4WF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25%
At cost
Plant & Machinery
25%
At cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SILVERLINE TRADING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
25
22
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 and 30 April 2023
2,759
Depreciation and impairment
At 1 May 2022
2,195
Depreciation charged in the year
203
At 30 April 2023
2,398
Carrying amount
At 30 April 2023
361
At 30 April 2022
563
SILVERLINE TRADING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
49,112
47,553
Amounts owed by group undertakings
2,272
Other debtors
4,028
9,452
53,140
59,277
Deferred tax asset
768
53,140
60,045
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,753
Trade creditors
3,324
52,521
Taxation and social security
13,675
55,967
Other creditors
76,698
7,878
93,697
123,119
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,870
7
ULTIMATE CONTROLLING PARTY
As at 30.04.2023 the ultimate controlling party was Inspiration Limited.