Silverwells Limited 03232196 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is the provision of office and storage facilities and general commercial services. Digita Accounts Production Advanced 6.30.9574.0 true true 03232196 2022-09-01 2023-08-31 03232196 2023-08-31 03232196 core:RetainedEarningsAccumulatedLosses 2023-08-31 03232196 core:ShareCapital 2023-08-31 03232196 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03232196 core:FurnitureFittingsToolsEquipment 2023-08-31 03232196 bus:SmallEntities 2022-09-01 2023-08-31 03232196 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 03232196 bus:FullAccounts 2022-09-01 2023-08-31 03232196 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 03232196 bus:RegisteredOffice 2022-09-01 2023-08-31 03232196 bus:Director1 2022-09-01 2023-08-31 03232196 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 03232196 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 03232196 core:OfficeEquipment 2022-09-01 2023-08-31 03232196 countries:EnglandWales 2022-09-01 2023-08-31 03232196 2022-08-31 03232196 core:FurnitureFittingsToolsEquipment 2022-08-31 03232196 2021-09-01 2022-08-31 03232196 2022-08-31 03232196 core:RetainedEarningsAccumulatedLosses 2022-08-31 03232196 core:ShareCapital 2022-08-31 03232196 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 03232196 core:FurnitureFittingsToolsEquipment 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 03232196

Silverwells Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

Pages for filing with Registrar

 

Silverwells Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Silverwells Limited

Company Information


 

Director

Mr J E Blackburn

Registered office

Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ

 

Silverwells Limited

(Registration number: 03232196)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

264

Creditors: Amounts falling due within one year

5

(26)

(1,280)

Net liabilities

 

(26)

(1,016)

Capital and reserves

 

Called up share capital

18

18

Retained earnings

(44)

(1,034)

Shareholders' deficit

 

(26)

(1,016)

 

Silverwells Limited

(Registration number: 03232196)
Balance Sheet as at 31 August 2023 (continued)

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 April 2024
 

.........................................

Mr J E Blackburn

Director

 

Silverwells Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ

The principal place of business is:
167 Temple Road
Bolton
BL1 8DN

These financial statements were authorised for issue by the director on 19 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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" Section 1A for small entities and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis despite the fact that liabilities exceed assets. The creditors of the company have given an undertaking to support the company until it returns to a net assets position. For this reason, it is considered appropriate to prepare the accounts on a going concern basis.

 

Silverwells Limited

Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

 

Silverwells Limited

Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

 

Silverwells Limited

Notes to the Financial Statements for the Year Ended 31 August 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Computer equipment
£

Total
£

Cost or valuation

At 1 September 2022

1,951

1,951

Disposals

(1,951)

(1,951)

At 31 August 2023

-

-

Depreciation

At 1 September 2022

1,687

1,687

Charge for the year

116

116

Eliminated on disposal

(1,803)

(1,803)

At 31 August 2023

-

-

Carrying amount

At 31 August 2023

-

-

At 31 August 2022

264

264

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other payables

26

26

Accruals

-

1,254

26

1,280