REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
SILKSTREAM COMPUTERS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
SILKSTREAM COMPUTERS LIMITED |
SILKSTREAM COMPUTERS LIMITED (REGISTERED NUMBER: 02490546) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
SILKSTREAM COMPUTERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Beckwith Barn |
Warren Estate |
Lordship Road |
Chelmsford |
Essex |
CM1 3WT |
SILKSTREAM COMPUTERS LIMITED (REGISTERED NUMBER: 02490546) |
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SILKSTREAM COMPUTERS LIMITED (REGISTERED NUMBER: 02490546) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Silkstream Computers Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts in these financial statements are rounded to the nearest Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the balance sheet date the company had net liabilities of £632,154 (2022: £622,374). A proportion of the company's liabilities are represented by amounts due to related parties, who have agreed not to seek repayment of any debts due to them, until such time as the company has sufficient financial resources. |
The amounts included within long term creditors are loans not payable by instalments within 2 - 5 years. Therefore the director considers it appropriate to prepare the accounts on a going concern basis. |
Turnover |
Turnover represents the fair value of work derived from the company's principal activity to the extent that there is a right to consideration net of value added tax. |
Where a contract is incomplete at the year end, turnover includes amounts recoverable on contracts to that date based on an appropriate proportion of the total expected consideration at completion. Invoices are not raised until a contract is complete of a valuation is received so incomplete contracts are included as amounts recoverable on contracts in the balance sheet. |
Where the outcome of a contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable contract costs incurred. Any indication of a loss making contract is recognised immediately. |
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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SILKSTREAM COMPUTERS LIMITED (REGISTERED NUMBER: 02490546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CASH AT BANK |
2023 | 2022 |
£ | £ |
Bank account | 305,832 | 229,725 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Other loans are unsecured. |
SILKSTREAM COMPUTERS LIMITED (REGISTERED NUMBER: 02490546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | SECURED DEBTS |
By deed dated 20th April 2009, the company established a Corporate Capital Trust. During the period ended 31st October 2009, the company gifted its assets to the trust, including its investment properties. The company still has charges registered against these properties as follows: |
Legal charge held by Barclays Bank Plc dated 8 August 2001, over the property at 26 Market Place, Chalfont St Peter. |
The following charges are held by National Westminster Bank Plc: |
A Debenture containing a fixed and floating charges dated 10 February 2006 over the undertaking and all property and assets both present and future. |
Legal charge dated 27 February 2006 over 26 Market Place, Chalfont St Peter, by way of fixed charge the benefit of all covenants and rights concerning the property and plant, machinery, fixtures, fittings, furniture, equipment, implements and utensils, the goodwill of any business carried on at the property and the proceeds of any insurance affecting the property or assets; |
Legal charge dated 27 February 2006 over the Oddfellows Arms, 64 Cambridge St, Aylesbury, by way of fixed charge the benefit of all covenants and rights concerning the property and plant, machinery, fixtures, fittings, furniture, equipment, implements and utensils, the goodwill of any business carried on at the property and the proceeds of any insurance affecting the property or assets; |
Legal charge dated 6 December 2006 over any liabilities owed by way of a fixed charge against any stocks, shares or bonds. |
Legal charge dated 15 December 2006 over the land to the south of St Mary's Road, Longton, by way of fixed charge the benefit of all covenants and rights concerning the property and plant, machinery, fixtures, fittings, furniture, equipment, implements and utensils, the goodwill of any business carried on at the property and the proceeds of any insurance affecting the property or assets. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 150 | 150 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Included within other creditors at the balance sheet date is an amount of £40,837 (2022: £40,837) due to the director of the company. |
SILKSTREAM COMPUTERS LIMITED (REGISTERED NUMBER: 02490546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
12. | RELATED PARTY DISCLOSURES |
Other related parties |
2023 | 2022 |
£ | £ |
Sales to a related party |
Net amount due to related party |
Sales shown above concern transactions with S S Kandola. |
The amounts owing above concern balances with other companies in which S S Kandola is a director with a controlling interest. |