Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312024-05-012024-05-012024-05-012024-05-012024-05-012024-05-012024-05-012024-05-012023-10-312023-10-311068576No description of principal activityfalse2022-11-01false75true 01951973 2022-11-01 2023-10-31 01951973 2023-10-31 01951973 2021-11-01 2022-10-31 01951973 2022-10-31 01951973 2021-11-01 01951973 1 2022-11-01 2023-10-31 01951973 d:CompanySecretary1 2022-11-01 2023-10-31 01951973 d:Director1 2022-11-01 2023-10-31 01951973 d:Director1 2023-10-31 01951973 d:Director2 2022-11-01 2023-10-31 01951973 d:Director2 2023-10-31 01951973 d:Director4 2022-11-01 2023-10-31 01951973 d:Director4 2023-10-31 01951973 d:Director5 2022-11-01 2023-10-31 01951973 d:Director5 2023-10-31 01951973 d:Director6 2022-11-01 2023-10-31 01951973 d:Director6 2023-10-31 01951973 d:Director7 2022-11-01 2023-10-31 01951973 d:Director7 2023-10-31 01951973 d:RegisteredOffice 2022-11-01 2023-10-31 01951973 d:Agent1 2022-11-01 2023-10-31 01951973 c:Buildings c:ShortLeaseholdAssets 2022-11-01 2023-10-31 01951973 c:Buildings c:ShortLeaseholdAssets 2023-10-31 01951973 c:Buildings c:ShortLeaseholdAssets 2022-10-31 01951973 c:PlantMachinery 2022-11-01 2023-10-31 01951973 c:PlantMachinery 2023-10-31 01951973 c:PlantMachinery 2022-10-31 01951973 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01951973 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 01951973 c:MotorVehicles 2022-11-01 2023-10-31 01951973 c:MotorVehicles 2023-10-31 01951973 c:MotorVehicles 2022-10-31 01951973 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01951973 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 01951973 c:FurnitureFittings 2022-11-01 2023-10-31 01951973 c:FurnitureFittings 2023-10-31 01951973 c:FurnitureFittings 2022-10-31 01951973 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01951973 c:FurnitureFittings c:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 01951973 c:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01951973 c:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 01951973 c:CurrentFinancialInstruments 2023-10-31 01951973 c:CurrentFinancialInstruments 2022-10-31 01951973 c:Non-currentFinancialInstruments 2023-10-31 01951973 c:Non-currentFinancialInstruments 2022-10-31 01951973 c:CurrentFinancialInstruments c:WithinOneYear 2023-10-31 01951973 c:CurrentFinancialInstruments c:WithinOneYear 2022-10-31 01951973 c:Non-currentFinancialInstruments c:AfterOneYear 2023-10-31 01951973 c:Non-currentFinancialInstruments c:AfterOneYear 2022-10-31 01951973 c:ShareCapital 2023-10-31 01951973 c:ShareCapital 2022-10-31 01951973 c:ShareCapital 2021-11-01 01951973 c:ForeignCurrencyTranslationReserve 2022-11-01 2023-10-31 01951973 c:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 01951973 c:RetainedEarningsAccumulatedLosses 2023-10-31 01951973 c:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 01951973 c:RetainedEarningsAccumulatedLosses 2022-10-31 01951973 c:RetainedEarningsAccumulatedLosses 2021-11-01 01951973 d:OrdinaryShareClass1 2022-11-01 2023-10-31 01951973 d:OrdinaryShareClass1 2023-10-31 01951973 d:OrdinaryShareClass1 2022-10-31 01951973 d:FRS102 2022-11-01 2023-10-31 01951973 d:Audited 2022-11-01 2023-10-31 01951973 d:FullAccounts 2022-11-01 2023-10-31 01951973 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 01951973 c:Subsidiary1 2022-11-01 2023-10-31 01951973 c:Subsidiary1 1 2022-11-01 2023-10-31 01951973 c:WithinOneYear 2023-10-31 01951973 c:WithinOneYear 2022-10-31 01951973 c:BetweenOneFiveYears 2023-10-31 01951973 c:BetweenOneFiveYears 2022-10-31 01951973 c:MoreThanFiveYears 2023-10-31 01951973 c:MoreThanFiveYears 2022-10-31 01951973 c:HirePurchaseContracts c:WithinOneYear 2023-10-31 01951973 c:HirePurchaseContracts c:WithinOneYear 2022-10-31 01951973 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-10-31 01951973 c:HirePurchaseContracts c:BetweenOneFiveYears 2022-10-31 01951973 d:Consolidated 2023-10-31 01951973 d:ConsolidatedGroupCompanyAccounts 2022-11-01 2023-10-31 01951973 6 2022-11-01 2023-10-31 01951973 c:AcceleratedTaxDepreciationDeferredTax 2023-10-31 01951973 c:AcceleratedTaxDepreciationDeferredTax 2022-10-31 01951973 c:OtherDeferredTax 2023-10-31 01951973 c:OtherDeferredTax 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 01951973







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


SILEX LIMITED






































img0611.png                        

 


SILEX LIMITED
 


 
COMPANY INFORMATION


Directors
S J Fearn (resigned 1 May 2024)
P J Millson (resigned 1 May 2024)
E T S Normanton (appointed 1 May 2024)
T R E Normanton (appointed 1 May 2024)
M G Silver (appointed 1 May 2024)
M J Dominik (appointed 1 May 2024)




Company secretary
M J Dominik



Registered number
01951973



Registered office
Unit 4-5 Broxhead Trading Estate
Broxhead Farm Road

Lindford

Bordon

Hampshire

GU35 0JX




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Victoria House

50-58 Victoria Road

Farnborough

Hampshire

GU14 7PG









 


SILEX LIMITED
 



CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Statement of Financial Position
9
Company Statement of Financial Position
10 - 11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 29


 


SILEX LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The Board of Directors have pleasure in presenting their Strategic Report for the year ended 31st October 2023.

Introduction
 
Silex Limited and its wholly-owned subsidiary, MVQ Silicones GmbH, are leaders in the design, manufacture and supply of silicone rubber products to international markets. 
The Group serves the needs of some of the best-known brands across the globe, selling into a diverse range of applications and industries, including the automotive/F1, pharmaceutical, energy, food, aerospace, rail, mechanical engineering and domestic appliance sectors.
The Group stocks only the highest quality silicone compounds and products from Rogers Corp, Wacker Chemie, Dow Corning, Momentive and Elkem, producing extremely high-quality products to tight tolerances, suitable for almost any application. The Group produces silicones to FDA, WRAS, KTW, BFR XV and USP Class VI standards, underpinning our premium market position.  

Business review
 
The Group experienced a modest decrease in turnover on the previous year, decreasing from £11,834,774 to £11,669,520, while continuing to grow retained earnings from £5,565,059 to £6,204,949. Profit after tax was primarily impacted by an increase in administrative expenses during the year which was due to the payment of one-off performance bonuses, this accounted for the impact on profit after tax which decreased from £1,408,222 to £839,890.
While stock decreased marginally from £3,050,587 to £2,971,797, management continues to ensure that appropriate stock levels are retained to avoid any potential business interruption caused by supply chain constraints as experienced in prior years.
There has been no change from the prior year concentration of credit risk and our experience of bad debts remain comparatively low. The Group will remain focused on controlling overheads and to the continued improvement across all aspects of the business.

Principal risks and uncertainties
 
The greatest risk to the Group, and to the industry as a whole, are supply interruptions with key suppliers. Prior year supply interruptions with Rogers alleviated during the year, however this experience demonstrated the need to ensure adequate stock levels are maintained to ensure business continuity and a timely response to customer orders.

Other key performance indicators
 
We continue to monitor staffing levels and are ready to respond should market demand change. Staff attrition levels remain low, and the majority of the teams at both companies have been with the business for many years.
Whilst the Group does not conduct any formal customer satisfaction research, the majority of our custom comes from repeat business and referral, and it’s from our continued growth that we draw the conclusion that we continue to offer the best quality product at the best prices.


This report was approved by the board and signed on its behalf.



................................................
E T S Normanton
Director

Date: 1 August 2024

Page 1

 


SILEX LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The Directors present their report and the financial statements for the year ended 31 October 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £839,890 (2022 - £1,408,222).

During the year, a dividend was declared and paid of £200,000 (2022 - £200,000).

Directors

The Directors who served during the year were:

S J Fearn (resigned 1 May 2024)
P J Millson (resigned 1 May 2024)

Future developments

The Directors continue to focus on effective supply chain management and integration to maximise the speed and service that we are able to provide.

Matters covered in the Group Strategic Report

The Group has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors'
Report) Regulations 2013 to set out within the Group's Strategic Report the Company's Strategic Report information
required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008.
This includes information that would have been included in the business review and details of the principal risks and
uncertainties.

Page 2

 


SILEX LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Details of post balance sheet events are disclosed within note 25 of these financial statements.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf by:
 





................................................
E T S Normanton
Director

Date: 1 August 2024

Page 3

 


SILEX LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILEX LIMITED

Opinion


We have audited the financial statements of Silex Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 October 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 


SILEX LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILEX LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


SILEX LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILEX LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•  The Group is subject to laws and regulations that directly affect the financial statements including financial reporting  legislation. We determined that the following laws and regulations were most significant including UK Companies    Act, employment law, health and safety, pensions legislation and tax legislation.
•  We understood how the Group is complying with legal and regulatory frameworks by making inquiries to     management and those responsible for legal and compliance procedures. We assessed the extent of compliance    with these legal and compliance procedures on the related financial statement items.
•  The engagement director assessed whether the engagement team collectively had the appropriate competence and
 capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
 issues in this area.
•  We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud    might occur. We identified the risk of override of controls as the area where the financial statements were most    susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
 • Identifying and assessing the design effectiveness of controls management has in place to prevent and detect    fraud;
 • Understanding how those charged with governance considered and addressed the potential for override of    controls or other inappropriate influence over the financial reporting process;
 • Challenging assumptions and judgments made by management in its significant accounting estimates; and
 • Identifying and testing journal entries, in particular any unusual account combinations.
The assessment did not identify any issues in these areas.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 


SILEX LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILEX LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mike Ayres ACA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Victoria House
50-58 Victoria Road
Farnborough
Hampshire
GU14 7PG

1 August 2024
Page 7

 


SILEX LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
11,669,520
11,834,774

Cost of sales
  
(7,392,561)
(7,501,993)

Gross profit
  
4,276,959
4,332,781

Administrative expenses
  
(3,137,793)
(2,551,078)

Other operating income
  
9,829
11,587

Operating profit
 5 
1,148,995
1,793,290

Interest receivable and similar income
  
13,304
747

Interest payable and similar expenses
 8 
(35,246)
(26,450)

Profit before taxation
  
1,127,053
1,767,587

Tax on profit
 9 
(287,163)
(359,365)

Profit for the financial year
  
839,890
1,408,222

  

Currency translation differences
  
(53,642)
23,663

Total comprehensive income for the year
  
786,248
1,431,885

Profit for the year attributable to:
  

Owners of the parent Company
  
839,890
1,408,222

  
839,890
1,408,222

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
786,248
1,431,885

  
786,248
1,431,885

The notes on pages 16 to 29 form part of these financial statements.

Page 8

 


SILEX LIMITED
REGISTERED NUMBER:01951973



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
23,753
21,254

Tangible assets
 12 
786,180
637,555

  
809,933
658,809

Current assets
  

Stocks
 14 
2,971,797
3,050,587

Debtors: amounts falling due within one year
 15 
1,525,857
1,612,945

Cash at bank and in hand
  
2,689,404
2,676,517

  
7,187,058
7,340,049

Creditors: amounts falling due within one year
 16 
(1,648,680)
(2,253,982)

Net current assets
  
 
 
5,538,378
 
 
5,086,067

Total assets less current liabilities
  
6,348,311
5,744,876

Creditors: amounts falling due after more than one year
 17 
(8,229)
(23,069)

Provisions for liabilities
  

Deferred tax
 19 
(162,584)
(130,557)

  
 
 
(162,584)
 
 
(130,557)

Net assets
  
6,177,498
5,591,250


Capital and reserves
  

Called up share capital 
 20 
100
100

Foreign exchange reserve
 21 
(27,551)
26,091

Profit and loss account
 21 
6,204,949
5,565,059

  
6,177,498
5,591,250


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
E T S Normanton
Director

Date: 1 August 2024

The notes on pages 16 to 29 form part of these financial statements.

Page 9

 


SILEX LIMITED
REGISTERED NUMBER:01951973



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
23,753
21,254

Tangible assets
 12 
710,230
563,688

Investments
 13 
15,823
15,823

  
749,806
600,765

Current assets
  

Stocks
 14 
2,115,482
2,052,876

Debtors: amounts falling due within one year
 15 
1,340,304
1,323,525

Cash at bank and in hand
  
1,556,887
1,790,968

  
5,012,673
5,167,369

Creditors: amounts falling due within one year
 16 
(1,217,048)
(1,546,006)

Net current assets
  
 
 
3,795,625
 
 
3,621,363

Total assets less current liabilities
  
4,545,431
4,222,128

  

Creditors: amounts falling due after more than one year
 17 
(8,229)
(23,069)

Provisions for liabilities
  

Deferred taxation
 19 
(162,584)
(130,557)

Net assets
  
 
 
4,374,618
 
 
4,068,502


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account brought forward
 21 
4,068,402
3,221,737

Profit for the year
  
506,116
1,046,665

Dividends paid

 10 

(200,000)
(200,000)

Profit and loss account carried forward
  
4,374,518
4,068,402

  
4,374,618
4,068,502


Page 10

 


SILEX LIMITED
REGISTERED NUMBER:01951973


    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not
presented its own Statement of comprehensive income in these financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
E T S Normanton
Director

Date: 1 August 2024

The notes on pages 16 to 29 form part of these financial statements.

Page 11

 


SILEX LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£


At 1 November 2021
100
2,428
4,356,837
4,359,365



Profit for the year
-
-
1,408,222
1,408,222

Foreign exchange movement
-
23,663
-
23,663


Contributions by and distributions to owners

Dividends paid
-
-
(200,000)
(200,000)



At 1 November 2022
100
26,091
5,565,059
5,591,250



Profit for the year
-
-
839,890
839,890

Foreign exchange movement
-
(53,642)
-
(53,642)


Contributions by and distributions to owners

Dividends paid
-
-
(200,000)
(200,000)


At 31 October 2023
100
(27,551)
6,204,949
6,177,498


The notes on pages 16 to 29 form part of these financial statements.

Page 12

 


SILEX LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2021
100
3,221,737
3,221,837



Profit for the year
-
1,046,665
1,046,665


Contributions by and distributions to owners

Dividends paid
-
(200,000)
(200,000)



At 1 November 2022
100
4,068,402
4,068,502



Profit for the year
-
506,116
506,116


Contributions by and distributions to owners

Dividends paid
-
(200,000)
(200,000)


At 31 October 2023
100
4,374,518
4,374,618


The notes on pages 16 to 29 form part of these financial statements.

Page 13

 


SILEX LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
839,890
1,408,222

Adjustments for:

Amortisation of intangible assets
4,001
3,751

Depreciation of tangible assets
135,989
144,284

Loss/(profit) on disposal of tangible assets
19,343
(12,451)

Interest paid
35,246
6,770

Interest received
(13,304)
(747)

Taxation charge
287,163
359,365

Decrease/(increase) in stocks
78,790
(543,422)

Decrease/(increase) in debtors
87,088
(285,062)

(Decrease)/increase in creditors
(300,396)
60,045

Corporation tax (paid)
(549,532)
(247,455)

Foreign exchange (gain)/loss
(53,642)
23,663

Net cash generated from operating activities

570,636
916,963


Cash flows from investing activities

Purchase of intangible fixed assets
(6,500)
-

Purchase of tangible fixed assets
(316,192)
(53,378)

Sale of tangible fixed assets
12,235
51,183

Interest received
13,304
747

HP interest paid
(2,000)
(6,770)

Net cash from investing activities

(299,153)
(8,218)

Cash flows from financing activities

Repayment of/new finance leases
(25,350)
(66,797)

Dividends paid
(200,000)
(200,000)

Interest paid
(33,246)
-

Net cash used in financing activities
(258,596)
(266,797)

Net increase in cash and cash equivalents
12,887
641,948

Cash and cash equivalents at beginning of year
2,676,517
2,034,569

Cash and cash equivalents at the end of year
2,689,404
2,676,517


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,689,404
2,676,517


The notes on pages 16 to 29 form part of these financial statements.

Page 14

 


SILEX LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023




At 1 November 2022
Cash flows
At 31 October 2023
£

£

£

Cash at bank and in hand

2,676,517

12,887

2,689,404

Finance leases

(65,264)

25,350

(39,914)


2,611,253
38,237
2,649,490

The notes on pages 16 to 29 form part of these financial statements.

Page 15

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Silex Limited is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of its registered office, which is also the principal place of business, is disclosed on the company information page.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclsoure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic
of Ireland':
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d): and
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in these consolidated financial statements as at 31 October 2023.

Page 16

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP, and the figures have been rounded to the nearest pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Group as lessee

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

Page 17

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are amortised on a straight line basis over their useful economic life of 10 years.

Page 18

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the remaining term of the lease
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements require management to make judgements, estimates and assumptions
that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The Group did not make any significant judgements (apart from those involving estimations which are detailed below) that have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and by their nature, will rarely equal the related actual outcome. The directors do not consider that there are any key sources of estimation uncertainty that impact the Group.


4.


Turnover

All turnover arose from the sale of goods.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
5,489,944
5,185,940

Rest of Europe
5,322,825
6,039,744

Rest of the world
856,751
609,090

11,669,520
11,834,774



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
135,989
144,284

Exchange differences
(30,366)
3,906

Other operating lease rentals
323,868
320,580

Amortisation of intangible fixed assets
4,001
3,751

Loss/(profit) on disposal of fixed assets
19,343
(12,451)

Fees payable to the Company's auditors for the audit of the consolidated and 
parent Company's financial statements
36,500
35,000

Page 20

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,757,623
2,121,425
2,333,427
1,705,923

Social security costs
198,852
158,792
198,852
158,792

Cost of defined contribution scheme
45,400
89,135
39,950
83,891

3,001,875
2,369,352
2,572,229
1,948,606


The average monthly number of employees, including the Directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Director
2
2
2
2



Administration
18
18
18
18



Production
66
68
55
56

86
88
75
76


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
365,836
235,859

Group contributions to defined contribution pension schemes
1,984
58,963

367,820
294,822


During the year retirement benefits were accruing to 2 Directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £220,799 (2022 - £113,696).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £1,887 (2022 - £51,321).

Page 21

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
22,259
19,680

Finance leases and hire purchase contracts
2,000
6,770

Other interest payable
10,987
-

35,246
26,450


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
255,136
384,819


Deferred tax


Origination and reversal of timing differences
32,027
(25,454)


Taxation on profit on ordinary activities
287,163
359,365

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 22.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,127,053
1,767,587


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.52% (2022 - 19%)
253,812
335,842

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
44
811

Depreciation of assets ineligible for capital allowances
-
179

Higher rate taxes on overseas earnings
33,520
28,488

Changes to the tax rate on deferred tax balances
1,046
(3,935)

Enhanced capital allowances
(1,259)
(2,020)

Total tax charge for the year
287,163
359,365

Page 22

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Dividends

2023
2022
£
£


Dividends paid
200,000
200,000

200,000
200,000


11.


Intangible assets

Group and Company





Website costs

£



Cost


At 1 November 2022
25,979


Additions
6,500



At 31 October 2023

32,479



Amortisation


At 1 November 2022
4,725


Charge for the year
4,001



At 31 October 2023

8,726



Net book value



At 31 October 2023
23,753



At 31 October 2022
21,254



Page 23

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Tangible fixed assets

Group






Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 November 2022
164,959
1,628,855
47,233
543,074
2,384,121


Additions
-
178,365
43,817
94,010
316,192


Disposals
-
(79,576)
(31,383)
-
(110,959)



At 31 October 2023

164,959
1,727,644
59,667
637,084
2,589,354



Depreciation


At 1 November 2022
129,075
1,192,561
29,866
395,064
1,746,566


Charge for the year on owned assets
14,219
59,080
2,365
41,562
117,226


Charge for the year on financed assets
-
13,286
5,477
-
18,763


Disposals
-
(61,835)
(17,546)
-
(79,381)



At 31 October 2023

143,294
1,203,092
20,162
436,626
1,803,174



Net book value



At 31 October 2023
21,665
524,552
39,505
200,458
786,180



At 31 October 2022
35,884
436,294
17,367
148,010
637,555

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
93,702
170,432

Motor vehicles
38,340
-

132,042
170,432

Page 24

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           12.Tangible fixed assets (continued)


Company






Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost


At 1 November 2022
119,299
1,555,193
47,233
275,255
1,996,980


Additions
-
178,365
43,817
62,638
284,820


Disposals
-
(79,576)
(31,383)
-
(110,959)



At 31 October 2023

119,299
1,653,982
59,667
337,893
2,170,841



Depreciation


At 1 November 2022
100,228
1,133,246
29,866
169,952
1,433,292


Charge for the year on owned assets
10,685
54,467
2,365
20,420
87,937


Charge for the year on financed assets
-
13,286
5,477
-
18,763


Disposals
-
(61,835)
(17,546)
-
(79,381)



At 31 October 2023

110,913
1,139,164
20,162
190,372
1,460,611



Net book value



At 31 October 2023
8,386
514,818
39,505
147,521
710,230



At 31 October 2022
19,071
421,947
17,367
105,303
563,688






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
93,702
170,432

Motor vehicles
38,340
-

132,042
170,432

Page 25

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
15,823



At 31 October 2023
15,823





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

MVQ Silicones GmbH
Hertzstrasse 11, D-69469 Weinheim, Germany
Sale of goods
Ordinary
100%






14.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and finished goods
2,971,797
3,050,587
2,115,482
2,052,876

2,971,797
3,050,587
2,115,482
2,052,876


Page 26

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,309,843
1,475,460
1,096,794
1,163,979

Amounts owed by group undertakings
-
-
51,640
92,652

Other debtors
125,304
65,516
103,703
-

Prepayments and accrued income
90,710
71,969
88,167
66,894

1,525,857
1,612,945
1,340,304
1,323,525



16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,313,925
1,468,905
1,009,820
996,719

Corporation tax
96,566
390,962
-
264,897

Other taxation and social security
130,998
200,803
128,501
160,282

Obligations under hire purchase contracts
31,685
42,195
31,685
42,195

Other creditors
20,427
58,831
7,720
56,718

Accruals and deferred income
55,079
92,286
39,322
25,195

1,648,680
2,253,982
1,217,048
1,546,006


The hire purchase obligations are secured over the assets against which the hire purchase is taken.


17.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Net obligations under hire purchase contracts
8,229
23,069
8,229
23,069

8,229
23,069
8,229
23,069


The hire purchase obligations are secured over the assets against which the hire purchase is taken.

Page 27

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
31,685
42,195

Between 1-5 years
8,229
23,069


19.


Deferred taxation


Group and Company



2023


£






At beginning of year
(130,557)


Charged to profit or loss
(32,027)



At end of year
(162,584)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(163,433)
(156,011)
(163,433)
(156,011)

Other timing differences
849
25,454
849
25,454

(162,584)
(130,557)
(162,584)
(130,557)


There is no expiry date on timing differences.


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

All shares rank equally in voting rights, dividends and capital distributions and do not confer any rights of
redemption.


Page 28

 


SILEX LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

21.


Reserves

Foreign exchange reserve

This reserve records the accumulated exchange rate movements on translation of foreign subsidiaries.

Profit and loss account

This reserve records retained earnings and accumulated losses.


22.


Pension commitments

The Group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £45,400 (2022 - £89,135). At the year end contributions totalling £7,720 (2022 - £56,718) were unpaid.


23.


Commitments under operating leases

At 31 October 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
337,491
340,377
238,000
238,000

Later than 1 year and not later than 5 years
741,205
578,868
332,858
490,858

Later than 5 years
87,069
20,000
-
20,000

1,165,765
939,245
570,858
748,858


24.


Controlling party

During the year, Mr N Soudah's estate was the ultimate controlling party by way of majority shareholding.


25.


Post balance sheet events

On 1st May 2024 the Group was acquired by new owners. From this date, the immediate controlling party is Bordon Industries Limited who acquired 100% of the share capital in Silex Limited. The ultimate controlling party is T Normanton. 

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