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REGISTERED NUMBER: 03221591 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Silverstream Engineering Limited

Silverstream Engineering Limited (Registered number: 03221591)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Silverstream Engineering Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D M Burrows
S J Burrows





SECRETARY: Mrs S H Burrows





REGISTERED OFFICE: 6 High Street
Wheathampstead
Hertfordshire
AL4 8AA





REGISTERED NUMBER: 03221591 (England and Wales)





ACCOUNTANTS: Fenlon & Co
Chartered Certified Accountants
6 High Street
Wheathampstead
Hertfordshire
AL4 8AA

Silverstream Engineering Limited (Registered number: 03221591)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 200,183 200,230

CURRENT ASSETS
Debtors 5 543 361
Cash at bank 10,508 2,435
11,051 2,796
CREDITORS
Amounts falling due within one year 6 44,447 42,876
NET CURRENT LIABILITIES (33,396 ) (40,080 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

166,787

160,150

PROVISIONS FOR LIABILITIES 7 27,500 27,500
NET ASSETS 139,287 132,650

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 73,122 73,122
Retained earnings 66,065 59,428
SHAREHOLDERS' FUNDS 139,287 132,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Silverstream Engineering Limited (Registered number: 03221591)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

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





S J Burrows - Director


Silverstream Engineering Limited (Registered number: 03221591)

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

1. STATUTORY INFORMATION

Silverstream Engineering Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Rivermill House, 6 High Street, Wheathampstead, Herts, AL4 8AA.

The financial statements are presented in Sterling, which is the functional currency of the company.

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 as modified by the revaluation of certain assets.

Revenue recognition
Revenue comprises the fair value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

In respect of long term contracts and contracts for on-going services, revenue represents the value of work done in the year, including estimates of amounts not invoiced. Revenue in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion

Tangible fixed assets & depreciation
Fixed Assets are initially recorded at cost.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold Land & Buildings - NIL
Plant and Equipment - 20% Reducing Balance
Furniture & Fittings - 25% Reducing Balance.

Depreciation on Freehold Land and Buildings is not considered material and has not been provided for. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The Directors consider that to depreciate the property owned by the company would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The Directors consider that this policy results in the accounts giving a true and fair view.


Silverstream Engineering Limited (Registered number: 03221591)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 200,000 39,528 981 240,509
DEPRECIATION
At 1 January 2023 - 39,309 970 40,279
Charge for year - 44 3 47
At 31 December 2023 - 39,353 973 40,326
NET BOOK VALUE
At 31 December 2023 200,000 175 8 200,183
At 31 December 2022 200,000 219 11 200,230

The freehold land and buildings were valued by the Directors at their open market value.

The historical cost of the property is £99,379 (2022 : £99,379). The base cost for Capital Gains Tax is £58,192 (2022 : £58,192).

Silverstream Engineering Limited (Registered number: 03221591)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Prepayments & other debtors 543 361

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Tax 1,608 40
Social security and other taxes 1,479 1,596
Other creditors 1,013 963
Owed to S J Engineering Ltd 36,628 36,558
Owed to director 3,719 3,719
44,447 42,876

7. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 27,500 27,500

Deferred
tax
£   
Balance at 1 January 2023 27,500
Balance at 31 December 2023 27,500

Deferred tax is the liability to Corporation Tax if the property is sold at the value stated in the Accounts. The expected rate of tax is 25% (2022 : 25%)

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in Creditors is £36,628 (2022 £36,558) owed to S J Engineering Limited, a company owned by a director, S J Burrows.