Company Registration No. 02865670 (England and Wales)
Silver Spirits Limited
Unaudited accounts
for the year ended 31 December 2023
Silver Spirits Limited
Unaudited accounts
Contents
Silver Spirits Limited
Statement of financial position
as at 31 December 2023
Tangible assets
4,105
5,097
Cash at bank and in hand
13,676
7,154
Creditors: amounts falling due within one year
(227,520)
(232,675)
Net current liabilities
(131,551)
(157,568)
Net liabilities
(127,446)
(152,471)
Called up share capital
5,000
5,000
Profit and loss account
(132,446)
(157,471)
Shareholders' funds
(127,446)
(152,471)
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by
C. Turner
Director
Company Registration No. 02865670
Silver Spirits Limited
Notes to the Accounts
for the year ended 31 December 2023
Silver Spirits Limited is a private company, limited by shares, registered in England and Wales, registration number 02865670. The registered office is 38 Church Street, Billesdon, Leicester, Leicestershire, LE7 9AE.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Intangible fixed assets (including Website) are included at cost less accumulated amortisation. The website is being amortised over 5 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost of leasehold improvements
Plant & machinery
15%/20% on net book value/33.3% on cost
Motor vehicles
25% on net book value
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Silver Spirits Limited
Notes to the Accounts
for the year ended 31 December 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Grants in relation expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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Intangible fixed assets
Other
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
390
113,868
8,508
122,766
At 31 December 2023
390
113,868
8,508
122,766
At 1 January 2023
390
108,961
8,318
117,669
Charge for the year
-
944
48
992
At 31 December 2023
390
109,905
8,366
118,661
At 31 December 2023
-
3,963
142
4,105
At 31 December 2022
-
4,907
190
5,097
Silver Spirits Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
37,002
33,153
Accrued income and prepayments
483
467
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
114,527
115,983
Trade creditors
21,268
15,505
Taxes and social security
14,952
13,492
Other creditors
75,163
86,085
Allotted, called up and fully paid:
2,500 Ordinary A shares of £1 each
2,500
2,500
2,500 Ordinary B shares of £1 each
2,500
2,500
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Average number of employees
During the year the average number of employees was 4 (2022: 3).