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REGISTERED NUMBER: 05386276 (England and Wales)














SILVERNET LIMITED

Unaudited Financial Statements

for the Year Ended 30 November 2023






SILVERNET LIMITED (REGISTERED NUMBER: 05386276)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


SILVERNET LIMITED

Company Information
for the Year Ended 30 November 2023







Director: Mr C R Ballard





Secretary: Mrs M Ballard





Registered office: 19 Presley Way
Crownhill
Milton Keynes
Buckinghamshire
MK8 0ES





Registered number: 05386276 (England and Wales)





Accountants: Cobley Desborough
Chartered Certified Accountants
Chartered Tax Advisers
Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF

SILVERNET LIMITED (REGISTERED NUMBER: 05386276)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 79,155 136,300

CURRENT ASSETS
Stocks 169,692 148,247
Debtors 5 145,026 172,664
Cash at bank 158,086 168,039
472,804 488,950
CREDITORS
Amounts falling due within one year 6 192,580 156,705
NET CURRENT ASSETS 280,224 332,245
TOTAL ASSETS LESS CURRENT
LIABILITIES

359,379

468,545

CREDITORS
Amounts falling due after more than
one year

7

(32,932

)

(101,869

)

PROVISIONS FOR LIABILITIES (14,871 ) (31,349 )
NET ASSETS 311,576 335,327

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 311,573 335,324
311,576 335,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

SILVERNET LIMITED (REGISTERED NUMBER: 05386276)

Balance Sheet - continued
30 November 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2024 and were signed by:





Mr C R Ballard - Director


SILVERNET LIMITED (REGISTERED NUMBER: 05386276)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. STATUTORY INFORMATION

Silvernet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 25% on cost and 20% on cost

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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SILVERNET LIMITED (REGISTERED NUMBER: 05386276)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Going concern
The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least twelve months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on this assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations of external liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the Company is not exposed to losses of these assets which would affect their decision to adopt the going concern basis.

The director is therefore satisfied and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Theses financial statements have therefore been prepared on a going concern basis.

SILVERNET LIMITED (REGISTERED NUMBER: 05386276)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 December 2022 1,760 213,912 215,672
Additions - 1,350 1,350
Disposals (1,760 ) (44,767 ) (46,527 )
At 30 November 2023 - 170,495 170,495
Depreciation
At 1 December 2022 1,313 78,059 79,372
Charge for year 358 33,644 34,002
Eliminated on disposal (1,671 ) (20,363 ) (22,034 )
At 30 November 2023 - 91,340 91,340
Net book value
At 30 November 2023 - 79,155 79,155
At 30 November 2022 447 135,853 136,300

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 121,513 154,963
Other debtors 23,513 17,701
145,026 172,664

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 20,000
Hire purchase contracts 7,270 6,927
Trade creditors 105,086 32,114
Taxation and social security 57,694 33,973
Other creditors 22,530 63,691
192,580 156,705

SILVERNET LIMITED (REGISTERED NUMBER: 05386276)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 61,667
Hire purchase contracts 32,932 40,202
32,932 101,869