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Registered number: 05076875










SILVERLINK STEPHENSON LIMITED








UNAUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
SILVERLINK STEPHENSON LIMITED
 
 
COMPANY INFORMATION


Director
W D Clouston 




Registered number
05076875



Registered office
Boiler Shop
20 South Street

Newcastle Upon Tyne

NE1 3PE





 
SILVERLINK STEPHENSON LIMITED
 

CONTENTS



Page
Strategic Report
1
Director's Report
2
Profit and Loss Account
3
Balance Sheet
4
Statement of Changes in Equity
5
Notes to the Financial Statements
6 - 9


 
SILVERLINK STEPHENSON LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Business review
 
The company is an intermediate holding company in the Clouston Group of companies.
As the company itself is a subsidiary undertaking of Clouston Group Limited, it is not required to prepare a business review incorporating its own subsidiary undertakings. This business review therefore presents information about the company as an individual undertaking and not about its group.
The company is non-trading and has not undertaken any transactions in the current year. Going forward, the nature and extent of the company’s activities is not expected to change. 


This report was approved by the board on 15 August 2024 and signed on its behalf.



W D Clouston
Director

Page 1

 
SILVERLINK STEPHENSON LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents his report and the financial statements for the year ended 31 December 2022.

Director

The director who served during the year was:

W D Clouston 

Post balance sheet events

There have been no significant events affecting the company since the year end.

This report was approved by the board on 15 August 2024 and signed on its behalf.
 





W D Clouston
Director

Page 2

 
SILVERLINK STEPHENSON LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022

The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.

Page 3

 
SILVERLINK STEPHENSON LIMITED
REGISTERED NUMBER: 05076875

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
1
1

  
1
1

Total assets less current liabilities
  
 
 
1
 
 
1

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
  
1
1

  
1
1




For the year ended 31 December 2022 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 August 2024.




W D Clouston
Director

The notes on pages 6 to 9 form part of these financial statements.

Page 4

 
SILVERLINK STEPHENSON LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Total equity

£
£


At 1 January 2021
1
1



At 1 January 2022
1
1


At 31 December 2022
1
1


The notes on pages 6 to 9 form part of these financial statements.

Page 5

 
SILVERLINK STEPHENSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Silverlink Stephenson Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of the registered office is Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE.
The company is an intermediate holding company and has not traded during the current or preceding financial year. 

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 management to exercise judgment in applying the Company's accounting policies.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure 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 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Clouston Group Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

Whist the company does not trade and has no liabilities, it has granted a share charge in favour of Newcastle City Council ('NCC') in respect of its shares in Stephenson Hotel Enterprises Limited, a wholly owned subsidiary, which in turn owns 100% of Stephenson Hotel Limited and is subject to a contingent liability as guarantor in respect of term loan facilities with NCC that are repayable on demand pending renegotiation of their terms.
As at the balance sheet date, borrowings by Stephenson Hotel Limited under the facility amounted to £38.7m (2021: £38.04m) including accrued but unpaid finance costs. As at the date of approval of these financial statements, Stephenson Hotel Limited is not in compliance with all requirements of the facility, rendering the loan facilities repayable on demand.
On this basis the directors consider it appropriate to prepare these financial statements on a going concern basis, however, the directors acknowledge that should the lender withdraw its support or suitable terms in respect of the funding facilities not be agreed with Stephenson Hotel Limited that ownership of the company would be transferred or dissolved and therefore a materiality uncertainty exists.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 6

 
SILVERLINK STEPHENSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees




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


        2022
        2021
            No.
            No.







Directors
1
1


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
102



At 31 December 2022

102



Impairment


At 1 January 2022
102



At 31 December 2022

102



Net book value



At 31 December 2022
-



At 31 December 2021
-

Page 7

 
SILVERLINK STEPHENSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Stephenson Quarter Developments
Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE
Ordinary
100%
Stephenson Rocket Limited
Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE
Ordinary
100%
Stephenson Hotel Enterprise Limited
Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE
Ordinary
100%
Stephenson Hotel Limited*
Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE
Ordinary
100%

* Held indirectly

The aggregate of the share capital and reserves as at 31 December 2022 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Stephenson Quarter Developments
(10,230,136)
(410,901)

Stephenson Rocket Limited
(3,337,551)
(566,669)

Stephenson Hotel Enterprise Limited
1
-

Stephenson Hotel Limited*
(29,830,530)
(252,611)


5.


Debtors

2022
2021
£
£


Called up share capital not paid
1
1

1
1


Page 8

 
SILVERLINK STEPHENSON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary Share share of £1.00
1
1



7.


Contingent liabilities

The company is party, as chargor, to a loan facility agreement with Newcastle City Council ('NCC') entered in to by a subsidiary undertaking (Stephenson Hotel Limited). As chargor, the company has provided a charge over its shares in Stephenson Hotel Enterprise Limited, which in turn owns Stephenson Hotel Limited and is a guarantor in respect of its borrowings from NCC. 
As at the balance sheet date, borrowings by Stephenson Hotel Limited under the facility amounted to £38.7m (2021: £38.04m) including accrued but unpaid finance costs. As at the date of approval of these financial statements, Stephenson Hotel Limited is not in compliance with all requirements of the facility, rendering the loan facilities repayable on demand. 


8.


Controlling party

The immediate and ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Clouston Group Limited, a company incorporated in the United Kingdom, who's registered financial office is at Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE. Copies of the Clouston Group Limited consolidated financial statements can be obtained from Companies House.
The ultimate controlling party is W D Clouston. 

Page 9