Registered number
07425348
Silver Crest Models Limited
Filleted Accounts
30 November 2023
Silver Crest Models Limited
Registered number: 07425348
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 126,681 13,741
Current assets
Stocks 98,230 77,753
Debtors 4 1,308,482 1,347,041
Research and development of new products 5 138,080 104,047
Cash at bank and in hand 4,149 18,014
1,548,941 1,546,855
Creditors: amounts falling due within one year 6 (1,589,798) (1,416,286)
Net current (liabilities)/assets (40,857) 130,569
Total assets less current liabilities 85,824 144,310
Creditors: amounts falling due after more than one year 7 (10,078) (39,268)
Provisions for liabilities (2,089) (2,611)
Net assets 73,657 102,431
Capital and reserves
Called up share capital 100 100
Shareholders loan 146,000 146,000
Profit and loss account (72,443) (43,669)
Shareholders' funds 73,657 102,431
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J H Spalding
Director
Approved by the board on 27 August 2024
Silver Crest Models Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance
Office and showroom furniture 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Valkyrx Office furniture and showroom Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 - 28,544 7,995 36,539
Additions 115,688 - - 115,688
At 30 November 2023 115,688 28,544 7,995 152,227
Depreciation
At 1 December 2022 - 19,920 2,878 22,798
Charge for the year - 1,725 1,023 2,748
At 30 November 2023 - 21,645 3,901 25,546
Net book value
At 30 November 2023 115,688 6,899 4,094 126,681
At 30 November 2022 - 8,624 5,117 13,741
4 Debtors 2023 2022
£ £
Trade debtors 15,395 15,395
Other debtors 1,293,087 1,331,646
1,308,482 1,347,041
5 Research and development of new products 2023 2022
£ £
Balance brought forward 104,047 94,917
Additions 86,474 78,355
Written off to profit and loss account (52,441) (69,225)
138,080 104,047
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 40,126 40,126
Obligations under finance lease and hire purchase contracts 2,041 3,145
Trade creditors 75,302 60,237
Accruals 245,579 243,467
Other taxes and social security costs 88,633 94,877
Other creditors 1,138,117 974,434
1,589,798 1,416,286
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,078 37,651
Obligations under finance lease and hire purchase contracts - 1,617
10,078 39,268
8 Events after the reporting date
There have been no known events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
9 Pension commitments
There are no known pension commitments which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
10 Contingent liabilities
There are no known contingent liabilities which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
11 Related party transactions
As at the year end the company owed £520925 to Mr J Spalding. The loan is interest free with no fixed date for repayment. Included in other debtors is an amount of £1002312 owed by Valkyrx Ltd. Mr J Spalding is a director and shareholder of Valkyrx Ltd
12 Controlling party
The company is under the control of Mr J Spalding, being director and shareholder of the company.
13 Other information
Silver Crest Models Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Dairy Farm
Upper Stowe
Weedon
Northants
NN7 4SH
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