Company registration number 05292569 (England and Wales)
SILVERSTAR CORPORATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
SILVERSTAR CORPORATION LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
SILVERSTAR CORPORATION LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
31 January 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,559
Current assets
Debtors
4
58,731
Cash at bank and in hand
205
109
205
58,840
Creditors: amounts falling due within one year
5
(10,471)
(284,554)
Net current liabilities
(10,266)
(225,714)
Net liabilities
(10,266)
(224,155)
Capital and reserves
Called up share capital
6
250,000
250,000
Profit and loss reserves
(260,266)
(474,155)
Total equity
(10,266)
(224,155)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mr D Castek
Director
Company registration number 05292569 (England and Wales)
SILVERSTAR CORPORATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
250,000
(449,674)
(199,674)
Year ended 31 December 2022:
Loss for the year
-
(24,481)
(24,481)
Balance at 31 December 2022
250,000
(474,155)
(224,155)
Period ended 31 January 2024:
Profit for the period
-
213,889
213,889
Balance at 31 January 2024
250,000
(260,266)
(10,266)
SILVERSTAR CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Silverstar Corporation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Highdown House, Yeoman Way, Worthing, West Sussex, BN99 3HH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
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.
1.3
Reporting period
These financial statements prepared for the period from 01 January 2023 to 31 January 2024 which cover a period of thirteen months and therefore the figures and disclosures are not entirely comparable with the previous accounting period.
1.4
Turnover
Turnover represents management fee income from fellow group companies.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SILVERSTAR CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances and loans to fellow group undertakings, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
2
2
3
Fixed asset investments
2024
2022
£
£
Investment in subsidiary
1,559
SILVERSTAR CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,559
Disposals
(1,559)
At 31 January 2024
-
Carrying amount
At 31 January 2024
-
At 31 December 2022
1,559
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
58,731
5
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
280,834
Other creditors
10,471
3,720
10,471
284,554
6
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £100 each
2,500
2,500
250,000
250,000
7
Related party transactions
During the period, the company charged interest of £54,989 (2022: £Nil) to REID Creative a.s., a subsidiary of the company incorporated in the Czech Republic. At the balance sheet date, the company was owed £Nil (2022: £44,781) from REID Creative a.s.
At the balance sheet date, the company was owed £Nil (2022: £13,950) from Silverberger Ltd, a subsidiary of the company incorporated in Malta.