Silverfish Holdings Limited 11409967 false 2022-11-01 2023-10-31 2023-10-31 2023-10-31 The principal activity of the company is is that of importer and wholesaler of premium bicycles, high-end bicycle clothing, components and accessories. Digita Accounts Production Advanced 6.30.9574.0 true true true false Class 1 Class 2 Class 3 false false false true false false false false false false 11409967 2022-11-01 2023-10-31 11409967 2023-10-31 11409967 bus:Director1 bus:Consolidated 2023-10-31 11409967 bus:Director2 bus:Consolidated 2023-10-31 11409967 bus:Director4 bus:Consolidated 2023-10-31 11409967 bus:Director7 bus:Consolidated 1 2023-10-31 11409967 bus:Director7 bus:Consolidated 2 2023-10-31 11409967 bus:Director7 bus:Consolidated 3 2023-10-31 11409967 bus:Director8 bus:Consolidated 2023-10-31 11409967 bus:OrdinaryShareClass1 bus:Consolidated 2023-10-31 11409967 bus:OrdinaryShareClass2 bus:Consolidated 2023-10-31 11409967 bus:OrdinaryShareClass3 bus:Consolidated 2023-10-31 11409967 bus:OrdinaryShareClass4 bus:Consolidated 2023-10-31 11409967 bus:OrdinaryShareClass5 bus:Consolidated 2023-10-31 11409967 bus:OtherShareClass1 bus:Consolidated 2023-10-31 11409967 bus:OtherShareClass2 bus:Consolidated 2023-10-31 11409967 bus:Consolidated 2023-10-31 11409967 bus:Consolidated 1 2023-10-31 11409967 bus:Consolidated 2 2023-10-31 11409967 bus:Consolidated 3 2023-10-31 11409967 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-10-31 11409967 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2023-10-31 11409967 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2023-10-31 11409967 core:OtherReservesSubtotal bus:Consolidated 2023-10-31 11409967 core:RetainedEarningsAccumulatedLosses 2023-10-31 11409967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-10-31 11409967 core:ShareCapital 2023-10-31 11409967 core:ShareCapital bus:Consolidated 2023-10-31 11409967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-10-31 11409967 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 11409967 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2023-10-31 11409967 core:CurrentFinancialInstruments 2023-10-31 11409967 core:CurrentFinancialInstruments bus:Consolidated 2023-10-31 11409967 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 11409967 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-10-31 11409967 core:Non-currentFinancialInstruments 2023-10-31 11409967 core:Non-currentFinancialInstruments bus:Consolidated 2023-10-31 11409967 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 11409967 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-10-31 11409967 core:Goodwill bus:Consolidated 2023-10-31 11409967 core:OtherResidualIntangibleAssets bus:Consolidated 2023-10-31 11409967 core:CostValuation 2023-10-31 11409967 core:ProvisionsForImpairmentInvestments 2023-10-31 11409967 core:BetweenTwoFiveYears bus:Consolidated 2023-10-31 11409967 core:WithinOneYear bus:Consolidated 2023-10-31 11409967 core:LandBuildings bus:Consolidated 2023-10-31 11409967 core:MotorVehicles bus:Consolidated 2023-10-31 11409967 core:OtherPropertyPlantEquipment bus:Consolidated 2023-10-31 11409967 bus:FRS102 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:Audited bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:FullAccounts bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:RegisteredOffice bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:Director1 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:Director2 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:Director3 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:Director4 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:Director5 2022-11-01 2023-10-31 11409967 bus:Director5 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:Director7 2022-11-01 2023-10-31 11409967 bus:Director7 bus:Consolidated 1 2022-11-01 2023-10-31 11409967 bus:Director7 bus:Consolidated 2 2022-11-01 2023-10-31 11409967 bus:Director7 bus:Consolidated 3 2022-11-01 2023-10-31 11409967 bus:Director8 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:HighestPaidDirector bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:OrdinaryShareClass1 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:OrdinaryShareClass2 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:OrdinaryShareClass3 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:OrdinaryShareClass4 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:OrdinaryShareClass5 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:OtherShareClass1 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:OtherShareClass2 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:Consolidated 1 2022-11-01 2023-10-31 11409967 bus:Consolidated 2 2022-11-01 2023-10-31 11409967 bus:Consolidated 1 2022-11-01 2023-10-31 11409967 bus:Consolidated 2 2022-11-01 2023-10-31 11409967 bus:Consolidated 3 2022-11-01 2023-10-31 11409967 bus:Consolidated 4 2022-11-01 2023-10-31 11409967 bus:Consolidated 1 2022-11-01 2023-10-31 11409967 bus:PrivateLimitedCompanyLtd bus:Consolidated 2022-11-01 2023-10-31 11409967 bus:ConsolidatedGroupCompanyAccounts 2022-11-01 2023-10-31 11409967 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2022-11-01 2023-10-31 11409967 core:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 11409967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-11-01 2023-10-31 11409967 core:ShareCapital 2022-11-01 2023-10-31 11409967 core:ShareCapital bus:Consolidated 2022-11-01 2023-10-31 11409967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-11-01 2023-10-31 11409967 countries:Europe bus:Consolidated 2022-11-01 2023-10-31 11409967 countries:UnitedKingdom bus:Consolidated 2022-11-01 2023-10-31 11409967 core:ComputerSoftware bus:Consolidated 2022-11-01 2023-10-31 11409967 core:Goodwill bus:Consolidated 2022-11-01 2023-10-31 11409967 core:OtherResidualIntangibleAssets bus:Consolidated 2022-11-01 2023-10-31 11409967 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2022-11-01 2023-10-31 11409967 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2022-11-01 2023-10-31 11409967 core:ReportableOperatingSegment1 bus:Consolidated 2022-11-01 2023-10-31 11409967 core:ReportableOperatingSegment2 bus:Consolidated 2022-11-01 2023-10-31 11409967 core:ReportableOperatingSegment3 bus:Consolidated 2022-11-01 2023-10-31 11409967 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2022-11-01 2023-10-31 11409967 core:LandBuildings bus:Consolidated 2022-11-01 2023-10-31 11409967 core:MotorCars bus:Consolidated 2022-11-01 2023-10-31 11409967 core:MotorVehicles bus:Consolidated 2022-11-01 2023-10-31 11409967 core:OtherPropertyPlantEquipment bus:Consolidated 2022-11-01 2023-10-31 11409967 core:OtherVehicles bus:Consolidated 2022-11-01 2023-10-31 11409967 core:PlantMachinery bus:Consolidated 2022-11-01 2023-10-31 11409967 core:Subsidiary1 bus:Consolidated 2022-11-01 2023-10-31 11409967 core:Subsidiary1 bus:Consolidated 1 2022-11-01 2023-10-31 11409967 core:Subsidiary1 countries:AllCountries bus:Consolidated 2022-11-01 2023-10-31 11409967 core:Subsidiary2 bus:Consolidated 2022-11-01 2023-10-31 11409967 core:Subsidiary2 bus:Consolidated 1 2022-11-01 2023-10-31 11409967 core:Subsidiary2 countries:AllCountries bus:Consolidated 2022-11-01 2023-10-31 11409967 core:Subsidiary3 bus:Consolidated 2022-11-01 2023-10-31 11409967 core:Subsidiary3 bus:Consolidated 1 2022-11-01 2023-10-31 11409967 core:Subsidiary3 countries:AllCountries bus:Consolidated 2022-11-01 2023-10-31 11409967 core:UKTax bus:Consolidated 2022-11-01 2023-10-31 11409967 countries:EnglandWales bus:Consolidated 2022-11-01 2023-10-31 11409967 2022-10-31 11409967 bus:Director7 bus:Consolidated 1 2022-10-31 11409967 bus:Director7 bus:Consolidated 2 2022-10-31 11409967 bus:Director7 bus:Consolidated 3 2022-10-31 11409967 bus:Consolidated 2022-10-31 11409967 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2022-10-31 11409967 core:RetainedEarningsAccumulatedLosses 2022-10-31 11409967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-10-31 11409967 core:ShareCapital 2022-10-31 11409967 core:ShareCapital bus:Consolidated 2022-10-31 11409967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-10-31 11409967 core:Goodwill bus:Consolidated 2022-10-31 11409967 core:OtherResidualIntangibleAssets bus:Consolidated 2022-10-31 11409967 core:CostValuation 2022-10-31 11409967 core:LandBuildings bus:Consolidated 2022-10-31 11409967 core:MotorVehicles bus:Consolidated 2022-10-31 11409967 core:OtherPropertyPlantEquipment bus:Consolidated 2022-10-31 11409967 2021-07-01 2022-10-31 11409967 2022-10-31 11409967 bus:Director7 1 2022-10-31 11409967 bus:Director7 2 2022-10-31 11409967 bus:Director7 3 2022-10-31 11409967 bus:OrdinaryShareClass1 bus:Consolidated 2022-10-31 11409967 bus:OrdinaryShareClass2 bus:Consolidated 2022-10-31 11409967 bus:OrdinaryShareClass3 bus:Consolidated 2022-10-31 11409967 bus:OrdinaryShareClass4 bus:Consolidated 2022-10-31 11409967 bus:OrdinaryShareClass5 bus:Consolidated 2022-10-31 11409967 bus:OtherShareClass1 bus:Consolidated 2022-10-31 11409967 bus:OtherShareClass2 bus:Consolidated 2022-10-31 11409967 bus:Consolidated 2022-10-31 11409967 bus:Consolidated 1 2022-10-31 11409967 bus:Consolidated 2 2022-10-31 11409967 bus:Consolidated 3 2022-10-31 11409967 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-10-31 11409967 core:OtherDeferredTax bus:Consolidated 2022-10-31 11409967 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2022-10-31 11409967 core:OtherReservesSubtotal bus:Consolidated 2022-10-31 11409967 core:RetainedEarningsAccumulatedLosses 2022-10-31 11409967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-10-31 11409967 core:ShareCapital 2022-10-31 11409967 core:ShareCapital bus:Consolidated 2022-10-31 11409967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-10-31 11409967 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-10-31 11409967 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2022-10-31 11409967 core:CurrentFinancialInstruments 2022-10-31 11409967 core:CurrentFinancialInstruments bus:Consolidated 2022-10-31 11409967 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 11409967 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2022-10-31 11409967 core:Non-currentFinancialInstruments 2022-10-31 11409967 core:Non-currentFinancialInstruments bus:Consolidated 2022-10-31 11409967 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 11409967 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2022-10-31 11409967 core:Goodwill bus:Consolidated 2022-10-31 11409967 core:OtherResidualIntangibleAssets bus:Consolidated 2022-10-31 11409967 core:BetweenTwoFiveYears bus:Consolidated 2022-10-31 11409967 core:WithinOneYear bus:Consolidated 2022-10-31 11409967 core:LandBuildings bus:Consolidated 2022-10-31 11409967 core:MotorVehicles bus:Consolidated 2022-10-31 11409967 core:OtherPropertyPlantEquipment bus:Consolidated 2022-10-31 11409967 bus:Director7 1 2021-07-01 2022-10-31 11409967 bus:Director7 2 2021-07-01 2022-10-31 11409967 bus:Director7 3 2021-07-01 2022-10-31 11409967 bus:HighestPaidDirector bus:Consolidated 2021-07-01 2022-10-31 11409967 bus:Consolidated 2021-07-01 2022-10-31 11409967 bus:Consolidated 1 2021-07-01 2022-10-31 11409967 bus:Consolidated 2 2021-07-01 2022-10-31 11409967 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-10-31 11409967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-07-01 2022-10-31 11409967 core:ShareCapital 2021-07-01 2022-10-31 11409967 core:ShareCapital bus:Consolidated 2021-07-01 2022-10-31 11409967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-07-01 2022-10-31 11409967 countries:Europe bus:Consolidated 2021-07-01 2022-10-31 11409967 countries:UnitedKingdom bus:Consolidated 2021-07-01 2022-10-31 11409967 core:LandBuildingsUnderOperatingLeases bus:Consolidated 2021-07-01 2022-10-31 11409967 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2021-07-01 2022-10-31 11409967 core:Subsidiary1 bus:Consolidated 1 2021-07-01 2022-10-31 11409967 core:Subsidiary2 bus:Consolidated 1 2021-07-01 2022-10-31 11409967 core:Subsidiary3 bus:Consolidated 1 2021-07-01 2022-10-31 11409967 core:UKTax bus:Consolidated 2021-07-01 2022-10-31 11409967 2021-06-30 11409967 bus:Director7 1 2021-06-30 11409967 bus:Director7 2 2021-06-30 11409967 bus:Director7 3 2021-06-30 11409967 bus:Consolidated 2021-06-30 11409967 core:RetainedEarningsAccumulatedLosses 2021-06-30 11409967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-06-30 11409967 core:ShareCapital 2021-06-30 11409967 core:ShareCapital bus:Consolidated 2021-06-30 11409967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-06-30 iso4217:GBP xbrli:pure xbrli:shares

Silverfish Holdings Limited

Annual Report and Consolidated Financial Statements
Year Ended 31 October 2023

Registration number: 11409967

 

Silverfish Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 5

Directors' Report

6 to 7

Statement of Directors' Responsibilities

8

Independent Auditor's Report

9 to 12

Consolidated Profit and Loss Account

13

Consolidated Balance Sheet

14

Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Statement of Changes in Equity

17

Consolidated Statement of Cash Flows

18 to 19

Notes to the Financial Statements

20 to 41

 

Silverfish Holdings Limited

Company Information

Directors

Mr E G Gardiner

Mr D G Mabbott

Mr A P Metcalfe

Mr M J H Osborne

Mr B Dale

Registered office

Units 3B and 3C Saltash Parkway Industrial Estate
Saltash
PL12 6LY

Auditors

PKF Francis Clark
Statutory Auditor
Melville Building East
Unit 18, 23 Royal William Yard
Stonehouse
Plymouth
PL1 3GW

 

Silverfish Holdings Limited

Strategic Report

Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

Principal activity

The principal activity of the group is is that of importer and wholesaler of premium bicycles, high-end bicycle clothing, components and accessories.

Incorporation

The company was incorporated on the 12th June 2018 as ENSCO 1267 Limited. Subsequent reporting periods ended on the 30th June. The comparative period in these accounts is an extended period of 16 months ending on the 31st October 2022. During the comparative period on the 20th January 2022, the company filed a change of name notice, therefore changing its name to Silverfish Holdings Limited.

Despite the comparative numbers representing an extended period, please note the consolidated accounts only trade from 23rd December 2021, the date the Connection Capital transaction concluded. This means the comparative numbers within the consolidated profit and loss account only includes 10 months of trading, from 1st January 2022 to 31st October 2022. This explains why, for example, the comparative revenue in these consolidated accounts is only £13m compared to the £15m quoted in this strategic report and in the profit and loss account in Silverfish UK Limited, the trading subsidiary of the Silverfish Group.
 

Fair review of the business

The year ending October 2023 posed considerable challenges for the cycling sector, as many of the macroeconomic factors highlighted in the previous year’s accounts continued to exert a significant influence on both supply and demand. The cost-of-living crisis significantly curtailed consumer demand throughout the year at a time when much of the delayed stock ordered during the peak demand of the Covid-19 pandemic was finally manufactured and delivered. With retailers responding to reduced consumer demand by cancelling orders, this resulted in an excess of stock throughout the supply chain, and consequently high levels of discounting across most product categories to stimulate sales. Whilst its carefully curated brand portfolio helps to mitigate some of the impact of this, Silverfish has not escaped this situation, and like many of its competitors, was forced to refinance in the year to support ongoing liquidity. This process was concluded in February 2023 with over £2m of new funds injected from existing shareholders, on top of the £2m previously injected between September and December 2022, demonstrating their continued support for the business and confidence in the long-term prospects.

In addition to the new funds injected, the bank and the shareholders agreed to write down approximately £19.6m of debt, further underscoring their support and belief in the future. Bank loans were reduced by £2.5m and shareholder loan notes by £17.1m, materially improving the balance sheet, critically into a net assets position of £4.3m (Oct 2023, net liabilities -£11.4m).

As part of the refinance process, a reforecast was prepared on the assumption that the market would start to recover during the year ending October 2024. The bank loan covenants were reset to reflect this forecast, with all historical breaches waived. However, a market recovery is yet to materialise meaning it has been necessary to revisit these assumptions. Consequently, the bank agreed to waive covenants as at the end of April 24 and has reset covenants up to and including July 25.

 

Silverfish Holdings Limited

Strategic Report

Year Ended 31 October 2023

Silverfish sales declined by 20% year on year (2022 -14%), a performance deemed reasonable by the directors given the prevailing macroeconomic factors, highlighting the strength of Silverfish’s strategically differentiated position in the market.

Like many UK based importers and wholesalers, Silverfish continued to experience inflated import costs and consequently gross margin pressure as the strengthening of the US dollar against the UK pound made stock purchases relatively expensive. The recovery of the pound against the US dollar over the course of the year and our foreign exchange risk management policy meant much of the downside was mitigated, although the level of discounting on sales still meant there was a decline in gross margin year on year.

The market pressures on both sales and margin mean that the Silverfish Group is reporting an operating loss of -£2,210k (2022 -£1,096k). It is worth noting this loss is after accounting for £530k of goodwill amortisation (2022 £1,246k) and a £600k increase in the stock provision. The provision increase is to cover the expected losses on certain stock categories, partly in light of the market conditions but mainly due to the discontinuation of certain brands and/or product ranges.

This performance, whilst unwelcome, was not wholly unexpected and was the driving force behind the refinance process. Critically, the new funds injected have meant that there was still £2m of cash in the business at year end despite the operating loss. The directors are also comfortable with the forward-looking cash headroom considering the prevailing market conditions, which has been supported by both capital and interest repayment holidays.

Whilst the short to medium term future continues to look turbulent, the continuing strong cash headroom (£3m at July 2024), along with the bank’s willingness to reset covenants, mean the directors remain satisfied that there is no immediate threat to the going concern of the group. Participation in cycling remains at an all-time high, and the industry sentiment is that growth will return as soon as market conditions allow.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover (12 months of trading company)

£

11,980,146

15,043,349

Gross profit margin

%

20

29

Exceptional items

The £2.5m bank loan write down has been presented as an exceptional item on the face of the P&L, although the £17.1m of shareholder loan note write down, which includes £1.5m of accrued interest, has been presented as a capital contribution in the statement of change in equity.

 

Silverfish Holdings Limited

Strategic Report

Year Ended 31 October 2023

Principal risks and uncertainties

Competitive markets
The group is exposed to risk and uncertainties related to supplier and customer activities and economic pressures on the retail market. This is managed by ensuring the business continues to operate at the highest level by investing into the unique distribution offering that Silverfish provides to its brands, carefully managing purchasing in line with demand, closely managing existing inventory levels, and on continually improving systems and processes. Emphasis is placed on maintaining strong commercial relationships with brands, which has been pivotal in maintaining their support during the recent challenges.

Financial risks
The Groups operations exposes it to a variety of financial risks that include the effects of credit risk, liquidity risk and exposure to adverse exchange rate movements. These are each specifically managed to minimise their impact on financial performance. Credit risk is primarily attributable to trade debtors. The company has historically had few issues with bad and doubtful debts but continues to closely monitor its outstanding debts, employing a variety of traditional controls to ensure the credit risk is minimised. Towards the end of the year a major customer was placed into administration, reflective of the economic environment. Thankfully, Silverfish was able to recover most of the money owed by working in conjunction with the administrators.

The group’s exposure to foreign exchange risk is managed using forward contracts which aim to hedge for approximately half of the forward-looking currency surpluses or deficits.

Management of liquidity risk is managed using both long and short-range cash flows, linked to financial forecasts that are periodically updated. It is these forecasts that highlighted the need for further finance, and the resulting refinance that was concluded in February 2023. The business has approximately £3m cash in bank at July 2024, which is being carefully monitored to ensure sufficient headroom for the foreseeable future. Should the directors feel that this headroom is insufficient then they are committed to taking appropriate remedial actions to improve cash flow.

Covenant compliance
The group is subject to several financial covenants associated with the bank debt in place. As part of the refinance concluded in February 2023, any historical breaches were waived, and forward-looking covenants were reset. These were all satisfied up to and including January 2024, although the prolonged market challenges meant a waiver was agreed by the bank for April 2024, and a further reset was agreed for all test points up to and including July 2025. This includes revising the minimum EBITDA covenant test point to align with latest forecasts, increasing the minimum liquidity covenant to ensure that stock reduction and stock turn is maintained and continuing to waive the debt service cover. The directors have reviewed the headroom against these covenants and are comfortable that the chance of further breach is immaterial.

Stock obsolescence
The over stocking resulting from the ongoing market conditions continues to cause the group a higher than usual stock risk. This is managed by reviewing aged stock reports and offering discounts to customers on items that are at risk of obsolescence. Strong emphasis has been placed on reducing stock levels to help maximise cash in the business, although the heavy over stocks throughout the sector is making this difficult. That said, steady progress is being made, particularly post year end.

 

Silverfish Holdings Limited

Strategic Report

Year Ended 31 October 2023

Legislation changes
The group can also be impacted by changes in legislation that can affect the supply and use of bicycles and associated parts. The group mitigates this risk through continued communications with brands and membership of national cycling bodies, helping to keep the business up to date with any changes.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Mr M J H Osborne
Director

 

Silverfish Holdings Limited

Directors' Report

Year Ended 31 October 2023

The directors present their report and the for the year ended 31 October 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr M W Coupland (ceased 23 August 2023)

Mr E G Gardiner (appointed 17 February 2023)

Mr D G Mabbott

Mr A P Metcalfe (appointed 17 February 2023)

Mr M J H Osborne

Mr B Dale (appointed 23 August 2023)

Financial instruments

Objectives and policies

The group effectively manages its working capital through a revolving credit facility with its primary lender. To mitigate exposure to fluctuations in exchange rates, the group strategically employs foreign exchange forward contracts.

Price risk, credit risk, liquidity risk and cash flow risk

The management team undertake various strategies to address the specific operational risks the group faces. These include long term forward planning with orders, benchmarking of prices across the industry, regular credit reviews and use of credit checking facilities to enhance credit control processes. Additionally, the team employs robust cash flow modelling, conducts periodic reviews of liquidity ratios, and maintains close communication with the group's finance providers.

 

Silverfish Holdings Limited

Directors' Report

Year Ended 31 October 2023

Going concern

The main threat to the going concern of the group over the past year has been the turbulent market conditions associated with supply chain delays, subsequent order cancellations and a fall in demand associated to the cost-of-living crisis. Details regarding the impact of these factors on the business are outlined in the fair review of the business, included in the strategic report. Following the debt restructure in February 2023, the directors have concluded that the group is a going concern and the accounts have been prepared on this basis.

The directors considered in detail the prospects of the cycling sector in the near future, especially in conjunction with ongoing liquidity and the revised bank covenants. Given it is difficult to do this with any certainty, the directors adopted a prudent approach to ensure sufficient cash headroom for the foreseeable future. Consequently, there is an expectation of a small sales reduction in the year ending October 2024 as the cycling sector continues to normalise, but the business is forecasting a return to growth the following year. The growth in the year ending October 2025 is largely expected to come from new brands, most of which are significant bike brands, adding to the ever-growing reputation of Silverfish as the leading mountain bike distributor in the UK, and increasingly parts of the EU.

The directors' assessment of going concern has been supported by the material write down of debt at the time of refinance and the bank’s willingness to reset covenants, both at the point of refinance and subsequently in July 2024 to reflect the ongoing market challenges. This includes waiving covenants as at the end of April 2024. The existing cash headroom in the business (£3m at July 2024), along with cautious forwarding looking forecasts and the ongoing support from shareholders, bank and suppliers, collectively lead the directors to conclude that there are no material uncertainties concerning the going concern of the group.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Mr M J H Osborne
Director

 

Silverfish Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Silverfish Holdings Limited

Independent Auditor's Report to the Members of Silverfish Holdings Limited

Opinion

We have audited the financial statements of Silverfish Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2023 and of the group's loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Silverfish Holdings Limited

Independent Auditor's Report to the Members of Silverfish Holdings Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

Silverfish Holdings Limited

Independent Auditor's Report to the Members of Silverfish Holdings Limited

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were employment and health and safety legislation.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102), the Companies Act and the relevant tax compliance regulations in the UK.

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Reviewed legal and professional costs to identify legal costs in respect of non compliance;
• Enquiries with management whether there have been any known instances, allegations or suspicions of fraud or non compliance with laws and regulations;
• Reviewed minutes of board meetings.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting. Our proceedures involved the following;
• Review of nominal journal entries for reasonableness;
• Review of significant accounting estimates for bias;
• Review of stock sales history to test completeness of the stock provision.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Silverfish Holdings Limited

Independent Auditor's Report to the Members of Silverfish Holdings Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Duncan Leslie (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Stonehouse
Plymouth
PL1 3GW

28 August 2024

 

Silverfish Holdings Limited

Consolidated Profit and Loss Account

Year Ended 31 October 2023

Note

31 October
2023
£

31 October
2022
£

Turnover

3

11,980,146

13,001,758

Cost of sales

 

(9,554,210)

(9,425,604)

Gross profit

 

2,425,936

3,576,154

Administrative expenses

 

(4,635,738)

(4,672,509)

Operating loss

4

(2,209,802)

(1,096,355)

Impairment of goodwill

11

-

(8,861,764)

Gain on debt write off

18

2,500,000

-

Other interest receivable and similar income

8

13,205

10

Interest payable and similar expenses

9

(1,487,740)

(1,784,248)

   

1,025,465

(10,646,002)

Loss before tax

 

(1,184,337)

(11,742,357)

Tax on loss

10

(279,996)

338,537

Loss for the financial year

 

(1,464,333)

(11,403,820)

Profit/(loss) attributable to:

 

Owners of the company

 

(1,464,333)

(11,403,820)

The group has no recognised gains or losses for the year other than the results above.

 

Silverfish Holdings Limited

Consolidated Balance Sheet

31 October 2023

Note

31 October
2023
£

As restated
 31 October
2022
£

Fixed assets

 

Intangible assets

11

4,051,441

4,551,740

Tangible assets

12

1,338,898

1,406,054

 

5,390,339

5,957,794

Current assets

 

Stocks

14

8,877,529

9,676,815

Debtors

15

1,419,666

2,128,212

Cash at bank and in hand

 

2,013,306

469,382

 

12,310,501

12,274,409

Creditors: Amounts falling due within one year

17

(885,998)

(29,627,523)

Net current assets/(liabilities)

 

11,424,503

(17,353,114)

Total assets less current liabilities

 

16,814,842

(11,395,320)

Creditors: Amounts falling due after more than one year

17

(12,543,376)

-

Net assets/(liabilities)

 

4,271,466

(11,395,320)

Capital and reserves

 

Called up share capital

21

11,117

8,500

Capital contribution reserve

17,128,502

-

Profit and loss account

(12,868,153)

(11,403,820)

Equity attributable to owners of the company

 

4,271,466

(11,395,320)

Shareholders' funds/(deficit)

 

4,271,466

(11,395,320)

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Mr M J H Osborne
Director

Company Registration Number: 11409967

 

Silverfish Holdings Limited

Balance Sheet

31 October 2023

Note

31 October
2023
£

31 October
2022
£

Fixed assets

 

Investments

13

1

1

Current assets

 

Debtors

15

9,193

8,499

Cash at bank and in hand

 

1,921

-

 

11,114

8,499

Net assets

 

11,115

8,500

Capital and reserves

 

Called up share capital

21

11,117

8,500

Profit and loss account

(2)

-

Shareholders' funds

 

11,115

8,500

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a loss after tax for the financial year of £2 (2022 - profit of £-).

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Mr M J H Osborne
Director

Company Registration Number: 11409967

 

Silverfish Holdings Limited

Consolidated Statement of Changes in Equity

Year Ended 31 October 2023

Share capital
£

Capital contribution reserve
£

Profit and loss account
£

Total
£

At 1 November 2022

8,500

-

(11,403,820)

(11,395,320)

Loss for the year

-

-

(1,464,333)

(1,464,333)

Total comprehensive income

-

-

(1,464,333)

(1,464,333)

New share capital subscribed

2,617

-

-

2,617

Capital contribution on debt write off

-

17,128,502

-

17,128,502

At 31 October 2023

11,117

17,128,502

(12,868,153)

4,271,466

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2021

1

-

1

Loss for the year

-

(11,403,820)

(11,403,820)

Total comprehensive income

-

(11,403,820)

(11,403,820)

New share capital subscribed

8,499

-

8,499

At 31 October 2022

8,500

(11,403,820)

(11,395,320)

 

Silverfish Holdings Limited

Statement of Changes in Equity

Year Ended 31 October 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2022

8,500

-

8,500

Loss for the year

-

(2)

(2)

Total comprehensive income

-

(2)

(2)

New share capital subscribed

2,617

-

2,617

At 31 October 2023

11,117

(2)

11,115

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2021

1

-

1

Profit/(loss) for the year

-

-

-

Total comprehensive income

-

-

-

New share capital subscribed

8,499

-

8,499

At 31 October 2022

8,500

-

8,500

 

Silverfish Holdings Limited

Consolidated Statement of Cash Flows

Year Ended 31 October 2023

Note

31 October
2023
£


 31 October
2022
£

Cash flows from operating activities

Loss for the year

 

(1,464,333)

(11,403,820)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

610,486

1,314,990

Impairment loss/reversal

 

-

8,861,764

Loss on disposal of tangible assets

-

81,610

Finance income

8

(13,205)

(10)

Finance costs

9

1,487,740

1,784,248

Income tax expense

10

279,996

(338,537)

Gain on debt write off

 

(2,500,000)

-

 

(1,599,316)

300,245

Working capital adjustments

 

Decrease/(increase) in stocks

14

799,287

(3,705,143)

Decrease/(increase) in trade debtors

15

439,546

(4,195,757)

Decrease in trade creditors

17

(1,552,233)

(518,344)

Cash used by operations

 

(1,912,716)

(8,118,999)

Income taxes paid

10

(10,996)

(87)

Net cash flow from operating activities

 

(1,923,712)

(8,119,086)

Cash flows from investing activities

 

Interest received

13,205

10

Acquisitions of tangible assets

(39,044)

(54,591)

Proceeds from sale of tangible assets

 

26,177

2,672

Acquisition of intangible assets

11

(30,165)

(17,094,476)

Net cash flows from investing activities

 

(29,827)

(17,146,385)

Cash flows from financing activities

 

Interest paid

9

(117,856)

(522,446)

Proceeds from issue of ordinary shares, net of issue costs

 

2,617

8,499

Proceeds from bank borrowing draw downs

 

-

10,350,000

Repayment of bank borrowing

 

-

(380,466)

Proceeds from other borrowing draw downs

 

3,602,052

16,292,520

Payments to finance lease creditors

 

10,650

(13,255)

Net cash flows from financing activities

 

3,497,463

25,734,852

Net increase in cash and cash equivalents

 

1,543,924

469,381

Cash and cash equivalents at 1 November

 

469,382

1

 

Silverfish Holdings Limited

Consolidated Statement of Cash Flows

Year Ended 31 October 2023

Note

31 October
2023
£


 31 October
2022
£

Cash and cash equivalents at 31 October

 

2,013,306

469,382

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 3B and 3C Saltash Parkway Industrial Estate
Saltash
PL12 6LY
England

These financial statements were authorised for issue by the Board on 28 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

FRS 102 grants a qualifying entity exemptions from the full requirements of FRS 102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity.

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and the company’s cash flows are included in the consolidated financial statements. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the Silverfish Holdings Limited Group.

The company has also taken advantage of the exemption under S408 to not prepare a company statement of profit and loss.

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2023.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Going concern

The main threat to the going concern of the group over the past year has been the turbulent market conditions associated with supply chain delays, subsequent order cancellations and a fall in demand associated to the cost-of-living crisis. Details regarding the impact of these factors on the business are outlined in the fair review of the business, included in the strategic report. Following the debt restructure in February 2023, the directors have concluded that the group is a going concern and the accounts have been prepared on this basis.

The directors considered in detail the prospects of the cycling sector in the near future, especially in conjunction with ongoing liquidity and the revised bank covenants. Given it is difficult to do this with any certainty, the directors adopted a prudent approach to ensure sufficient cash headroom for the foreseeable future. Consequently, there is an expectation of a small sales reduction in the year ending October 2024 as the cycling sector continues to normalise, but the business is forecasting a return to growth the following year. The growth in the year ending October 2025 is largely expected to come from new brands, most of which are significant bike brands, adding to the ever-growing reputation of Silverfish as the leading mountain bike distributor in the UK, and increasingly parts of the EU.

The directors' assessment of going concern has been supported by the material write down of debt at the time of refinance and the bank’s willingness to reset covenants, both at the point of refinance and subsequently in July 2024 to reflect the ongoing market challenges. This includes waiving covenants as at the end of April 2024. The existing cash headroom in the business (£3m at July 2024), along with cautious forwarding looking forecasts and the ongoing support from shareholders, bank and suppliers, collectively lead the directors to conclude that there are no material uncertainties concerning the going concern of the group.

Reclassification of comparative amounts

Management have decided to present stock on the water for the year ended 31 October 2023, for which risks and rewards have transferred, within stock. For comparability a balance of £1,501,173 has been reclassified from prepayments to stock in the restated balance sheet for the year ended 31 October 2022.

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Judgements

Deferred tax. The group has made the significant judgement to recognise no deferred tax asset related to carried forward losses at the current time.

Key sources of estimation uncertainty

Goodwill. Each year the Directors complete an impairment review and when necessary consider the likely recoverable amount of the Goodwill and Fixed Asset balance and whether any impairment provision is required. This is supported by an assessment of realisable value and a discounted cash-flow projection completed by management. The projection is subject to significant uncertainty regarding the key underlying assumptions such as discount rate and the future cash flows. As a result of the work completed in 2023 the Directors recognised an impairment of £Nil (2022 - £8,861,764).

Stock provision. The company estimates the stock provision based on a risk analysis of outstanding stock at the year end and an assessment of estimated realisable value of discontinued stock. This estimate is dependent on the assumption that the future pattern of stock sales accurately reflects the past history of similar stock movement. The carrying amount is £946,085 (2022 - £525,532).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Turnover is recognised on point of despatch on sale of goods. Service work completed under warranties is recognised on point of despatch.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items are carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Plant and machinery

10-33% straight line

Motor vehicles (owned)

25% reducing balance

Motor vehicles (hire purchase)

Over the life of the lease

Assets under construction

N/A

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website and computer software costs

25% straight line

Goodwill

10% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell, the impairment loss is recognised immediately in the Profit or Loss Account.

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Other loans;
• Bank loans;
• Cash and bank balances;
• Derivative forward foreign currency contracts.


All financial instruments are classified as basic (other than the derivatives).

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

Derivative financial instruments and hedging

Derivatives
The group uses forward foreign currency contracts to reduce exposure to foreign exchange rates.

Derivative financial instruments are initially measured at fair value and are subsequently measured at fair value through profit or loss. When the fair value is positive the derivatives are carried as current assets; and as current liabilities when the fair value is negative. The fair value of the forward foreign currency contracts is calculated by comparing the year end spot rate, which acts as an approximation for the fair value of the contracts, with the contracted rates.

 

 

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

31 October
2023
£

31 October
2022
£

Sale of goods

11,980,146

13,001,758

The analysis of the group's Turnover for the year by market is as follows:

31 October
2023
£

31 October
2022
£

UK

9,506,593

10,738,561

Europe

2,473,553

2,263,197

11,980,146

13,001,758

4

Operating loss

Arrived at after charging/(crediting)

31 October
2023
£

31 October
2022
£

Depreciation expense

80,022

68,581

Amortisation expense

530,464

1,246,409

Foreign exchange (gains)/losses

(317,633)

568,197

Operating lease expense - property

36,667

35,209

Operating lease expense - plant and machinery

66,696

62,944

Loss on disposal of property, plant and equipment

-

81,610

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

31 October
2023
£

31 October
2022
£

Wages and salaries

1,993,549

1,916,563

Social security costs

206,669

185,067

Pension costs, defined contribution scheme

72,881

44,432

2,273,099

2,146,062

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

31 October
2023
No.

31 October
2022
No.

Management

4

2

Administration and support

18

16

Sales

9

9

Production

26

26

57

53

6

Directors' remuneration

The directors' remuneration for the year was as follows:

31 October
2023
£

31 October
2022
£

Remuneration

496,697

248,761

Contributions paid to money purchase schemes

26,823

10,916

523,520

259,677

During the year the number of directors who were receiving benefits and share incentives was as follows:

31 October
2023
No.

31 October
2022
No.

Accruing benefits under defined benefit pension scheme

4

3

In respect of the highest paid director:

31 October
2023
£

31 October
2022
£

Remuneration

179,429

110,577

Company contributions to money purchase pension schemes

5,729

5,436

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

7

Auditor's remuneration

31 October
2023
£

31 October
2022
£

Audit of these financial statements

4,080

3,500


 

8

Other interest receivable and similar income

31 October
2023
£

31 October
2022
£

Interest income on bank deposits

13,205

10

9

Interest payable and similar expenses

31 October
2023
£

31 October
2022
£

Interest on bank loans

629,252

531,376

Interest on obligations under finance leases and hire purchase contracts

-

2,605

Interest expense on directors loan

-

41,766

Interest on other loans

858,488

1,208,501

1,487,740

1,784,248

10

Taxation

Tax charged/(credited) in the profit and loss account

Year ended 31 October 2023
 £

1 July 2021 to 31 October 2022
 £

Current taxation

UK corporation tax

10,996

87

Deferred taxation

Arising from origination and reversal of timing differences

269,000

(338,624)

Tax expense/(receipt) in the income statement

279,996

(338,537)

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 22.52% (2022 - 19%).

The differences are reconciled below:

31 October
2023
£

31 October
2022
£

Loss before tax

(1,184,337)

(11,742,357)

Corporation tax at standard rate

(266,685)

(2,231,048)

Effect of revenues exempt from taxation

(562,945)

-

Effect of expense not deductible in determining taxable profit (tax loss)

131,048

1,938,201

Deferred tax expense/(credit) relating to changes in tax rates or laws

26,709

(81,183)

Increase from tax losses for which no deferred tax asset was recognised

941,714

-

Decrease from effect of tax incentives

(841)

(3,778)

Increase in UK and foreign current tax from adjustment for prior periods

10,996

-

Other tax effects for reconciliation between accounting profit and tax expense (income)

-

39,271

Total tax charge/(credit)

279,996

(338,537)

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

(32,083)

-

Tax losses carried forward

32,083

-

-

-

2022

Asset
£

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

(43,349)

-

Tax losses carried forward

309,755

-

Other short term differences

2,594

-

269,000

-

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

There are £4,182,092 of unused tax losses (2022 - £Nil) for which no deferred tax asset is recognised in the balance sheet.

11

Intangible assets

Group

Goodwill
 £

Website and computer software
£

Total
£

Cost or valuation

At 1 November 2022

14,526,324

469,236

14,995,560

Additions acquired separately

-

30,165

30,165

At 31 October 2023

14,526,324

499,401

15,025,725

Amortisation

At 1 November 2022

10,072,291

371,529

10,443,820

Amortisation charge

494,893

35,571

530,464

At 31 October 2023

10,567,184

407,100

10,974,284

Carrying amount

At 31 October 2023

3,959,140

92,301

4,051,441

At 31 October 2022

4,454,033

97,707

4,551,740

Amortisation of intangible assets is included within administrative expenses.

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

12

Tangible assets

Group

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

1,526,252

105,992

264,062

1,896,306

Additions

-

-

39,044

39,044

Disposals

-

(80,466)

-

(80,466)

At 31 October 2023

1,526,252

25,526

303,106

1,854,884

Depreciation

At 1 November 2022

295,082

65,499

129,672

490,253

Charge for the year

22,593

3,579

53,850

80,022

Eliminated on disposal

-

(54,289)

-

(54,289)

At 31 October 2023

317,675

14,789

183,522

515,986

Carrying amount

At 31 October 2023

1,208,577

10,737

119,584

1,338,898

At 31 October 2022

1,231,171

40,493

134,390

1,406,054

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings, £1,208,577 (2022 - £1,231,171) in respect of long leasehold land and buildings.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

31 October
2023
£

31 October
2023
£

Motor vehicles

-

30,847

     
 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

13

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Silverfish Group Holdings Limited*

Units 3B & 3C
Saltash Parkway
Industrial Estate
Saltash
England
PL12 6LY

Ordinary

100%

100%

 

England and Wales

     

Silverfish UK (Holdings) Limited

Units 3B & 3C
Saltash Parkway
Industrial Estate
Saltash
England
PL12 6LY

Ordinary

100%

100%

 

England and Wales

     

Silverfish UK Limited

Units 3B & 3C
Saltash Parkway
Industrial Estate
Saltash
England
PL12 6LY

Ordinary

100%

100%

 

England and Wales

     

* indicates direct investment of the company

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Subsidiary undertakings

Silverfish Group Holdings Limited

The principal activity of Silverfish Group Holdings Limited is a holding company.

Silverfish UK (Holdings) Limited

The principal activity of Silverfish UK (Holdings) Limited is a holding company.

Silverfish UK Limited

The principal activity of Silverfish UK Limited is importer and wholesaler of bicycles, bicycle clothing and accessories.

Company

31 October
2023
£

31 October
2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 November 2022

1

At 31 October 2023

1

Provision

At 1 November 2022

-

At 31 October 2023

-

Carrying amount

At 31 October 2023

1

At 31 October 2022

1

14

Stocks

 

Group

Company

31 October
2023
£

As restated

31 October
2022
£

31 October
2023
£


 Period ended 31 October
2022
£

Finished goods and goods for resale

8,877,529

9,676,815

-

-

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

15

Debtors

   

Group

Company

Note

31 October
2023
£

As restated

31 October
2022
£

31 October
2023
£


 Period ended 31 October
2022
£

Trade debtors

 

1,231,081

1,692,024

-

-

Amounts due from group undertakings

24

-

-

9,193

8,499

Other debtors

 

80,156

79,616

-

-

Prepayments

 

108,429

63,871

-

-

Accrued income

 

-

23,701

-

-

Deferred tax assets

10

-

269,000

-

-

 

1,419,666

2,128,212

9,193

8,499

16

Cash and cash equivalents

 

Group

Company

31 October
2023
£

31 October
2022
£

31 October
2023
£

Period ended 31 October
2022
£

Cash on hand

541

2,626

-

-

Cash at bank

2,002,765

456,756

1,921

-

Short-term deposits

10,000

10,000

-

-

2,013,306

469,382

1,921

-

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

17

Creditors

   

Group

Company

Note

31 October
2023
£

31 October
2022
£

31 October
2023
£

31 October
2022
£

Due within one year

 

Loans and borrowings

18

-

27,250,254

-

-

Trade creditors

 

524,015

1,479,900

-

-

Social security and other taxes

 

211,133

602,546

-

-

Outstanding defined contribution pension costs

 

10,775

10,375

-

-

Other creditors

 

72,380

53,669

-

-

Accrued expenses

 

67,695

230,779

-

-

 

885,998

29,627,523

-

-

Due after one year

 

Loans and borrowings

18

12,543,376

-

-

-

18

Loans and borrowings

 

Group

Company

31 October
2023
£

31 October
2022
£

31 October
2023
£

Period ended 31 October
2022
£

Non-current loans and borrowings

Bank borrowings

7,710,699

-

-

-

Other borrowings

4,832,677

-

-

-

12,543,376

-

-

-

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

 

Group

Company

31 October
2023
£

31 October
2022
£

31 October
2023
£

Period ended 31 October
2022
£

Current loans and borrowings

Bank borrowings

-

9,716,047

-

-

Hire purchase contracts

-

33,186

-

-

Other borrowings

-

17,501,021

-

-

-

27,250,254

-

-

Group

Bank borrowings

Bank loan 1 is denominated in £ with a nominal interest rate of 6.5%, and the final instalment is due on 22 December 2026. The carrying amount at year end is £2,366,431 (2022 - £2,244,534).

The loan is secured by a fixed and floating charge of all property and undertakings. The chargors are the 4 constituent companies of the Silverfish Holdings Limited group.

Bank loan 2 is denominated in £ with a nominal interest rate of 6.5%, and the final instalment is due on 22 December 2026. The carrying amount at year end is £4,110,682 (2022 - £6,125,000).

The loan is secured by a fixed and floating charge of all property and undertakings. The chargors are the 4 constituent companies of the Silverfish Holdings Limited group.

Bank loan 3 is denominated in £ with a nominal interest rate of 6.5%, and the final instalment is due on 31 January 2027. The carrying amount at year end is £1,426,235 (2022 - £1,600,000).

The loan is secured by a fixed and floating charge of all property and undertakings. The chargors are the 4 constituent companies of the Silverfish Holdings Limited group.

The loans above are presented net of issue costs incurred of £192,650 (2022 - £253,487).

Other borrowings

Loan notes 1 is denominated in £ with a nominal interest rate of 8%. The carrying amount at year end is £Nil (2022 - £9,084,664).

Loan notes 2 is denominated in £ with a nominal interest rate of 10%. The carrying amount at year end is £Nil (2022 - £7,608,203).

Loan notes 3 is denominated in £ with a nominal interest rate of 12%, and the final instalment is due on 22 December 2026. The carrying amount at year end is £1,588,140 (2022 - £808,153).

Loan notes 4 is denominated in £ with a nominal interest rate of 12%, and the final instalment is due on 22 December 2026. The carrying amount at year end is £3,245,230 (2022 - £Nil).

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Loan covenants
As at 31 October 2022 the group was in breach of the financial covenants on its bank loans resulting in the presentation of these liabilities as current.

On 17 February 2023 the group completed a restructure of its financing facilities. This resulted in a significant release of £2,500,00 of bank loans recognised as a gain on debt write off in the profit and loss account. It also resulted in the release of £17,128,502 of shareholder loan notes 1 and 2 recognised as a capital contribution in the statement of comprehensive income. As part of this refinance the covenants on the loans were updated and reset with all historical breaches waived.

19

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

31 October
2023
£

31 October
2022
£

Not later than one year

-

33,186

Operating leases

The total of future minimum lease payments is as follows:

31 October
2023
£

31 October
2022
£

Not later than one year

65,181

64,521

Later than one year and not later than five years

36,336

26,516

101,517

91,037

The amount of non-cancellable operating lease payments recognised as an expense during the year was £103,363 (2022 - £98,152).

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £72,881 (2022 - £44,432).

Contributions totalling £10,775 (2022 - £10,375) were payable to the scheme at the end of the year and are included in creditors.

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

21

Share capital

Allotted, called up and fully paid shares

 

31 October 2023

31 October 2022

 

No.

£

No.

£

Ordinary A shares of £0.01 each

408,000

4,080

408,000

4,080.00

Ordinary B shares of £0.01 each

102,000

1,020

102,000

1,020.00

Ordinary C shares of £0.01 each

340,000

3,400

340,000

3,400.00

Ordinary D shares of £0.12 each

16,026

1,923

-

-

Ordinary E shares of £0.01 each

37,422

374

-

-

Ordinary F shares of £0.01 each

9,356

94

-

-

Ordinary G shares of £0.01 each

22,574

226

-

-

 

935,378

11,117

850,000

8,500

Rights, preferences and restrictions

Ordinary A, B, C, D, E, F and G shares have the following rights, preferences and restrictions:
Ordinary D, E and G shares are entitled to one vote per share at meetngs. Ordinary A, B, C and F shares confer no voting rights. Any dividends declared are paid in cash pro rate between holders of Ordinary D, E and G shares. Ordinary A, B, C and F shares do not carry the rights to receive dividends. All shares are not redeemable. Return of capital on any surplus assets is to holders of D, E, F and G shares (pro rata as if they constituted one class) on the first £1,000,000,000.

22

Parent and ultimate parent undertaking

The ultimate controlling party is the shareholders as a group, no individual holds overall control.

23

Financial instruments

Group

Financial liabilities measured at fair value

Forward foreign currency contracts
The fair value of the forward foreign currency contracts is calculated by comparing the year end spot rate, which acts as an approximation for the fair value of the contracts, with the contracted rates. The group had a number of active contracts at year end but the fair value was calculated as £Nil (2022 - £Nil) and the change in value included in profit or loss is £Nil (2022 - £Nil).

The fair value is £Nil (2022 - £Nil) and the change in value included in profit or loss is £Nil (2022 - £Nil).

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

24

Related party transactions

Group

The company has taken advantage of the exemption provided by FRS 102 to not disclose transactions entered in to between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

The company considers that the statutory directors meet the definition of key management under FRS102 as disclosed in note 6.

Transactions with directors

2023

At 1 November 2022
£

Loan notes issued to director
£

Interest incurred by company payable to director
£

Written off
£

At 31 October 2023
£

Director 1

Directors loan account in Silverfish UK

-

-

-

-

-

Loan note 2 in Silverfish Group Holdings

7,391,409

-

216,199

(7,607,608)

-

Loan note 3 in Silverfish Group Holdings

808,153

633,000

146,987

-

1,588,140

 

8,199,562

633,000

363,186

(7,607,608)

1,588,140

       

 

Other transactions with directors
During the year a director received an asset with a net book value of £26,177. This was transferred in part consideration for the loan note write off in Silverfish Group Holdings Limited.

During the year the group bore total costs of £19,000 on behalf of a director related to the loan note write off and refinance.

During the prior year a director received an asset with a net book value of £50,686 for nil consideration.

Loan notes are held by a Director of the company, their spouse and a Trust for which the Director and their spouse act as Trustees. The loan notes 2 incurred interest at 10% and were written off in year as part of the re-finance package. The loan notes 3 incur interest at 12% and are repayable in December 2026. Balances presented above include interest accrued at the balance sheet date.

 

Silverfish Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2023

Transactions with directors

2022

At 1 July 2021
£

Advances to director
£

Loan notes issued to director
£

Interest incurred by company payable to director
£

At 31 October 2022
£

Director 1

Directors loan accounts in Silverfish UK

3,695,713

(3,695,713)

-

-

-

Loan note 2 in Silverfish Group Holdings

-

-

6,796,697

594,712

7,391,409

Loan note 3 in Silverfish Group Holdings

-

-

800,000

8,153

808,153

 

3,695,713

(3,695,713)

7,596,697

602,865

8,199,562

         

 

25

Analysis of changes in net debt

Group

At 1 November 2022
£

Financing cash flows
£

Other non-cash changes
£

At 31 October 2023
£

Cash and cash equivalents

Cash

469,382

1,543,924

-

2,013,306

Borrowings

Long term borrowings

-

-

(12,543,376)

(12,543,376)

Short term borrowings

(27,217,067)

(3,602,052)

30,819,119

-

Lease liabilities

(33,186)

33,186

-

-

(27,250,253)

(3,568,866)

18,275,743

(12,543,376)

 

(26,780,871)

(2,024,942)

18,275,743

(10,530,070)