Silverway Engineering Ltd 13913647 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is engineering activities Digita Accounts Production Advanced 6.30.9574.0 true true 13913647 2023-04-01 2024-03-31 13913647 2024-03-31 13913647 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-03-31 13913647 core:CurrentFinancialInstruments 2024-03-31 13913647 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13913647 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 13913647 core:FurnitureFittingsToolsEquipment 2024-03-31 13913647 core:MotorVehicles 2024-03-31 13913647 core:OtherPropertyPlantEquipment 2024-03-31 13913647 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 13913647 bus:SmallEntities 2023-04-01 2024-03-31 13913647 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13913647 bus:FilletedAccounts 2023-04-01 2024-03-31 13913647 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13913647 bus:RegisteredOffice 2023-04-01 2024-03-31 13913647 bus:Director1 2023-04-01 2024-03-31 13913647 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-01 2024-03-31 13913647 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13913647 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 13913647 core:MotorVehicles 2023-04-01 2024-03-31 13913647 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 13913647 core:PlantMachinery 2023-04-01 2024-03-31 13913647 core:Vehicles 2023-04-01 2024-03-31 13913647 core:KeyManagementPersonnel 2023-04-01 2024-03-31 13913647 countries:EnglandWales 2023-04-01 2024-03-31 13913647 2023-03-31 13913647 core:FurnitureFittingsToolsEquipment 2023-03-31 13913647 core:MotorVehicles 2023-03-31 13913647 core:OtherPropertyPlantEquipment 2023-03-31 13913647 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 13913647 2022-02-14 2023-03-31 13913647 2023-03-31 13913647 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-31 13913647 core:CurrentFinancialInstruments 2023-03-31 13913647 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13913647 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13913647 core:FurnitureFittingsToolsEquipment 2023-03-31 13913647 core:MotorVehicles 2023-03-31 13913647 core:OtherPropertyPlantEquipment 2023-03-31 13913647 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 13913647 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-02-14 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13913647

Silverway Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Silverway Engineering Ltd

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Silverway Engineering Ltd

Company Information

Director

Mr M Quick

Registered office

62 Queen's Road
Buckhurst Hill
Essex
IG9 5BY

Accountants

Blitz Gooday Ltd
Chartered Certified Accountants
62 Queens Road
Buckhurst Hill
Essex
IG9 5BY

 

Silverway Engineering Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit/(loss) for the year

144,665

(30,900)

Total comprehensive income for the year

144,665

(30,900)

 

Silverway Engineering Ltd

(Registration number: 13913647)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

18,154

25,870

Current assets

 

Debtors

5

156,261

62,066

Cash at bank and in hand

 

119,909

8,574

 

276,170

70,640

Creditors: Amounts falling due within one year

6

(195,432)

(122,450)

Net current assets/(liabilities)

 

80,738

(51,810)

Total assets less current liabilities

 

98,892

(25,940)

Creditors: Amounts falling due after more than one year

6

(3,527)

(4,860)

Net assets/(liabilities)

 

95,365

(30,800)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

95,265

(30,900)

Shareholders' funds/(deficit)

 

95,365

(30,800)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 August 2024
 

.........................................
Mr M Quick
Director

 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
62 Queen's Road
Buckhurst Hill
Essex
IG9 5BY

These financial statements were authorised for issue by the director 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 income 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 company operates and generates taxable income.

 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Plant and Machinery

4 years straight line

Motor Vehicles

4 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

350

17,640

14,756

32,746

Additions

254

-

357

611

At 31 March 2024

604

17,640

15,113

33,357

Depreciation

At 1 April 2023

22

4,043

2,811

6,876

Charge for the year

146

4,410

3,771

8,327

At 31 March 2024

168

8,453

6,582

15,203

Carrying amount

At 31 March 2024

436

9,187

8,531

18,154

At 31 March 2023

328

13,597

11,945

25,870

5

Debtors

Current

2024
£

2023
£

Trade debtors

75,397

30,459

Prepayments

10,299

10,095

Other debtors

70,565

21,512

 

156,261

62,066

 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Trade creditors

 

30,515

5,946

Amounts due to related parties

10

99,900

99,900

Social security and other taxes

 

24,623

2,681

Accruals

 

10,662

13,923

Income tax liability

29,732

-

 

195,432

122,450

Due after one year

 

Other non-current financial liabilities

 

3,527

4,860

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

3,527

4,860

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Dividends

2024

2023

£

£

Interim dividend of £185.00 (2023 - £Nil) per ordinary share

18,500

-

 

 
 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £52,194 (2023 - £68,194).

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

22,205

24,362

Loans from related parties

2024

Key management
£

Total
£

At start of period

99,900

99,900

At end of period

99,900

99,900

2023

Key management
£

Total
£

Advanced

100,000

100,000

Repaid

(100)

(100)

At end of period

99,900

99,900

Terms of loans from related parties

On 13 May 2022 the Director loaned the company £100,000 to finance its initial operations. This loan has no fixed repayment term. Last year this loan was incorrectly shown as share capital. The compartive figures for last year have therefore been restated to reflect the correct classification.
 

11

Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st April 2023. No transitional adjustments were required.