REGISTERED NUMBER: 00532505 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SILENT GLISS LIMITED |
REGISTERED NUMBER: 00532505 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
SILENT GLISS LIMITED |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Independent Auditors' Report | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
SILENT GLISS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Westgate House |
87 St Dunstans Street |
Canterbury |
Kent |
CT2 8AE |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31st December 2023. |
REVIEW OF BUSINESS |
Overall financial performance during the year was impacted by challenging end market conditions, inflationary pressure and increased transportation costs. |
The group's financial position however remains solid, and the directors are pleased to report a consolidated gross profit margin of 54.90% (2022 56.5%) and consolidated profit before tax of £2.869m (2022 £3.353m) which represents a satisfactory return on assets. At the end of the year the consolidated shareholders' funds were £6.865m (2022 £4.732m). |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The directors review and agree policies for managing each of the main financial risks (currency, liquidity and credit risk), and these risks and policies are summarised below. |
CURRENCY RISK |
The company is exposed to translation and foreign exchange risk. These risks are mitigated, where possible, by undertaking transactions with overseas customers and suppliers in sterling. |
LIQUIDITY RISK |
The company seeks to manage liquidity risk by ensuring sufficient cash is available to meet foreseeable needs and to invest cash assets safely. |
CREDIT RISK |
The company's principal financial assets are trade debtors from which a credit risk arises. |
In order to manage this risk, the directors ensure that all new customers undergo third party credit checks and credit limits are set based on a combination of credit checks and payment history. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history and the largest part of the debtor book is covered by insurance. |
OUTLOOK |
Whilst export activities continue to develop satisfactorily, the challenging trading environment in the UK is expected to continue during the first half of 2024. Against this backdrop, the company will focus on the refinement of the existing strategy to ensure improved financial performance as the market recovers during the second half-year. |
ON BEHALF OF THE BOARD: |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of suppliers, under licence, of specialised curtain track and blind systems. |
DIVIDENDS |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. |
No director had any beneficial interest in contracts with the company or group. |
The members have passed a resolution to dispense with the requirement for directors to retire by rotation. |
POLITICAL DONATIONS AND EXPENDITURE |
Neither the company nor any of its subsidiaries made any political expenditure during the year. |
DISCLOSURE IN THE STRATEGIC REPORT |
Financial risk management objectives and policies have been covered in the strategic report on page 2. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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 then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Spain Brothers & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
SILENT GLISS LIMITED |
Opinion |
We have audited the financial statements of Silent Gliss Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31st December 2023 and of the group's profit 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 Auditors' 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 directors' 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's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' 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. |
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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinions on other matters 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
SILENT GLISS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 three, 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 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. |
Auditors' 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 Auditors' 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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. |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the group's and parent company's financial statements from our general commercial and industry experience and through discussion with the Directors and other management (as required by auditing standards). We determined that the most significant laws and regulations that are applicable to the group and parent company are: |
- | those that relate to the form and content of the financial statements, such as the group accounting policies, UK Generally Accepted Accounting Practice and the UK Companies Act 2006; and |
- | those that relate to the bank, such as mortgage covenant requirements. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We gained an understanding of how the group and parent company is complying with these laws and regulations through discussions with the directors and other management about the policies and procedures regarding compliance with laws and regulations, and by observing the oversight of management, the culture of honesty and ethical behaviour. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
SILENT GLISS LIMITED |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following: |
- | the nature of the industry and sector, control environment and business performance including directors' remuneration, bonus levels and performance targets; |
- | results of our enquiries of management about their own identification and assessment of the risks of irregularities; and |
- | any matters we identified having obtained and reviewed the group and parent company's policies and procedures relating to: |
- | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; and |
- | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud. |
Our procedures to respond to the risks identified in performing the above included the following: |
- | reviewing the financial statement disclosures and testing of supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements; |
- | obtaining a detailed understanding of and performing process walkthroughs, tests of control and tests of detail, in relation to the group and parent company's revenue recognition systems; |
- | performing tests of control and tests of detail to identify any fraud or error relating to bonuses and directors' remuneration; |
- | enquiring of management concerning actual and potential litigation and claims; |
- | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | review of financial information provided by the company to the bank, to identify any instances of non-compliance with covenants through fraud or error; |
- | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries; and |
- | assessing whether judgements made in making accounting estimates are indicative of a potential bias |
The above audit procedures were designed to provide reasonable assurance that the financial statements were free of fraud or error. These limited procedures did not identify actual or suspected non-compliance. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
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 Auditors' 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Westgate House |
87 St Dunstans Street |
Canterbury |
Kent |
CT2 8AE |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 22,180,846 | 22,152,250 |
Raw materials and consumables | 9,807,755 | 9,637,028 |
Other external expenses | 2,101,358 | 2,091,736 |
11,909,113 | 11,728,764 |
10,271,733 | 10,423,486 |
Staff costs | 4 | 4,913,000 | 4,770,437 |
Depreciation | 143,369 | 121,432 |
Other operating expenses | 2,299,069 | 2,145,298 |
7,355,438 | 7,037,167 |
OPERATING PROFIT | 5 | 2,916,295 | 3,386,319 |
Interest receivable and similar income | 27,709 | 30,580 |
2,944,004 | 3,416,899 |
Interest payable and similar expenses | 6 | 74,759 | 63,683 |
PROFIT BEFORE TAXATION | 2,869,245 | 3,353,216 |
Tax on profit | 7 | 737,164 | 658,368 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,132,081 |
2,694,848 |
Profit attributable to: |
Owners of the parent | 2,132,081 | 2,694,848 |
Total comprehensive income attributable to: |
Owners of the parent | 2,132,081 | 2,694,848 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
CONSOLIDATED BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 2,729,060 | 2,768,689 |
Investments | 12 | - | - |
2,729,060 | 2,768,689 |
CURRENT ASSETS |
Stocks | 13 | 2,896,506 | 2,623,943 |
Debtors | 14 | 4,385,760 | 4,011,783 |
Cash at bank | 763,880 | 695,114 |
8,046,146 | 7,330,840 |
CREDITORS |
Amounts falling due within one year | 15 | 2,264,324 | 3,496,744 |
NET CURRENT ASSETS | 5,781,822 | 3,834,096 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,510,882 |
6,602,785 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(1,491,113 |
) |
(1,759,174 |
) |
PROVISIONS FOR LIABILITIES | 21 | (155,269 | ) | (111,192 | ) |
NET ASSETS | 6,864,500 | 4,732,419 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 855,000 | 855,000 |
Capital redemption reserve | 23 | 45,000 | 45,000 |
Retained earnings | 23 | 5,964,500 | 3,832,419 |
SHAREHOLDERS' FUNDS | 6,864,500 | 4,732,419 |
The financial statements were approved by the Board of Directors and authorised for issue on 21st March 2024 and were signed on its behalf by: |
G Butler - Director |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
COMPANY BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Capital redemption reserve | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,003,259 | 2,647,270 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st January 2022 | 855,000 | 3,637,571 | 45,000 | 4,537,571 |
Changes in equity |
Dividends | - | (2,500,000 | ) | - | (2,500,000 | ) |
Total comprehensive income | - | 2,694,848 | - | 2,694,848 |
Balance at 31st December 2022 | 855,000 | 3,832,419 | 45,000 | 4,732,419 |
Changes in equity |
Total comprehensive income | - | 2,132,081 | - | 2,132,081 |
Balance at 31st December 2023 | 855,000 | 5,964,500 | 45,000 | 6,864,500 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31st December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st December 2023 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,304,948 | 3,990,751 |
Interest paid | (74,759 | ) | (63,683 | ) |
Tax paid | (825,207 | ) | (873,753 | ) |
Net cash from operating activities | 404,982 | 3,053,315 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (103,741 | ) | (129,597 | ) |
Interest received | 27,709 | 30,580 |
Net cash from investing activities | (76,032 | ) | (99,017 | ) |
Cash flows from financing activities |
Loan repayments in year | (260,184 | ) | (252,598 | ) |
Equity dividends paid | - | (2,500,000 | ) |
Net cash from financing activities | (260,184 | ) | (2,752,598 | ) |
Increase in cash and cash equivalents | 68,766 | 201,700 |
Cash and cash equivalents at beginning of year |
2 |
695,114 |
493,414 |
Cash and cash equivalents at end of year | 2 | 763,880 | 695,114 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit for the financial year | 2,132,081 | 2,694,848 |
Depreciation charges | 143,149 | 121,433 |
Loss on disposal of fixed assets | 221 | - |
Finance costs | 74,759 | 63,683 |
Finance income | (27,709 | ) | (30,580 | ) |
Taxation | 737,164 | 658,368 |
3,059,665 | 3,507,752 |
Increase in stocks | (272,563 | ) | (325,415 | ) |
(Increase)/decrease in trade and other debtors | (327,585 | ) | 206,142 |
(Decrease)/increase in trade and other creditors | (1,154,569 | ) | 602,272 |
Cash generated from operations | 1,304,948 | 3,990,751 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 763,880 | 695,114 |
Year ended 31st December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 695,114 | 493,414 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 695,114 | 68,766 | 763,880 |
695,114 | 68,766 | 763,880 |
Debt |
Debts falling due within 1 year | (260,184 | ) | (7,877 | ) | (268,061 | ) |
Debts falling due after 1 year | (1,759,174 | ) | 268,061 | (1,491,113 | ) |
(2,019,358 | ) | 260,184 | (1,759,174 | ) |
Total | (1,324,244 | ) | 328,950 | (995,294 | ) |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Silent Gliss Limited is a |
The financial statements are presented in sterling which is the functional currency of the company. There is no rounding. |
The nature of the company's operations and principal activities is that of suppliers, under licence, of specialised curtain track and blind systems. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Basis of consolidation |
The group financial statements comprise the accounts of the company and its subsidiary made up to the company's financial year end. |
Significant judgements and estimates |
In applying the accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated judgements are based on historical experience and other factors that are considered to be relevant. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods. |
The significant estimates where directors judgements have been applied are: |
Stock provision - amounts are provided for excess stock held that is not expected to be used in the next 12 months based on sales in the year. |
Bad debt provision - amounts are provided on an individual customer basis given historical experience of the debtors. |
Depreciation - depreciation is provided at the rates disclosed on page 16. Useful lives of assets are estimated based on industry averages and historic data. |
Bonuses provision - amounts are provided for performance related bonuses awarded but not paid at the year end. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when risks and rewards are transferred on despatch of goods. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and equipment | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is not provided on land included in freehold property. |
Stocks |
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell calculated on a first-in, first-out basis. Cost includes expenditure incurred in the normal course of business in bringing the stock to its location and condition at the balance sheet date. Provision is made for slow moving and obsolete stock where appropriate. |
Work in progress is valued on the basis of cost of materials whilst profits are only taken on completion. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is recognised in the profit and loss account as an expense as incurred. |
Expenditure on development activities may be capitalised if the product or process is technically and commercially feasible and the company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the company can measure reliably the expenditure attributable to the intangible asset during its development. Other development expenditure is recognised in the profit and loss account as an expense as incurred. |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals on operating leases are charged to the profit and loss account on a straight line basis over the term of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Trade and other debtors / creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade debtors are recognised at undiscounted amount receivable less any provision for non recoverable amounts. |
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. |
Investments in subsidiaries |
Investments in subsidiaries in the separate financial statements of the company are carried at cost less impairment. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
3. | TURNOVER |
The Directors have chosen not to disclose the turnover by geographical market and class of business due to the sensitivity of the data. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 4,228,735 | 4,078,542 |
Social security costs | 421,782 | 434,188 |
Other pension costs | 262,483 | 257,707 |
4,913,000 | 4,770,437 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production | 41 | 40 |
Sales and distribution | 46 | 42 |
Administrative | 18 | 18 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 248,940 | 232,015 |
Directors' pension contributions to money purchase schemes | 26,400 | 25,200 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 248,940 | 232,015 |
Pension contributions to money purchase schemes | 26,400 | 25,200 |
Accrued lump sum at 31st December 2023 | - | 75,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 183,089 | 175,993 |
Other operating leases | 67,991 | 60,971 |
Depreciation - owned assets | 143,148 | 121,432 |
Loss on disposal of fixed assets | 221 | - |
Auditors' remuneration | 32,550 | 32,500 |
Foreign exchange (gains)/losses | 21,544 | (12,612 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loans and overdraft | 45,788 | 63,683 |
Interest payable to parent undertaking | 28,971 | - |
74,759 | 63,683 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 689,784 | 635,422 |
Tax on previous year | 3,303 | 3,248 |
Total current tax | 693,087 | 638,670 |
Deferred tax | 44,077 | 19,698 |
Tax on profit | 737,164 | 658,368 |
UK corporation tax has been charged at 23.52 % (2022 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 2,869,245 | 3,353,216 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 % (2022 - 19 %) |
674,846 |
637,111 |
Effects of: |
Expenses not deductible for tax purposes | 7,737 | 9,488 |
Capital allowances in excess of depreciation | - | (11,177 | ) |
Depreciation in excess of capital allowances | 7,201 | - |
Adjustments to tax charge in respect of previous periods | 3,303 | 3,248 |
Effect of change in tax rate on deferred tax | 35,113 | - |
Origination and reversal of timing differences | 8,964 | 19,698 |
Total tax charge | 737,164 | 658,368 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final | - | 2,500,000 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Intellectual |
property |
rights |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 | 25,000 |
AMORTISATION |
At 1st January 2023 |
and 31st December 2023 | 25,000 |
NET BOOK VALUE |
At 31st December 2023 | - |
At 31st December 2022 | - |
Company |
Intellectual |
property |
rights |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | equipment |
£ | £ | £ |
COST |
At 1st January 2023 | 3,996,203 | 128,688 | 1,433,332 |
Additions | - | - | 27,211 |
Disposals | - | - | (140,167 | ) |
At 31st December 2023 | 3,996,203 | 128,688 | 1,320,376 |
DEPRECIATION |
At 1st January 2023 | 1,408,263 | 128,688 | 1,259,038 |
Charge for year | 88,955 | - | 40,534 |
Eliminated on disposal | - | - | (95,769 | ) |
At 31st December 2023 | 1,497,218 | 128,688 | 1,203,803 |
NET BOOK VALUE |
At 31st December 2023 | 2,498,985 | - | 116,573 |
At 31st December 2022 | 2,587,940 | - | 174,294 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 | 9,995 | - | 5,568,218 |
Additions | 76,530 | - | 103,741 |
Disposals | - | - | (140,167 | ) |
At 31st December 2023 | 86,525 | - | 5,531,792 |
DEPRECIATION |
At 1st January 2023 | 3,540 | - | 2,799,529 |
Charge for year | 13,659 | - | 143,148 |
Eliminated on disposal | - | (44,176 | ) | (139,945 | ) |
At 31st December 2023 | 17,199 | (44,176 | ) | 2,802,732 |
NET BOOK VALUE |
At 31st December 2023 | 69,326 | 44,176 | 2,729,060 |
At 31st December 2022 | 6,455 | - | 2,768,689 |
Included in cost of land and buildings is freehold land of £438,000 (2022 - £438,000) which is not depreciated. |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Short | Plant and |
property | leasehold | equipment |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2023 | ( |
) |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Included in cost of land and buildings is freehold land of £ 438,000 (2022 - £ 438,000 ) which is not depreciated. |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Pyramid Business Park, Poorhole Lane, Broadstairs, Kent, CT10 2PT, United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
13. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Raw materials and consumables | 2,896,506 | 2,623,943 |
Raw materials, consumables and changes in finished goods and work in progress recognised as cost of sales in the year amounted to £8,033,935 (2022 £7,720,579). The movement in the year on stock provision was an decrease of £230,955 (2022 £39,063), which is recognised in cost of sales. |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 3,210,410 | 3,644,252 |
Amounts owed by group undertakings | 949,020 | 196,266 |
Other debtors | 10,600 | 9,250 |
Tax | 46,392 | - |
Prepayments and accrued income | 169,338 | 162,015 |
4,385,760 | 4,011,783 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 268,061 | 260,184 |
Trade creditors | 800,246 | 765,543 |
Amounts owed to group undertakings | 328,310 | 1,408,903 |
Tax | - | 85,728 |
Social security and other taxes | 536,769 | 621,172 |
Accruals | 330,938 | 355,214 |
2,264,324 | 3,496,744 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 17) | 1,491,113 | 1,759,174 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 268,061 | 260,184 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 276,196 | 268,061 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 879,837 | 853,960 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr | 335,080 | 637,153 | 335,080 | 637,153 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 230,789 | 186,580 |
Between one and five years | 414,472 | 329,557 |
645,261 | 516,137 |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 1,759,174 | 2,019,358 |
The bank loan is secured by way of a fixed charge over the freehold land and buildings. |
20. | FINANCIAL INSTRUMENTS |
The carrying values of the Group and Company's financial assets and liabilities are summarised by category below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
Financial assets | £ | £ | £ | £ |
Measured at undiscounted amount receivable |
- Trade and other debtors (see note 14) | 3,221,010 | 3,653,502 | 2,768,477 | 3,175,147 |
- Amounts owed by group undertakings | 949,020 | 196,266 | 937,543 | 168,338 |
4,170,030 | 3,849,768 | 3,706,020 | 3,343,485 |
Financial liabilities |
Measured at undiscounted amount payable |
- Trade and other creditors (see note 15) | 800,246 | 765,543 | 708,109 | 669,554 |
- Amounts owed to group undertakings | 328,310 | 1,408,903 | 293,712 | 1,328,925 |
1,128,556 | 2,174,446 | 1,001,821 | 1,998,479 |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 155,269 | 111,192 | 155,269 | 111,192 |
Group |
Deferred |
tax |
£ |
Balance at 1st January 2023 | 111,192 |
Charge to Statement of Comprehensive Income during year | 44,077 |
Balance at 31st December 2023 | 155,269 |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
21. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1st January 2023 |
Charge to Statement of Comprehensive Income during year |
Balance at 31st December 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 855,000 | 855,000 |
The Company has only one class of shares which carry no right to fixed income. |
No shares were allotted or repurchased during the year. |
23. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1st January 2023 | 3,832,419 | 45,000 | 3,877,419 |
Profit for the year | 2,132,081 | - | 2,132,081 |
At 31st December 2023 | 5,964,500 | 45,000 | 6,009,500 |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1st January 2023 | 3,739,792 |
Profit for the year | - |
At 31st December 2023 | 5,743,051 |
The capital redemption reserve represents the nominal value of the reduction of share capital following the purchase of the company's own shares in 2006. |
SILENT GLISS LIMITED (REGISTERED NUMBER: 00532505) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
24. | PENSION COMMITMENTS |
The group contributes to personal pension plans for each individual employee. The pension cost for the year represents contributions payable by the group to these individual plans and amounted to £262,483 (2022 £257,707). £354 (2022 £358) was owing at the year end. |
25. | ULTIMATE PARENT COMPANY AND CONTROLLING PARTY |
Silent Gliss Holding AG (incorporated in Switzerland ) is regarded by the directors as being the company's ultimate parent company. |
The address of the registered office is Ostermundigenstrasse 99a, 3006 Bern. |
Silent Gliss Holding AG is also considered to be the company's ultimate controlling party. |
26. | CONTINGENT LIABILITIES |
The group has provided a bond in favour of HM Revenue and Customs to the Value of £100,000 in respect of VAT liabilities. |
27. | RELATED PARTY DISCLOSURES |
In the year ended 31st December 2023, the group's turnover and other income, including management time, with its other group members and other Companies in which the Parent Company is a shareholder amounted to £1,405,285 (2022 £1,002,654) and the company purchased services, products and management time to the value of £4,985,029 (2022 £4,598,147). |
Amounts owed to group members and other Companies in which the Parent Company is a shareholder of £328,310 (2022 £1,408,903) are included in creditors, and amounts owed by group members of £949,020 (2022 £196,266) are included in debtors at the year end. |
Key management personnel compensation in the year totalled £632,335 (2022 £711,231). |