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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: B Bratschi
G Butler
M Lauper





REGISTERED OFFICE:
Pyramid Business Park
Poorhole Lane
Broadstairs
Kent
CT10 2PT





REGISTERED NUMBER: 00532505 (England and Wales)





AUDITORS: Spain Brothers & Co
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:





G Butler - Director


21st March 2024

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.

B Bratschi
G Butler
M Lauper

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:





G Butler - Director


21st March 2024

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.




Paul Flood BFP FCA (Senior Statutory Auditor)
for and on behalf of Spain Brothers & Co
Chartered Accountants and Statutory Auditors
Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE

21st March 2024

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 2,132,081 2,694,848

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 2,728,619 2,768,064
Investments 12 300,000 300,000
3,028,619 3,068,064

CURRENT ASSETS
Stocks 13 2,896,506 2,623,943
Debtors 14 3,932,975 3,504,430
Cash at bank 497,821 532,888
7,327,302 6,661,261
CREDITORS
Amounts falling due within one year 15 2,111,488 3,264,167
NET CURRENT ASSETS 5,215,814 3,397,094
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,244,433

6,465,158

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 6,598,051 4,594,792

CAPITAL AND RESERVES
Called up share capital 22 855,000 855,000
Capital redemption reserve 23 45,000 45,000
Retained earnings 23 5,698,051 3,694,792
SHAREHOLDERS' FUNDS 6,598,051 4,594,792

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 21st March 2024 and were signed on its behalf by:





G Butler - Director


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 855,000 3,547,522 45,000 4,447,522

Changes in equity
Dividends - (2,500,000 ) - (2,500,000 )
Total comprehensive income - 2,647,270 - 2,647,270
Balance at 31st December 2022 855,000 3,694,792 45,000 4,594,792

Changes in equity
Total comprehensive income - 2,003,259 - 2,003,259
Balance at 31st December 2023 855,000 5,698,051 45,000 6,598,051

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

Intellectual property rights are being amortised evenly over their estimated useful life of eight years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2.5% on cost
Short leasehold - 20% on cost
Plant and equipment - 25% on cost and Straight line over 7 years
Motor vehicles - 25% on cost

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
105 100

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 25,000
AMORTISATION
At 1st January 2023
and 31st December 2023 25,000
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 3,996,203 128,688 1,424,419
Additions - - 27,211
Disposals - - (136,858 )
At 31st December 2023 3,996,203 128,688 1,314,772
DEPRECIATION
At 1st January 2023 1,408,264 128,688 1,250,749
Charge for year 88,955 - 40,351
Eliminated on disposal - - (92,461 )
At 31st December 2023 1,497,219 128,688 1,198,639
NET BOOK VALUE
At 31st December 2023 2,498,984 - 116,133
At 31st December 2022 2,587,939 - 173,670

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 9,995 - 5,559,305
Additions 76,530 - 103,741
Disposals - - (136,858 )
At 31st December 2023 86,525 - 5,526,188
DEPRECIATION
At 1st January 2023 3,540 - 2,791,241
Charge for year 13,659 - 142,965
Eliminated on disposal - (44,176 ) (136,637 )
At 31st December 2023 17,199 (44,176 ) 2,797,569
NET BOOK VALUE
At 31st December 2023 69,326 44,176 2,728,619
At 31st December 2022 6,455 - 2,768,064

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 300,000
NET BOOK VALUE
At 31st December 2023 300,000
At 31st December 2022 300,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Silent Gliss Global Limited
Registered office: Pyramid Business Park, Poorhole Lane, Broadstairs, Kent, CT10 2PT, United Kingdom
Nature of business: Specialised curtain track and blind systems
%
Class of shares: holding
Ordinary £1 100.00
2023 2022
£    £   
Aggregate capital and reserves 566,448 437,627
Profit for the year 128,821 47,579


13. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Raw materials and consumables 2,896,506 2,623,943 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 2,757,877 3,165,897
Amounts owed by group undertakings 949,020 196,266 937,543 168,338
Other debtors 10,600 9,250 10,600 9,250
Tax 46,392 - 58,638 -
Prepayments and accrued income 169,338 162,015 168,317 160,945
4,385,760 4,011,783 3,932,975 3,504,430

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 268,061 260,184 268,061 260,184
Trade creditors 800,246 765,543 708,109 669,554
Amounts owed to group undertakings 328,310 1,408,903 293,712 1,328,925
Tax - 85,728 - 85,735
Social security and other taxes 536,769 621,172 522,807 607,710
Accruals 330,938 355,214 318,799 312,059
2,264,324 3,496,744 2,111,488 3,264,167

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 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 268,061 260,184 268,061 260,184
Amounts falling due between one and two years:
Bank loans - 1-2 years 276,196 268,061 276,196 268,061
Amounts falling due between two and five years:
Bank loans - 2-5 years 879,837 853,960 879,837 853,960
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 230,789 186,580
Between one and five years 414,472 329,557
645,261 516,137

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 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 111,192
Charge to Statement of Comprehensive Income during year 44,077
Balance at 31st December 2023 155,269

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
855,000 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 3,694,792 45,000 3,739,792
Profit for the year 2,003,259 - 2,003,259
At 31st December 2023 5,698,051 45,000 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).