Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01falseSale of comics96truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04987024 2023-04-01 2024-03-31 04987024 2022-04-01 2023-03-31 04987024 2024-03-31 04987024 2023-03-31 04987024 c:Director1 2023-04-01 2024-03-31 04987024 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 04987024 d:Buildings d:LongLeaseholdAssets 2024-03-31 04987024 d:Buildings d:LongLeaseholdAssets 2023-03-31 04987024 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 04987024 d:Buildings d:ShortLeaseholdAssets 2024-03-31 04987024 d:Buildings d:ShortLeaseholdAssets 2023-03-31 04987024 d:PlantMachinery 2023-04-01 2024-03-31 04987024 d:PlantMachinery 2024-03-31 04987024 d:PlantMachinery 2023-03-31 04987024 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04987024 d:MotorVehicles 2023-04-01 2024-03-31 04987024 d:MotorVehicles 2024-03-31 04987024 d:MotorVehicles 2023-03-31 04987024 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04987024 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04987024 d:CurrentFinancialInstruments 2024-03-31 04987024 d:CurrentFinancialInstruments 2023-03-31 04987024 d:Non-currentFinancialInstruments 2024-03-31 04987024 d:Non-currentFinancialInstruments 2023-03-31 04987024 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04987024 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04987024 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04987024 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04987024 d:ShareCapital 2024-03-31 04987024 d:ShareCapital 2023-03-31 04987024 d:OtherMiscellaneousReserve 2024-03-31 04987024 d:OtherMiscellaneousReserve 2023-03-31 04987024 d:RetainedEarningsAccumulatedLosses 2024-03-31 04987024 d:RetainedEarningsAccumulatedLosses 2023-03-31 04987024 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04987024 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04987024 c:OrdinaryShareClass1 2023-04-01 2024-03-31 04987024 c:OrdinaryShareClass1 2024-03-31 04987024 c:OrdinaryShareClass1 2023-03-31 04987024 c:FRS102 2023-04-01 2024-03-31 04987024 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04987024 c:FullAccounts 2023-04-01 2024-03-31 04987024 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04987024 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04987024









SILVER ACRE COMICS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SILVER ACRE COMICS LIMITED
REGISTERED NUMBER: 04987024

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
87,019
78,344

  
87,019
78,344

Current assets
  

Stocks
 5 
247,618
235,500

Debtors: amounts falling due within one year
 6 
7,624
7,730

Cash at bank and in hand
  
453
468

  
255,695
243,698

Creditors: amounts falling due within one year
 7 
(49,029)
(54,520)

Net current assets
  
 
 
206,666
 
 
189,178

Total assets less current liabilities
  
293,685
267,522

Creditors: amounts falling due after more than one year
  
(6,405)
-

Provisions for liabilities
  

Deferred tax
 9 
(4,488)
(1,611)

  
 
 
(4,488)
 
 
(1,611)

Net assets
  
282,792
265,911


Capital and reserves
  

Called up share capital 
 10 
51
51

Other reserves
  
49
49

Profit and loss account
  
282,692
265,811

  
282,792
265,911


Page 1

 
SILVER ACRE COMICS LIMITED
REGISTERED NUMBER: 04987024
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr D Jones
Director

Date: 16 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SILVER ACRE COMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Silver Acre Comics Limited is a private limited company, registered number 04987024, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Deva House, River Lane, Saltney, Chester, CH4 8RQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
SILVER ACRE COMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SILVER ACRE COMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
125 years straight line
Leasehold property improvements
-
25%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
SILVER ACRE COMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 6).


4.


Tangible fixed assets





Long-term leasehold property
Leasehold property Improvements
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
70,552
3,720
18,015
4,695
96,982


Additions
-
-
16,892
-
16,892



At 31 March 2024

70,552
3,720
34,907
4,695
113,874



Depreciation


At 1 April 2023
-
663
13,544
4,431
18,638


Charge for the year on owned assets
1,692
1,116
5,343
66
8,217



At 31 March 2024

1,692
1,779
18,887
4,497
26,855



Net book value



At 31 March 2024
68,860
1,941
16,020
198
87,019



At 31 March 2023
70,552
3,057
4,471
264
78,344

Page 6

 
SILVER ACRE COMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Stocks

2024
2023
£
£

Raw materials and consumables
3,618
-

Finished goods and goods for resale
244,000
235,500

247,618
235,500



6.


Debtors

2024
2023
£
£


Other debtors
6,982
6,964

Prepayments and accrued income
642
766

7,624
7,730



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
14,484
32,903

Trade creditors
9,989
7,213

Corporation tax
12,090
10,253

Other taxation and social security
1,129
1,244

Obligations under finance lease and hire purchase contracts
6,599
-

Other creditors
1,283
48

Accruals and deferred income
3,455
2,859

49,029
54,520



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
6,405
-

6,405
-


Page 7

 
SILVER ACRE COMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024


£






At beginning of year
(1,611)


Charged to profit or loss
(2,877)



At end of year
(4,488)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,488)
(1,611)

(4,488)
(1,611)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



51 (2023 - 51) £1 Ordinary shares shares of £1.00 each
51
51



11.


Pension commitments

The company operates a defined pension scheme. The assets of the scheme are held separately from
those of the company in an independently administered fund. The pension cost charge represents
contributions payable by the company to the fund and amounted to £968 (2023 - £1,296). Contributions totalling £Nil (2023: £48) were payable to the fund at the balance sheet date.


12.


Related party transactions

The company occupies a property owned by Mr D Jones, no rent was charged during the period for use
of the property.

 
Page 8