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Registered number: 13933111









SILVERSTREAM FINANCE (UK) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SILVERSTREAM FINANCE (UK) LIMITED
REGISTERED NUMBER: 13933111

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
3,201,387
4,427,720

Cash at bank and in hand
 5 
97,514
34,637

  
3,298,901
4,462,357

Creditors: amounts falling due within one year
 6 
(3,145,884)
(4,401,577)

Net current assets
  
 
 
153,017
 
 
60,780

Total assets less current liabilities
  
153,017
60,780

  

Net assets
  
153,017
60,780


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
152,917
60,680

  
153,017
60,780

Page 1

 
SILVERSTREAM FINANCE (UK) LIMITED
REGISTERED NUMBER: 13933111
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider 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 directors acknowledge their 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 statement of income and retained earnings 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: 




E Houri
Director

Date: 10 September 2024

The notes on pages 3 to 5 form part of these financial statements.
Page 2

 
SILVERSTREAM FINANCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Silverstream Finance (UK) Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Suite 110 Carrington House, 6 Hertford Street, London, United Kingdom, W1J 7RE.  
The company's principal activity is that of provision of finance.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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. 

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

Turnover represents fees and interest earned from the provision of finance, and is recognised in the profit and loss account in the period to which it relates. 

 
2.3

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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

Other borrowing costs

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

 
2.5

Taxation

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.

Page 3

 
SILVERSTREAM FINANCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

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 2 (2023 - 3).


4.


Debtors

2024
2023
£
£


Trade debtors
3,196,263
4,381,544

Prepayments and accrued income
5,124
46,176

3,201,387
4,427,720



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
97,514
34,637

97,514
34,637


Page 4

 
SILVERSTREAM FINANCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,530,000
3,650,000

Amounts owed to connected company
549,900
674,900

Corporation tax
30,746
25,962

Accruals and deferred income
35,238
50,715

3,145,884
4,401,577


The bank loan is secured by a fixed and floating charge on the assets of the Company.


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary share shares of £1.00 each
100
100



8.


Related party transactions

Included within creditors is a balance of £549,900 (2023: £674,900), owed to a company with common directorship.

 
Page 5