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Registered number: 07135237









SILVERSTREAM (NOMINEES) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SILVERSTREAM (NOMINEES) LIMITED
REGISTERED NUMBER: 07135237

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
200
200

  
200
200

Current assets
  

Debtors: amounts falling due within one year
 5 
3,505,601
1,866,161

Cash at bank and in hand
 6 
307,744
27,339

  
3,813,345
1,893,500

Creditors: amounts falling due within one year
 7 
(1,667,935)
(796,782)

Net current assets
  
 
 
2,145,410
 
 
1,096,718

Total assets less current liabilities
  
2,145,610
1,096,918

Creditors: amounts falling due after more than one year
 8 
(800,000)
-

  

Net assets
  
1,345,610
1,096,918


Capital and reserves
  

Called up share capital 
 10 
102
102

Profit and loss account
  
1,345,508
1,096,816

  
1,345,610
1,096,918

Page 1

 
SILVERSTREAM (NOMINEES) LIMITED
REGISTERED NUMBER: 07135237
    
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 7 form part of these financial statements.
Page 2

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

1.


General information

Silverstream (Nominees) 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, England, 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

Borrowing costs

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

 
2.6

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 (NOMINEES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
200



At 31 March 2024
200





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Silverstream Finance (City) Limited
Suite 110, Carrington House, 6 Hertford Street, London, W1J 7RE.
Ordinary
100%
Silverstream Finance (Hampstead) Limited
Suite 110, Carrington House, 6 Hertford Street, London, W1J 7RE.
Ordinary
100%

Page 4

 
SILVERSTREAM (NOMINEES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Silverstream Finance (City) Limited
49,223
88,903

Silverstream Finance (Hampstead) Limited
1,026,629
124,687


5.


Debtors

2024
2023
£
£


Trade debtors
1,429,983
293,977

Amounts owed by group undertakings
1,323,720
1,302,809

Other debtors
408,129
-

Prepayments and accrued income
206,024
269,375

Tax recoverable
137,745
-

3,505,601
1,866,161



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
307,744
27,339

307,744
27,339


Page 5

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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,500
-

Amounts owed to group undertakings
345,823
-

Amounts owed to connected companies
1,115,000
715,000

Corporation tax
180,599
24,107

Other creditors
-
52,315

Accruals and deferred income
20,013
5,360

1,667,935
796,782



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
800,000
-

800,000
-



9.


Loans


2024
2023
£
£


Amounts falling due 1-2 years

Other loans
800,000
-


800,000
-



800,000
-

Page 6

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

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



102 (2023 - 102) Ordinary share shares of £1.00 each
102
102



11.


Transactions with directors

Included in directors is an amount of £408,131 owed by the directors at 31 March 2024. The loan carries interest at the rate of 2.25% and is repayable within the next twelve months. 


12.


Related party transactions

Included within creditors is a balance of £1,460,823 (2023: £715,000) owed to a company with common directorship.
Included within debtors is a balance of £1,323,720 
(2023: £1,302,809) owed from a company with common directorship.

 
Page 7