Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01falseNo description of principal activity55falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07135413 2023-04-01 2024-03-31 07135413 2022-04-01 2023-03-31 07135413 2024-03-31 07135413 2023-03-31 07135413 c:Director2 2023-04-01 2024-03-31 07135413 d:FurnitureFittings 2023-04-01 2024-03-31 07135413 d:FurnitureFittings 2024-03-31 07135413 d:FurnitureFittings 2023-03-31 07135413 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07135413 d:ComputerEquipment 2023-04-01 2024-03-31 07135413 d:ComputerEquipment 2024-03-31 07135413 d:ComputerEquipment 2023-03-31 07135413 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07135413 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07135413 d:CurrentFinancialInstruments 2024-03-31 07135413 d:CurrentFinancialInstruments 2023-03-31 07135413 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07135413 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07135413 d:UKTax 2023-04-01 2024-03-31 07135413 d:UKTax 2022-04-01 2023-03-31 07135413 d:ShareCapital 2024-03-31 07135413 d:ShareCapital 2023-03-31 07135413 d:RetainedEarningsAccumulatedLosses 2024-03-31 07135413 d:RetainedEarningsAccumulatedLosses 2023-03-31 07135413 c:FRS102 2023-04-01 2024-03-31 07135413 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07135413 c:FullAccounts 2023-04-01 2024-03-31 07135413 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07135413 2 2023-04-01 2024-03-31 07135413 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07135413 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07135413 d:OtherDeferredTax 2024-03-31 07135413 d:OtherDeferredTax 2023-03-31 07135413 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 07135413









SILVERSTREAM FINANCE (HAMPSTEAD) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SILVERSTREAM FINANCE (HAMPSTEAD) LIMITED
REGISTERED NUMBER: 07135413

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
8,733
10,298

  
8,733
10,298

Current assets
  

Debtors: amounts falling due within one year
 7 
15,897,310
24,476,070

Cash at bank and in hand
 8 
858,416
52,110

  
16,755,726
24,528,180

Creditors: amounts falling due within one year
 9 
(15,735,691)
(23,135,770)

Net current assets
  
 
 
1,020,035
 
 
1,392,410

Total assets less current liabilities
  
1,028,768
1,402,708

Provisions for liabilities
  

Deferred tax
 10 
(2,139)
(766)

  
 
 
(2,139)
 
 
(766)

Net assets
  
1,026,629
1,401,942


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,026,529
1,401,842

  
1,026,629
1,401,942


Page 1

 
SILVERSTREAM FINANCE (HAMPSTEAD) LIMITED
REGISTERED NUMBER: 07135413
    
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: 




O B Tamary
Director

Date: 17 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

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

1.


General information

Silverstream Finance (Hampstead) 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 pound (£).
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 profit 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.

Page 3

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

2.Accounting policies (continued)

 
2.6

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.

The company operates a defined contribution pension scheme for its employees. Contributions are charged to the Profit and Loss accounts as they become payable in accordance with the rules of the scheme.

 
2.7

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.

 
2.8

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.

Page 4

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

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance



 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

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 5 (2023 - 5).


4.


Interest payable

2024
2023
£
£


Bank and other interest payable
1,933,791
1,247,592

1,933,791
1,247,592

Page 5

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

5.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
45,348
111,375

Adjustments in respect of previous periods
2,074
(44)


47,422
111,331


Total current tax
47,422
111,331

Deferred tax


Origination and reversal of timing differences
1,373
(679)

Total deferred tax
1,373
(679)


Tax on profit
48,795
110,652

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023 - 19%).






Page 6

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

6.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
34,233
6,968
41,201



At 31 March 2024

34,233
6,968
41,201



Depreciation


At 1 April 2023
27,074
3,829
30,903


Charge for the year on owned assets
862
703
1,565



At 31 March 2024

27,936
4,532
32,468



Net book value



At 31 March 2024
6,297
2,436
8,733



At 31 March 2023
7,159
3,139
10,298


7.


Debtors

2024
2023
£
£


Trade debtors
14,054,001
22,860,917

Amounts owed by parent company
345,827
-

Amounts owed by connected companies
1,302,558
1,093,677

Other debtors
100,000
478,050

Prepayments and accrued income
56,356
43,426

Tax recoverable
38,568
-

15,897,310
24,476,070


Page 7

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

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
858,416
52,110

858,416
52,110



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,973,187
13,897,329

Other loans
776,037
3,437,998

Trade creditors
4,018
1,840

Amounts owed to parent company
-
594,086

Amounts owed to connected companies
4,800,000
4,850,000

Corporation tax
45,347
111,376

Other taxation and social security
1,701
1,584

Other creditors
4,719
35,877

Accruals and deferred income
130,682
205,680

15,735,691
23,135,770


The bank loan and loans are secured using loan advances to customers from the company and a debenture over the assets of the company. 

Page 8

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

10.


Deferred taxation




2024


£






At beginning of year
(766)


Charged to profit or loss
(1,373)



At end of year
(2,139)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(766)
(1,445)

Movement charged to profit & loss
(1,373)
679

(2,139)
(766)


11.


Pension commitments

The company operated a defined contribution 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 £1,490
 (2023: £23,525).
There was an outstanding balance at the year end of £290 
(2023: £290)


12.


Related party transactions

Included within debtors are balances outstanding of £1,648,385 (2023: £1,093,677) owed from companies with common directorships.
Including within creditors are balances amounting to £4,800,000 
(2023: £5,444,086) owed to companies with common directorships.


13.


Controlling party

Silverstream (Nominees) Limited is the ultimate controlling party.


 
Page 9