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Registered Number: 11750960
England and Wales

 

 

 

SILVER PETALS LTD


Amended Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Director Javed Mohammed Idris Khan
Registered Number 11750960
Registered Office Unit C J6 Middlesex Business Centre
Bridge Road
Southall
UB2 4AB
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 383    5,043 
383    5,043 
Current assets      
Stocks 4 129,205    131,340 
Debtors 5 9,940    42,496 
Cash at bank and in hand 4,526    8,165 
143,671    182,001 
Creditors: amount falling due within one year 6 (117,631)   (118,058)
Net current assets 26,040    63,943 
 
Total assets less current liabilities 26,423    68,986 
Creditors: amount falling due after more than one year 7 (19,696)   (27,875)
Provisions for liabilities 8   (958)
Net assets 6,727    40,153 
 

Capital and reserves
     
Called up share capital 200    200 
Profit and loss account 6,527    39,953 
Shareholders' funds 6,727    40,153 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 20 September 2024 and were signed by:


-------------------------------
Javed Mohammed Idris Khan
Director
2
General Information
Silver Petals Ltd is a private company, limited by shares, registered in England and Wales, registration number 11750960, registration address Unit C J6 Middlesex Business Centre, Bridge Road, Southall, UB2 4AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25 Reducing Balance
Computer Equipment 33 Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 February 2023 654    14,793    15,447 
Additions    
Disposals    
At 31 January 2024 654    14,793    15,447 
Depreciation
At 01 February 2023 336    10,069    10,405 
Charge for year 79    4,580    4,659 
On disposals    
At 31 January 2024 415    14,649    15,064 
Net book values
Closing balance as at 31 January 2024 239    144    383 
Opening balance as at 01 February 2023 318    4,725    5,043 


4.

Stocks

2024
£
  2023
£
Stocks 129,205    131,340 
129,205    131,340 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 220    389 
Other Debtors 9,500    15,600 
Directors' Current Accounts 220    26,507 
9,940    42,496 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 25,163    2,206 
Corporation Tax 3,583    6,667 
PAYE & Social Security 821    876 
Wages & Salaries Control Account 5,059    5,802 
Inter company - Bling Crystal 47,072    54,532 
Intercompany - Silver Property Estate Limited   (450)
VAT 35,933    48,425 
117,631    118,058 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bounce Back Loan 19,696    27,875 
19,696    27,875 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax   958 
  958 

3