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COMPANY REGISTRATION NUMBER: 02558902
Silver Knitting Machines Ltd.
Filleted Unaudited Financial Statements
31 December 2023
Silver Knitting Machines Ltd.
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,999
14,923
Current assets
Stocks
405,207
826,403
Debtors
6
602,036
709,418
Cash at bank and in hand
748,118
392,523
------------
------------
1,755,361
1,928,344
Creditors: amounts falling due within one year
7
601,893
1,014,909
------------
------------
Net current assets
1,153,468
913,435
------------
---------
Total assets less current liabilities
1,155,467
928,358
------------
---------
Net assets
1,155,467
928,358
------------
---------
Capital and reserves
Called up share capital
15,000
15,000
Share premium account
1,000
1,000
Capital redemption reserve
15,000
15,000
Profit and loss account
1,124,467
897,358
------------
---------
Shareholders funds
1,155,467
928,358
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Silver Knitting Machines Ltd.
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr F R Langley
Director
Company registration number: 02558902
Silver Knitting Machines Ltd.
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Atlanta House, John White Business Centre, Midland Road, Higham Ferrers, Rushden, NN10 8DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Office Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
8,000
30,480
18,495
56,975
Disposals
( 11,485)
( 11,485)
-------
--------
--------
--------
At 31 December 2023
8,000
18,995
18,495
45,490
-------
--------
--------
--------
Depreciation
At 1 January 2023
8,000
20,597
13,455
42,052
Charge for the year
4,659
3,041
7,700
Disposals
( 6,261)
( 6,261)
-------
--------
--------
--------
At 31 December 2023
8,000
18,995
16,496
43,491
-------
--------
--------
--------
Carrying amount
At 31 December 2023
1,999
1,999
-------
--------
--------
--------
At 31 December 2022
9,883
5,040
14,923
-------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
524,755
609,975
Other debtors
77,281
99,443
---------
---------
602,036
709,418
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
170,606
Trade creditors
97,952
111,352
Corporation tax
71,873
24,541
Social security and other taxes
146,563
5,019
Other creditors
285,505
703,391
---------
------------
601,893
1,014,909
---------
------------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr F R Langley
( 500,000)
500,000
---------
----
---------
----
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr F R Langley
( 500,000)
( 500,000)
----
---------
----
---------
9. Related party transactions
Mr F R Langley Mr F R Langley controls F & L Group Limited. F & L Group Limited charged a management fee of £50,000 for the year ended 31 December 2023 (2022 - £nil). Mr F R Langley is associated with Irthlingborough Pension Fund. This pension fund owns the property where the company conducts its operations and as such charges rent and service charges to the company. This totalled £57,000 for the year ended 31 December 2023 (2022 - £54,000). Mr W G Kimberley and Mrs M E Kimberley During the previous year, on 14 September 2022 the company purchased back 15,000 ordinary shares of £1 each from Mr W G Kimberley and Mrs M E Kimberley who each held 7,500 ordinary £1 shares. This represented 50% of the ordinary share capital in issue at the time. The company purchased the 15,000 ordinary shares for a total of £1,1000,000. Mr W G Kimberley and Mrs M E Kimberley consequently resigned their directorship and employment with the company at that date.