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Silky Bouquets Ltd

Registration number : 07762033



















Annual Report and Unaudited Financial Statements

for the year ended 30 September 2023

 

Silky Bouquets Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 16

 

Silky Bouquets Ltd

Company Information

Director

Mrs Anna Proctor

Registered office

214 Hale Road
Widnes
Cheshire
WA8 8QA

Accountants

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Silky Bouquets Ltd

Director's Report for the year ended 30 September 2023

The director presents her report and the financial statements for the year ended 30 September 2023.

Director of the company

The director who held office during the year was as follows:

Mrs Anna Proctor

Principal activity

The principal activity of the company is that of artificial flower arranging.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 19 July 2024 and signed on its behalf by:

.........................................
Mrs Anna Proctor
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of Silky Bouquets Ltd
for the year ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Silky Bouquets Ltd for the year ended 30 September 2023 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Silky Bouquets Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Silky Bouquets Ltd and state those matters that we have agreed to state to the Board of Directors of Silky Bouquets Ltd. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Silky Bouquets Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Silky Bouquets Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Silky Bouquets Ltd. You consider that Silky Bouquets Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Silky Bouquets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

image-name

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

19 July 2024

 

Silky Bouquets Ltd

Profit and Loss Account for the year ended 30 September 2023

Note

2023
£

2022
£

Turnover

 

437,026

465,069

Cost of sales

 

(286,083)

(274,496)

Gross profit

 

150,943

190,573

Administrative expenses

 

(211,747)

(113,855)

Other operating income

 

313

19,146

Operating (loss)/profit

 

(60,491)

95,864

Interest payable and similar expenses

 

(16,051)

(9,860)

 

(16,051)

(9,860)

(Loss)/profit before tax

(76,542)

86,004

Taxation

4

-

(19,326)

(Loss)/profit for the financial year

 

(76,542)

66,678

The above results were derived from continuing operations.

 

Silky Bouquets Ltd

Statement of Comprehensive Income for the Year Ended 30 September 2023

2023
£

2022
£

(Loss)/profit for the year

(76,542)

66,678

Total comprehensive income for the year

(76,542)

66,678

 

Silky Bouquets Ltd

(Registration number: 07762033)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

7,430

7,965

Tangible assets

6

190,814

158,879

 

198,244

166,844

Current assets

 

Stocks and work-in-progress

7

28,250

30,750

Debtors

8

62,175

55,971

Cash at bank and in hand

 

7,292

8,046

 

97,717

94,767

Creditors: Amounts falling due within one year

9

(210,817)

(68,725)

Net current (liabilities)/assets

 

(113,100)

26,042

Total assets less current liabilities

 

85,144

192,886

Creditors: Amounts falling due after more than one year

9

(74,661)

(105,861)

Provisions for liabilities

(19,380)

(19,380)

Net (liabilities)/assets

 

(8,897)

67,645

Capital and reserves

 

Called up share capital

2

2

Other reserves

82,620

82,620

Profit and loss account

(91,519)

(14,977)

Total equity

 

(8,897)

67,645

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 19 July 2024
 

 

Silky Bouquets Ltd

(Registration number: 07762033)
Balance Sheet as at 30 September 2023

.........................................
Mrs Anna Proctor
Director

   
     
 

Silky Bouquets Ltd

Statement of Changes in Equity for the Year Ended 30 September 2023

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 October 2022

2

82,620

(14,977)

67,645

Loss for the year

-

-

(76,542)

(76,542)

At 30 September 2023

2

82,620

(91,519)

(8,897)

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 October 2021

2

-

965

967

Profit for the year

-

-

66,678

66,678

Other comprehensive income

-

82,620

(82,620)

-

Total comprehensive income

-

82,620

(15,942)

66,678

At 30 September 2022

2

82,620

(14,977)

67,645

 

Silky Bouquets Ltd

Notes to the Unaudited Financial Statements for the year ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
214 Hale Road
Widnes
Cheshire
WA8 8QA

These financial statements were authorised for issue by the director on 19 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Silky Bouquets Ltd

Notes to the Unaudited Financial Statements for the year ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Fixtures, Fittings & Equipment

15% reducing balance

Computer equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Silky Bouquets Ltd

Notes to the Unaudited Financial Statements for the year ended 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Silky Bouquets Ltd

Notes to the Unaudited Financial Statements for the year ended 30 September 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 13).

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax adjustment to prior periods

-

(54)

Deferred taxation

Arising from origination and reversal of timing differences

-

19,380

Tax expense in the income statement

-

19,326

 

Silky Bouquets Ltd

Notes to the Unaudited Financial Statements for the year ended 30 September 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

12,071

12,071

At 30 September 2023

12,071

12,071

Amortisation

At 1 October 2022

4,106

4,106

Amortisation charge

535

535

At 30 September 2023

4,641

4,641

Carrying amount

At 30 September 2023

7,430

7,430

At 30 September 2022

7,965

7,965

The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2022 - £-).
 

 

Silky Bouquets Ltd

Notes to the Unaudited Financial Statements for the year ended 30 September 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

152,262

16,419

-

168,681

Additions

-

308

46,385

46,693

At 30 September 2023

152,262

16,727

46,385

215,374

Depreciation

At 1 October 2022

-

9,802

-

9,802

Charge for the year

-

3,162

11,596

14,758

At 30 September 2023

-

12,964

11,596

24,560

Carrying amount

At 30 September 2023

152,262

3,763

34,789

190,814

At 30 September 2022

152,262

6,617

-

158,879

Included within the net book value of land and buildings above is £152,262 (2022 - £152,262) in respect of freehold land and buildings.
 

7

Stocks and work-in-progress

2023
£

2022
£

Other inventories

28,250

30,750

8

Debtors

2023
£

2022
£

Other debtors

62,175

55,971

62,175

55,971

 

Silky Bouquets Ltd

Notes to the Unaudited Financial Statements for the year ended 30 September 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

12

106,713

38,365

Trade creditors

 

27,430

14,633

Taxation and social security

 

17,379

10,616

Other creditors

 

59,295

5,111

 

210,817

68,725

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

74,661

105,861

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,000

10,700

 

Silky Bouquets Ltd

Notes to the Unaudited Financial Statements for the year ended 30 September 2023

12

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

31,243

46,382

Other borrowings

43,418

59,479

74,661

105,861

2023
£

2022
£

Current loans and borrowings

Bank borrowings

68,929

38,365

Hire purchase contracts

37,784

-

106,713

38,365