Silverfin false false 31/03/2024 01/04/2023 31/03/2024 J E Campbell 19/01/2021 Dr A R Dixon 19/01/2021 Dr A F Klein 19/01/2021 02 August 2024 The principal activity of the Company for the year was that of the provision of defence consultancy services to government and industry. 13144524 2024-03-31 13144524 bus:Director1 2024-03-31 13144524 bus:Director2 2024-03-31 13144524 bus:Director3 2024-03-31 13144524 core:CurrentFinancialInstruments 2024-03-31 13144524 core:CurrentFinancialInstruments 2023-03-31 13144524 2023-03-31 13144524 core:ShareCapital 2024-03-31 13144524 core:ShareCapital 2023-03-31 13144524 core:RetainedEarningsAccumulatedLosses 2024-03-31 13144524 core:RetainedEarningsAccumulatedLosses 2023-03-31 13144524 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2024-03-31 13144524 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-03-31 13144524 bus:OrdinaryShareClass1 2024-03-31 13144524 2023-04-01 2024-03-31 13144524 bus:FilletedAccounts 2023-04-01 2024-03-31 13144524 bus:SmallEntities 2023-04-01 2024-03-31 13144524 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13144524 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13144524 bus:Director1 2023-04-01 2024-03-31 13144524 bus:Director2 2023-04-01 2024-03-31 13144524 bus:Director3 2023-04-01 2024-03-31 13144524 2022-04-01 2023-03-31 13144524 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13144524 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13144524 (England and Wales)

SVGC DIGITAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SVGC DIGITAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SVGC DIGITAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
SVGC DIGITAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
2024 2023
£ £
Current assets
Debtors 3 3,941,264 6,544,344
Cash at bank and in hand 33,199 23,799
3,974,463 6,568,143
Creditors: amounts falling due within one year 4 ( 2,481,958) ( 5,772,443)
Net current assets 1,492,505 795,700
Total assets less current liabilities 1,492,505 795,700
Net assets 1,492,505 795,700
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account 1,492,405 795,600
Total shareholder's funds 1,492,505 795,700

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of SVGC Digital Limited (registered number: 13144524) were approved and authorised for issue by the Board of Directors on 02 August 2024. They were signed on its behalf by:

Dr A R Dixon
Director
SVGC DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SVGC DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SVGC Digital Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Farm Stables Middle Yard, Berwick St Leonard, Salisbury, SP3 5SN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 2,946,384 4,462,481
Prepayments and accrued income 18,264 1,031,211
VAT recoverable 976,616 1,050,652
3,941,264 6,544,344

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,036,259 4,705,089
Amounts owed to fellow subsidiaries 64,621 49,886
Accruals 148,880 935,219
Taxation and social security 232,198 82,249
2,481,958 5,772,443

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

6. Related party transactions

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.