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REGISTERED NUMBER: 01459046 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

SILHOUETTE U.K. LIMITED

SILHOUETTE U.K. LIMITED (REGISTERED NUMBER: 01459046)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SILHOUETTE U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: J P Moore
F Cornelis
R Mahr





SECRETARY: D Mistry





REGISTERED OFFICE: The Townhouse Building
5 St. Cross Street
Johnson Gardens
London
EC1N 8UB





REGISTERED NUMBER: 01459046 (England and Wales)





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

SILHOUETTE U.K. LIMITED (REGISTERED NUMBER: 01459046)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 274,511 24,975
Investment property 5 2,350,000 2,550,000
2,624,511 2,574,975

CURRENT ASSETS
Stocks 61,249 61,766
Debtors 6 640,574 724,950
Cash at bank and in hand 513,623 818,114
1,215,446 1,604,830
CREDITORS
Amounts falling due within one year 7 1,017,548 1,396,601
NET CURRENT ASSETS 197,898 208,229
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,822,409

2,783,204

PROVISIONS FOR LIABILITIES 11,846 -
NET ASSETS 2,810,563 2,783,204

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 2,810,463 2,783,104
SHAREHOLDERS' FUNDS 2,810,563 2,783,204

The 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.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





J P Moore - Director


SILHOUETTE U.K. LIMITED (REGISTERED NUMBER: 01459046)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Silhouette U.K. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% to 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SILHOUETTE U.K. LIMITED (REGISTERED NUMBER: 01459046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimate the recoverable amount of the cash-generating unit to which the asset belongs.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

Trade and other debtors and creditors are classified as basic financial instruments and are initially measured at transaction price.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Intragroup loans and balances are classified as basic financial instruments and are initially recognised at the transaction price. Subsequently, they are measured at amortised cost

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


SILHOUETTE U.K. LIMITED (REGISTERED NUMBER: 01459046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.

Foreign currencies
Functional and presentation currency
The Company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Operating leases
Rentals paid under operating leases are charged to the income statement on a straight line basis over the lease term.

SILHOUETTE U.K. LIMITED (REGISTERED NUMBER: 01459046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

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 the income statement 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.

Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 19 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 February 2023 153,945
Additions 311,399
Disposals (107,141 )
At 31 January 2024 358,203
DEPRECIATION
At 1 February 2023 128,970
Charge for year 61,863
Eliminated on disposal (107,141 )
At 31 January 2024 83,692
NET BOOK VALUE
At 31 January 2024 274,511
At 31 January 2023 24,975

SILHOUETTE U.K. LIMITED (REGISTERED NUMBER: 01459046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 February 2023 2,550,000
Revaluations (200,000 )
At 31 January 2024 2,350,000
NET BOOK VALUE
At 31 January 2024 2,350,000
At 31 January 2023 2,550,000

Fair value at 31 January 2024 is represented by:
£
Valuation in 2024 (200,000 )
Valuation in 2023 (100,000 )
Valuation in 2022 659,348
Cost 1,990,652
2,350,000

The investment property has been revalued by the Directors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 587,550 698,892
Other debtors 53,024 26,058
640,574 724,950

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 142,253 140,075
Amounts owed to group undertakings 476,662 824,106
Taxation and social security 216,834 237,432
Other creditors 181,799 194,988
1,017,548 1,396,601

SILHOUETTE U.K. LIMITED (REGISTERED NUMBER: 01459046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 73,717 84,174
Between one and five years 279,024 -
352,741 84,174

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
Samples are currently recognised in the Income Statement when they are purchased. Samples are held for a number of years and are directly used to generate sales. They therefore meet the criteria of a fixed asset as they are in use for more than one accounting period with future economic benefits expected to flow to the entity. The total cost of these samples at 31 January 2024 is £371,648 (2023: £311,436). Samples purchased in the year which have been expensed totalled £90,900 (2023: £63,285). If samples had been capitalised as fixed assets their net book value would have been £191,584 (2023: £118,644).

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Martin Thomas FCCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The company is a subsidiary undertaking of Silhouette International Schmied AG, a company incorporated in Austria.
The address of this company's Registered Office is Postfach 538, Ellbognerstrasse 24, 4021 Linz, Austria.