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Company No: 09446691 (England and Wales)

SNT EUROPE LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SNT EUROPE LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SNT EUROPE LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
SNT EUROPE LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Mattia Tofanelli
SECRETARY Emicapital Europe Ltd
REGISTERED OFFICE 34 St. James Street
First Floor
London
SW1A 1HD
United Kingdom
COMPANY NUMBER 09446691 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
SNT EUROPE LTD

BALANCE SHEET

As at 31 December 2023
SNT EUROPE LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 55,098 52,618
55,098 52,618
Current assets
Stocks 95,627 0
Debtors 4 261,123 287,877
Cash at bank and in hand 5 236,738 192,678
593,488 480,555
Creditors: amounts falling due within one year 6 ( 501,074) ( 480,852)
Net current assets/(liabilities) 92,414 (297)
Total assets less current liabilities 147,512 52,321
Creditors: amounts falling due after more than one year 7 ( 20,587) ( 29,658)
Net assets 126,925 22,663
Capital and reserves
Called-up share capital 8 10,000 10,000
Profit and loss account 116,925 12,663
Total shareholders' funds 126,925 22,663

For the financial 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 financial statements of SNT Europe Ltd (registered number: 09446691) were approved and authorised for issue by the Director on 22 October 2024. They were signed on its behalf by:

Mattia Tofanelli
Director
SNT EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SNT EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

SNT Europe Ltd (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 34 St. James Street, First Floor, London, SW1A 1HD, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 Balance Sheet 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 6 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 89,344 89,344
Additions 21,096 21,096
At 31 December 2023 110,440 110,440
Accumulated depreciation
At 01 January 2023 36,726 36,726
Charge for the financial year 18,616 18,616
At 31 December 2023 55,342 55,342
Net book value
At 31 December 2023 55,098 55,098
At 31 December 2022 52,618 52,618
Leased assets included above:
Net book value
At 31 December 2023 14,724 14,724
At 31 December 2022 18,484 18,484

4. Debtors

2023 2022
£ £
Trade debtors 173,920 60,604
Amounts owed by connected persons 24,386 24,140
Other taxation and social security 15,538 17,243
Other debtors 47,279 185,890
261,123 287,877

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 234,861 190,607
Short-term deposits 1,877 2,071
236,738 192,678

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,123 3,450
Trade creditors 120,061 106,799
Amounts owed to connected persons 0 60,736
Taxation and social security 20,703 51,742
Obligations under finance leases and hire purchase contracts 4,213 4,213
Other creditors 350,974 253,912
501,074 480,852

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 8,298 13,155
Obligations under finance leases and hire purchase contracts 12,289 16,503
20,587 29,658

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 0 13,135

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 7,776 5,702

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Interest free loan to the company 74,243 53,868

Other related party transactions

Included in other debtors is a balance of £24,386 (2022 : £24,140) due from connected entities. Included in other creditors is a balance of £58,887 (2022: £60,736 ) due to connected entities.

11. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.