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Silverpush Limited
Filleted accounts
31 March 2024
Company registration number: 14570389
Silverpush Limited
Directors and other information
Directors P W Briggs
H Chawla
Company number 14570389
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Auditor Cox Hinkins Audit Services Limited
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Silverpush Limited
Directors responsibilities statement
Period ended 31st March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Silverpush Limited
Balance sheet
31st March 2024
31/03/24
Note £ £
Fixed assets
Tangible assets 5 1,526
_______
1,526
Current assets
Debtors 6 731,407
Cash at bank and in hand 241,906
_______
973,313
Creditors: amounts falling due
within one year 7 ( 868,449)
_______
Net current assets 104,864
_______
Net assets 106,390
_______
Capital and reserves
Called up share capital 8 75,100
Profit and loss account 31,290
_______
Shareholder funds 106,390
_______
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
P W Briggs
Director
Company registration number: 14570389
Silverpush Limited
Notes to the financial statements
Period ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. The company was incorporated on 4th January 2023 and commenced trading shortly thereafter. These financial statements are for the first accounting period of the company from 4th January 2023 to 31st March 2024. There was no significant change in the company's principal activity during the period which continued to be the provision of marketing technology services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant. Unrelieved tax losses and other deferred tax assets are not recognised as it is uncertain when they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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 profit or loss.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment and related hardware - 3 years straight line basis
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Cash and cash equivalents
Cash consists of cash on hand and demand deposits. There are no cash equivalents included in the financial statements.
Other financial assets
Other financial assets comprise trade debtors, amounts owed by group undertakings and other debtors. Other financial assets are initially measured at the undiscounted amount of cash receivable and are subsequently measured at amortised cost less impairment, where there is objective evidence of an impairment.
Other financial liabilities
Other financial liabilities include trade creditors, amounts owed to group undertakings and other creditors. Other financial liabilities are measured at invoice cost, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3
5. Tangible assets
Computer equipment and related hardware Total
£ £
Cost
At 4th January 2023 - -
Additions 1,526 1,526
_______ _______
At 31st March 2024 1,526 1,526
_______ _______
Depreciation
At 4th January 2023 and 31st March 2024 - -
_______ _______
Carrying amount
At 31st March 2024 1,526 1,526
_______ _______
6. Debtors
31/03/24
£
Trade debtors 456,038
Other debtors 275,369
_______
731,407
_______
7. Creditors: amounts falling due within one year
31/03/24
£
Trade creditors 124,279
Social security and other taxes 59,137
Other creditors 685,033
_______
868,449
_______
8. Called up share capital
Issued, called up and fully paid
31/03/24
No £
Ordinary shares of £ 1.00 each 75,100 75,100
_______ _______
Upon incorporation, 100 ordinary £1 shares were issued at par.During the period a further 75,000 ordinary £1 shares were issued at par.
9. Summary audit opinion
The auditor's report dated 04 November 2024 was unqualified.
The senior statutory auditor was Rodney Mark Morgan for and on behalf of Cox Hinkins Audit Services Limited