1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 185,000 185,000 xbrli:pure xbrli:shares iso4217:GBP 06860239 2023-06-01 2024-05-31 06860239 2024-05-31 06860239 2023-05-31 06860239 2022-06-01 2023-05-31 06860239 2023-05-31 06860239 2022-05-31 06860239 core:NetGoodwill 2023-06-01 2024-05-31 06860239 core:PlantMachinery 2023-06-01 2024-05-31 06860239 core:FurnitureFittings 2023-06-01 2024-05-31 06860239 bus:Director1 2023-06-01 2024-05-31 06860239 bus:Director3 2023-06-01 2024-05-31 06860239 core:NetGoodwill 2024-05-31 06860239 core:PlantMachinery 2023-05-31 06860239 core:FurnitureFittings 2023-05-31 06860239 core:PlantMachinery 2024-05-31 06860239 core:FurnitureFittings 2024-05-31 06860239 core:WithinOneYear 2024-05-31 06860239 core:WithinOneYear 2023-05-31 06860239 core:ShareCapital 2024-05-31 06860239 core:ShareCapital 2023-05-31 06860239 core:RetainedEarningsAccumulatedLosses 2024-05-31 06860239 core:RetainedEarningsAccumulatedLosses 2023-05-31 06860239 core:PlantMachinery 2023-05-31 06860239 core:FurnitureFittings 2023-05-31 06860239 bus:Director1 2023-05-31 06860239 bus:Director1 2024-05-31 06860239 bus:Director3 2023-05-31 06860239 bus:Director3 2024-05-31 06860239 bus:Director1 2022-05-31 06860239 bus:Director1 2023-05-31 06860239 bus:Director3 2022-05-31 06860239 bus:Director3 2023-05-31 06860239 bus:Director1 2022-06-01 2023-05-31 06860239 bus:Director3 2022-06-01 2023-05-31 06860239 bus:SmallEntities 2023-06-01 2024-05-31 06860239 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06860239 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 06860239 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06860239 bus:FullAccounts 2023-06-01 2024-05-31 06860239 core:OfficeEquipment 2023-06-01 2024-05-31 06860239 core:OfficeEquipment 2023-05-31 06860239 core:OfficeEquipment 2024-05-31 06860239 1 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 06860239
SILVION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2024
SILVION LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
23,008
12,166
Current assets
Stocks
30,000
20,000
Debtors
7
505,885
469,961
Cash at bank and in hand
324,422
313,155
-----------
-----------
860,307
803,116
Creditors: amounts falling due within one year
8
110,587
99,866
-----------
-----------
Net current assets
749,720
703,250
-----------
-----------
Total assets less current liabilities
772,728
715,416
Provisions
Taxation including deferred tax
4,656
2,312
-----------
-----------
Net assets
768,072
713,104
-----------
-----------
SILVION LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
101
101
Profit and loss account
767,971
713,003
-----------
-----------
Shareholders funds
768,072
713,104
-----------
-----------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 November 2024 , and are signed on behalf of the board by:
R Britton
Director
Company registration number: 06860239
SILVION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Streets Accountants, Windsor House, A1 Business Park at, Long Bennington, Nottinghamshire, NG23 5JR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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 the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
185,000
-----------
Amortisation
At 1 June 2023 and 31 May 2024
185,000
-----------
Carrying amount
At 31 May 2024
-----------
At 31 May 2023
-----------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
14,543
7,948
7,815
30,306
Additions
1,535
11,897
1,894
15,326
---------
---------
--------
---------
At 31 May 2024
16,078
19,845
9,709
45,632
---------
---------
--------
---------
Depreciation
At 1 June 2023
11,459
3,031
3,650
18,140
Charge for the year
796
2,752
936
4,484
---------
---------
--------
---------
At 31 May 2024
12,255
5,783
4,586
22,624
---------
---------
--------
---------
Carrying amount
At 31 May 2024
3,823
14,062
5,123
23,008
---------
---------
--------
---------
At 31 May 2023
3,084
4,917
4,165
12,166
---------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
58,739
31,051
Other debtors
447,146
438,910
-----------
-----------
505,885
469,961
-----------
-----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
24,198
1,910
Corporation tax
69,515
85,389
Social security and other taxes
11,559
9,341
Other creditors
5,315
3,226
-----------
---------
110,587
99,866
-----------
---------
9. Transition to FRS 102
During the year the company transitioned to FRS 102 reporting from FRS 105 reporting.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
R Britton
221,392
83,819
( 80,000)
225,211
L Britton Meadows
112,680
88,021
( 86,000)
114,701
-----------
-----------
-----------
-----------
334,072
171,840
( 166,000)
339,912
-----------
-----------
-----------
-----------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
R Britton
236,105
74,699
( 89,412)
221,392
L Britton Meadows
8,233
150,596
( 46,149)
112,680
-----------
-----------
-----------
-----------
244,338
225,295
( 135,561)
334,072
-----------
-----------
-----------
-----------
Interest is charged at 2.25% per annum on the overdrawn loan account balances. Advances are unsecured and repayable on demand.
11. Related party transactions
During the period there were no transactions with related parties.
12. Controlling party
The company was under the control of its directors throughout the current and previous years.