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Registration number: 09676929

Silvera Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Silvera Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Silvera Limited

Company Information

Directors

Brigitte Fortunee Silvera

Adrain Braimer Jones

Paul Silvera

Registered office

241-245 Kings Road
London
SW3 5EL

Auditors

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Silvera Limited

(Registration number: 09676929)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

389,417

544,235

Current assets

 

Stocks

6

561,290

601,708

Debtors

7

374,467

54,534

Cash at bank and in hand

 

116,832

114,170

 

1,052,589

770,412

Creditors: Amounts falling due within one year

8

(3,660,832)

(3,075,007)

Net current liabilities

 

(2,608,243)

(2,304,595)

Net liabilities

 

(2,218,826)

(1,760,360)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(2,218,926)

(1,760,460)

Shareholders' deficit

 

(2,218,826)

(1,760,360)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

.........................................
Paul Silvera
Director

 

Silvera Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
241-245 Kings Road
London
SW3 5EL

These financial statements were authorised for issue by the Board on 7 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

After making suitable enquiries and obtaining assurances of continued support of the immediate parent company, the directors have a reasonable expectation that the company has adequate resources to remain in operation for the foreseeable future and have therefore continued to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the goods have been despatched to the customer and revenue and costs in respect of the transaction can be measured reliably and collectability is reasonably assured.

Other grants

Revenue grants are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

 

Silvera Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive Income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date In the countries where the company operates and generates taxable Income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts In the financial statements and on unused tax losses or tax credits in the company. Deferred tax Is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold premises

over the period of the lease

Furniture and Fittings

15 % straight line

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Silvera Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at Inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is Included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs In the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Silvera Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

3,500

3,275

Other fees to auditors

All other non-audit services

2,500

2,500


 

 

Silvera Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,396,303

13,165

1,409,468

Additions

-

658

658

At 31 December 2023

1,396,303

13,823

1,410,126

Depreciation

At 1 January 2023

852,346

12,887

865,233

Charge for the year

155,144

332

155,476

At 31 December 2023

1,007,490

13,219

1,020,709

Carrying amount

At 31 December 2023

388,813

604

389,417

At 31 December 2022

543,957

278

544,235

Included within the net book value of land and buildings above is £388,813 (2022 - £543,957) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

561,290

601,708

7

Debtors

Current

2023
£

2022
£

Trade debtors

7,687

-

Prepayments

36,069

31,236

Other debtors

330,711

23,298

 

374,467

54,534

 

Silvera Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

308,169

179,702

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

1,838,174

1,499,234

Taxation and social security

 

73,978

240,106

Accruals and deferred income

 

445,971

164,302

Other creditors

 

994,540

991,663

 

3,660,832

3,075,007

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

330,000

300,000

Later than one year and not later than five years

502,500

750,000

832,500

1,050,000

11

Related party transactions

SEC Silvera ('parent undertaking'): At the year end, the total amount due to the parent undertaking was £1,838,174 (2022: £1,499,2334) and it comprises:

Trade payables £545,381 (2022 - £717,599)
Trade receivable balance £222,642 (2022 - £733,800)
Interest free loan from the parent undertaking £1,515,435 (2022 - £1,515,435)

 

Silvera Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

12

Parent undertaking

The company's immediate parent is SEC Silvera, incorporated in France.

 The most senior parent entity producing publicly available financial statements is SEC Silvera. These financial statements are available upon request from the parent company's registered office address at SEC Silvera, 58 Avenue Kleber, Paris 75116.

 

13

Auditor information

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 7 November 2024 was John Leyden FCA , who signed for and on behalf of Carbon Accountancy Limited.

.........................................