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Registration number: 03675825

Satinsilk Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

image-name
 

Satinsilk Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Satinsilk Limited

Company Information

Directors

Mr DJ Frankpitt

Ms HL Frankpitt

A M W Frankpitt

Mrs AJ Frankpitt

Registered office

8 Jesu Street
Ottery St Mary
Devon
EX11 1EU

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Easterbrook Eaton Limited (Chartered Accountants)
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Satinsilk Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Satinsilk Limited for the year ended 29 February 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Satinsilk Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Satinsilk Limited and state those matters that we have agreed to state to the Board of Directors of Satinsilk Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Satinsilk Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Satinsilk Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Satinsilk Limited. You consider that Satinsilk Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Satinsilk Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Easterbrook Eaton Limited
Chartered Accountants
Easterbrook Eaton Limited (Chartered Accountants)
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

26 November 2024

image-name
 

Satinsilk Limited

(Registration number: 03675825)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

918,514

802,266

Other financial assets

5

15

15

 

918,529

802,281

Current assets

 

Stocks

6

749,664

820,680

Debtors

7

992,917

1,308,508

Cash at bank and in hand

 

392

837

 

1,742,973

2,130,025

Creditors: Amounts falling due within one year

8

(2,065,414)

(1,906,229)

Net current (liabilities)/assets

 

(322,441)

223,796

Total assets less current liabilities

 

596,088

1,026,077

Creditors: Amounts falling due after more than one year

8

(90,565)

(720,183)

Net assets

 

505,523

305,894

Capital and reserves

 

Called up share capital

9

12,801

12,801

Retained earnings

492,722

293,093

Shareholders' funds

 

505,523

305,894

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 26 November 2024 and signed on its behalf by:
 

 

Satinsilk Limited

(Registration number: 03675825)
Balance Sheet as at 29 February 2024

.........................................
Mr DJ Frankpitt
Director

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Jesu Street
Ottery St Mary
Devon
EX11 1EU
England

These financial statements were authorised for issue by the Board on 26 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

The financial statements have been prepared on a going concern basis.

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 amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income 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.

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Freehold land

No depreciation

Freehold property

4% reducing balance basis

Plant and machinery

15% reducing balance basis

Motor vehicle

25% reducing balance basis

Office equipment

50% reducing balance basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 28).

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

1,244,295

872,399

67,317

2,184,011

Additions

143,650

26,349

-

169,999

Disposals

-

(4,750)

-

(4,750)

At 29 February 2024

1,387,945

893,998

67,317

2,349,260

Depreciation

At 1 March 2023

576,865

764,740

40,140

1,381,745

Charge for the year

21,613

20,593

6,795

49,001

At 29 February 2024

598,478

785,333

46,935

1,430,746

Carrying amount

At 29 February 2024

789,467

108,665

20,382

918,514

At 28 February 2023

667,430

107,659

27,177

802,266

Included within the net book value of land and buildings above is £789,467 (2023 - £667,430) in respect of freehold land and buildings.
 

5

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

15

15

6

Stocks

2024
£

2023
£

Other inventories

749,664

820,680

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

11,468

51,838

Prepayments

5,331

-

Other debtors

976,118

1,256,670

 

992,917

1,308,508

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,404,168

1,549,432

trade creditors

 

51,191

223,061

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

29,640

-

Taxation and social security

 

-

47,391

Accruals and deferred income

 

16,530

17,259

Other creditors

 

563,885

69,086

 

2,065,414

1,906,229

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

90,565

720,183

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

12,801

12,801

12,801

12,801

         

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

13,962

50,079

Bank overdrafts

456,761

576,751

Hire purchase contracts

39,123

47,004

Finance lease liabilities

-

84,332

Other borrowings

894,322

791,266

1,404,168

1,549,432

 

Satinsilk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

16,691

Hire purchase contracts

90,565

703,492

90,565

720,183