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COMPANY REGISTRATION NUMBER: 13232832
SILVANITO HOLDINGS LIMITED
FINANCIAL STATEMENTS
29 February 2024
SILVANITO HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16 to 29
SILVANITO HOLDINGS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr J Irwin
Mr M Woollam
Mr S Mountain
Mrs L J Walker
REGISTERED OFFICE
Qictrims Radclive Road
Gawcott
Buckingham
MK18 4BL
AUDITOR
Meadows & Co Limited
Chartered accountants & statutory auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
SILVANITO HOLDINGS LIMITED
STRATEGIC REPORT
YEAR ENDED 29 FEBRUARY 2024
PRINCIPAL ACTIVITY AND BUSINESS REVIEW The principal activity of the Group during the year was the supply of building materials to the construction industry. This set of accounts represents the consolidation of several companies, under common ownership, into a Group. The individual companies have been acquired and developed since 2013 and have been combined to affect a broader offering to the market and our customers. The year has been challenging, with the Group demonstrating resilience against market conditions The Group generated revenues of £13.7m in the current period (2023: £15.2m). This reduction in turnover has impacted profit leading to profit before tax of £122k (2023: £1,189k). The Net Asset position at the balance sheet date shows £3.4m on consolidation (2023: £3.3m), including cash in hand of £135k (2023: £205k).
PRINCIPAL RISKS AND UNCERTAINTIES This section details the principal risks that the business faces, along with an overview of measures that are in place to mitigate these risks: Overview The management and nature of the business are subject to a number of risks. The directors have set out below the principal risks facing the business. Cash flow risk The Group takes a rigorous approach to cash management. Individual companies are closely monitored and supported at Group level. Nevertheless, the Management have developed strong relationships with key funders and working partners to ensure that liquidity remains positive. Credit risk Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the group if it is unable to recover sums due from customers and it is mitigated by strong credit control, including the regular review of credit limits utilising data from credit agencies and the group's own financial and market intelligence. Interest rate risk The group's interest rate policy has the policy of minimising net interest expense and paying down debt over an effective period of time. Currency risk The group faces currency risk on currency transaction flow to suppliers. The group spot purchases currencies while rates are low to try to mitigate currency risk as much as possible. However, this can be a challenge in periods of unstable currency markets. Competition risk The market in which the company operates is extremely competitive. As a result, the group works hard in the areas of new product development, customer service levels, product availability and lead times.
KEY PERFORMANCE INDICATORS The directors consider a number of financial key performance indicators when measuring the success of the business. The Group focuses on EBITDA, which reflects the overall profitability of our activities. This also allows us to measure the return on our investments. EBITDA achieved during the year was £0.712m (2023: £1.693m). Group turnover demonstrates how effective our marketing, product and service offer has been to our customers. As all Group companies are showing sales growth, this measure has enabled us to continue to support customers in the ways they expect. Turnover generated in the year was £13.7m (2023: £15.2m). Debtor and creditor days are an effective way to ensure that the Group is managing its working capital and key areas of liquidity. Debtor days and creditor days for the year were 51 days (2023: 44 days) and 100 days (2023: 68 days) respectively. Cash management is central to Group operations to ensure that our working capital requirements are met in full and on time. Cash at bank and in hand at the year end was £135k (2023: £205k).
FUTURE DEVELOPMENTS AND OUTLOOK The UK economy has provided a challenging environment in 2024 with an improving outlook for 2025. Against this backdrop, the Group has performed well despite significant commercial pressures in some sectors. The trading companies have continued to focus on innovation and new products as well as maintaining high service levels. Further new product launches are planned for 2025, which will help drive competitive advantage and fuel growth. The Group invests heavily in plant and equipment and intends to continue with this approach in 2025.
This report was approved by the board of directors on 29 November 2024 and signed on behalf of the board by:
Mr J Irwin
Director
Registered office:
Qictrims Radclive Road
Gawcott
Buckingham
MK18 4BL
SILVANITO HOLDINGS LIMITED
DIRECTORS' REPORT
YEAR ENDED 29 FEBRUARY 2024
The directors present their report and the financial statements of the group for the year ended 29 February 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr J Irwin
Mr M Woollam
Mr S Mountain
Mrs L J Walker
DIVIDENDS
Particulars of recommended dividends are detailed in note 11 to the financial statements.
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
The directors have chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the company's Strategic Report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, 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 year. 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 group and the company and the profit or loss of the group 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; - 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. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 29 November 2024 and signed on behalf of the board by:
Mr J Irwin
Director
Registered office:
Qictrims Radclive Road
Gawcott
Buckingham
MK18 4BL
SILVANITO HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SILVANITO HOLDINGS LIMITED
YEAR ENDED 29 FEBRUARY 2024
OPINION
We have audited the financial statements of Silvanito Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 29 February 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Kelland FCA
(Senior Statutory Auditor)
For and on behalf of
Meadows & Co Limited
Chartered accountants & statutory auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
29 November 2024
SILVANITO HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 29 FEBRUARY 2024
2024
2023
Note
£
£
TURNOVER
4
13,685,973
15,166,264
Cost of sales
7,119,328
8,424,873
-------------
-------------
GROSS PROFIT
6,566,645
6,741,391
Distribution costs
556,358
531,924
Administrative expenses
5,839,065
4,979,923
Other operating income
5
829
------------
------------
OPERATING PROFIT
6
172,051
1,229,544
Interest payable and similar expenses
9
49,589
40,918
------------
------------
PROFIT BEFORE TAXATION
122,462
1,188,626
Tax on profit
10
51,595
255,559
---------
------------
PROFIT FOR THE FINANCIAL YEAR
70,867
933,067
---------
------------
Revaluation of assets
50,000
---------
---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
120,867
933,067
---------
---------
All the activities of the group are from continuing operations.
SILVANITO HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
FIXED ASSETS
Intangible assets
12
2,268,044
2,481,011
Tangible assets
13
1,215,232
798,906
------------
------------
3,483,276
3,279,917
CURRENT ASSETS
Stocks
15
1,186,215
1,251,241
Debtors
16
2,698,418
2,557,868
Cash at bank and in hand
135,429
205,402
------------
------------
4,020,062
4,014,511
CREDITORS: amounts falling due within one year
17
3,613,235
3,576,649
------------
------------
NET CURRENT ASSETS
406,827
437,862
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,890,103
3,717,779
CREDITORS: amounts falling due after more than one year
18
239,530
211,613
PROVISIONS
20
192,046
168,506
------------
------------
NET ASSETS
3,458,527
3,337,660
------------
------------
CAPITAL AND RESERVES
Called up share capital
23
300
300
Share premium account
24
1,799,833
Revaluation reserve
24
106,778
56,778
Profit and loss account
24
3,351,449
1,480,749
------------
------------
SHAREHOLDERS FUNDS
3,458,527
3,337,660
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr J Irwin
Director
Company registration number: 13232832
SILVANITO HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
FIXED ASSETS
Investments
14
3,317,764
2,551,004
CURRENT ASSETS
Debtors
16
1,424,057
95,641
Cash at bank and in hand
5,062
------------
--------
1,429,119
95,641
CREDITORS: amounts falling due within one year
17
1,860,388
276,512
------------
---------
NET CURRENT LIABILITIES
431,269
180,871
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,886,495
2,370,133
------------
------------
CAPITAL AND RESERVES
Called up share capital
23
300
300
Share premium account
24
1,799,833
Profit and loss account
24
2,886,195
570,000
------------
------------
SHAREHOLDERS FUNDS
2,886,495
2,370,133
------------
------------
The profit for the financial year of the parent company was £ 516,362 (2023: £ 930,000 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr J Irwin
Director
Company registration number: 13232832
SILVANITO HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 29 FEBRUARY 2024
Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total
£
£
£
£
£
AT 1 MARCH 2022
300
1,799,833
56,778
727,682
2,584,593
Profit for the year
933,067
933,067
----
------------
--------
---------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
933,067
933,067
Dividends paid and payable
11
( 180,000)
( 180,000)
----
------------
--------
---------
------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 180,000)
( 180,000)
AT 28 FEBRUARY 2023
300
1,799,833
56,778
1,480,749
3,337,660
Profit for the year
70,867
70,867
Other comprehensive income for the year:
Revaluation of assets
50,000
50,000
Cancellation of share premium
( 1,799,833)
1,799,833
----
------------
--------
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 1,799,833)
50,000
1,870,700
120,867
----
------------
---------
------------
------------
AT 29 FEBRUARY 2024
300
106,778
3,351,449
3,458,527
----
------------
---------
------------
------------
SILVANITO HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 29 FEBRUARY 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
AT 1 MARCH 2022
300
1,799,833
( 180,000)
1,620,133
Profit for the year
930,000
930,000
----
------------
---------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
930,000
930,000
Dividends paid and payable
11
( 180,000)
( 180,000)
----
------------
---------
------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 180,000)
( 180,000)
AT 28 FEBRUARY 2023
300
1,799,833
570,000
2,370,133
Profit for the year
516,362
516,362
Other comprehensive income for the year:
Cancellation of share premium
( 1,799,833)
1,799,833
----
------------
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 1,799,833)
2,316,195
516,362
----
------------
------------
------------
AT 29 FEBRUARY 2024
300
2,886,195
2,886,495
----
------------
------------
------------
SILVANITO HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 29 FEBRUARY 2024
2024
2023
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the financial year
70,867
933,067
Adjustments for:
Depreciation of tangible assets
228,214
158,831
Amortisation of intangible assets
315,676
304,815
Interest payable and similar expenses
49,589
40,918
Gains on disposal of tangible assets
( 3,579)
Tax on profit
51,595
255,559
Accrued expenses
91,252
39,791
Changes in:
Stocks
65,026
( 203,553)
Trade and other debtors
98,309
( 371,061)
Trade and other creditors
( 211,290)
( 206,126)
---------
---------
Cash generated from operations
755,659
952,241
Interest paid
( 49,589)
( 40,918)
Tax paid
( 225,129)
( 232,201)
---------
---------
Net cash from operating activities
480,941
679,122
---------
---------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 544,344)
( 261,330)
Proceeds from sale of tangible assets
3,000
Purchase of intangible assets
( 23,000)
( 14,243)
Acquisition of subsidiaries
8,739
---------
---------
Net cash used in investing activities
( 555,605)
( 275,573)
---------
---------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
170,000
Repayments of borrowings
( 75,442)
( 310,366)
Payments of finance lease liabilities
80,133
Dividends paid
( 180,000)
---------
---------
Net cash from/(used in) financing activities
4,691
( 320,366)
---------
---------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
( 69,973)
83,183
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
205,402
122,219
---------
---------
CASH AND CASH EQUIVALENTS AT END OF YEAR
135,429
205,402
---------
---------
SILVANITO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
Silvanito Holdings Limited is a private company, limited by shares, incorporated in England & Wales, with registered number 13232832 . The address of the registered office is QICTrims Radclive Road, Gawcott, Buckingham, MK18 4BL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with 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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Silvanito Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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
Intellectual property
-
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold improvements
-
Between 17% and 33% straight line
Plant and machinery
-
Between 10% and 33% straight line
Fixtures and fittings
-
Between 20% and 33% straight line
Motor vehicles
-
Between 20% and 33% straight line
Equipment
-
Between 20% and 33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Business combinations
Business combinations are accounted for using the purchase method. The cost of a business combination is measured as the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination. Where control is achieved in stages, the cost of the business combination is the aggregate of the fair values of the assets given, liabilities incurred or assumed, and equity instruments issued at the date of each transaction in the series. Where the business combination requires an adjustment to the cost contingent on future events, the estimated amount of that adjustment is included in the cost of the combination at the acquisition date providing it is probable and can be measured reliably. Where it is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration is treated as an adjustment to the cost of the combination. If such expected future events do not occur, or the estimate needs to be revised, the cost of the business combination is adjusted accordingly. The unwinding of any discounting is recognised as a finance cost in profit or loss in the period it arises.
4. TURNOVER
Turnover arises from:
2024
2023
£
£
Sale of goods and services
13,685,973
15,166,264
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. OTHER OPERATING INCOME
2024
2023
£
£
Other operating income
829
----
----
6. OPERATING PROFIT
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
315,676
304,815
Depreciation of tangible assets
228,214
158,831
Gains on disposal of tangible assets
( 3,579)
Impairment of stocks
34,658
Impairment of trade debtors
85,973
66,481
Operating lease rentals
364
Foreign exchange differences
( 7,967)
6,789
---------
---------
7. STAFF COSTS
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
52
36
Administrative staff
45
42
Management staff
12
10
----
----
109
88
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,653,992
2,714,058
Social security costs
352,054
302,642
Other pension costs
81,915
59,923
------------
------------
4,087,961
3,076,623
------------
------------
8. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
489,500
431,943
Company contributions to defined contribution pension plans
11,476
36,000
---------
---------
500,976
467,943
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
4
4
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
132,000
132,000
Company contributions to defined contribution pension plans
9,000
9,000
---------
---------
141,000
141,000
---------
---------
9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Interest on banks loans and overdrafts
34,235
35,037
Interest on obligations under finance leases and hire purchase contracts
1,426
Other interest payable and similar charges
15,354
4,455
--------
--------
49,589
40,918
--------
--------
10. TAX ON PROFIT
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
28,055
225,129
Deferred tax:
Origination and reversal of timing differences
23,540
30,430
--------
---------
Tax on profit
51,595
255,559
--------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 24 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
122,462
1,188,626
---------
------------
Profit on ordinary activities by rate of tax
30,012
225,839
Effect of expenses not deductible for tax purposes
11,278
56,668
Effect of capital allowances and depreciation
41,646
( 13,858)
Utilisation of tax losses
919
R&D expenditure relief
( 22,204)
( 14,223)
Other adjustments
( 9,137)
214
---------
------------
Tax on profit
51,595
255,559
---------
------------
11. DIVIDENDS
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
180,000
----
---------
12. INTANGIBLE ASSETS
Group
Goodwill
Intellectual property
Total
£
£
£
Cost
At 1 March 2023
3,014,903
47,374
3,062,277
Additions
17,418
15,000
32,418
Acquisitions through business combinations
70,291
70,291
------------
--------
------------
At 29 February 2024
3,102,612
62,374
3,164,986
------------
--------
------------
Amortisation
At 1 March 2023
579,573
1,693
581,266
Charge for the year
312,773
2,903
315,676
------------
--------
------------
At 29 February 2024
892,346
4,596
896,942
------------
--------
------------
Carrying amount
At 29 February 2024
2,210,266
57,778
2,268,044
------------
--------
------------
At 28 February 2023
2,435,330
45,681
2,481,011
------------
--------
------------
The company has no intangible assets.
13. TANGIBLE ASSETS
Group
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Assets under construction
Total
£
£
£
£
£
£
Cost
At 1 Mar 2023
100,965
887,185
60,067
39,336
1,087,553
Additions
54,865
394,629
18,634
44,529
88,601
601,258
Disposals
( 5,994)
( 98,914)
( 17,078)
( 121,986)
Revaluations
50,000
50,000
---------
------------
--------
--------
--------
------------
At 29 Feb 2024
149,836
1,232,900
61,623
83,865
88,601
1,616,825
---------
------------
--------
--------
--------
------------
Depreciation
At 1 Mar 2023
52,414
209,378
21,188
5,667
288,647
Charge for the year
33,349
155,354
20,045
19,466
228,214
Disposals
( 5,993)
( 93,257)
( 16,018)
( 115,268)
---------
------------
--------
--------
--------
------------
At 29 Feb 2024
79,770
271,475
25,215
25,133
401,593
---------
------------
--------
--------
--------
------------
Carrying amount
At 29 Feb 2024
70,066
961,425
36,408
58,732
88,601
1,215,232
---------
------------
--------
--------
--------
------------
At 28 Feb 2023
48,551
677,807
38,879
33,669
798,906
---------
------------
--------
--------
--------
------------
The company has no tangible assets.
14. INVESTMENTS
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 March 2023
3,317,614
Additions
250,150
------------
At 29 February 2024
3,567,764
------------
Impairment
At 1 March 2023
766,610
Impairment losses
250,000
Reversal of impairment losses
( 766,610)
------------
At 29 February 2024
250,000
------------
Carrying amount
At 29 February 2024
3,317,764
------------
At 28 February 2023
2,551,004
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
QICTrims Limited
Ordinary
100
QIC Direct Limited
Ordinary
100
Heywood Williams Architectural Limited
Ordinary
100
SHS Balustrades & Handrails Limited
Ordinary
100
Argento Investments Limited
Ordinary
100
Steelcraft (NE) Limited
Ordinary
100
All subsidiary companies have the same year end as Silvanito Holdings Limited.
The registered office address of QICTrims Limited, QIC Direct Limited and Argento Investments Limited is QICTrims Radclive Road, Gawcott, Buckingham, MK18 4BL.
The registered office address of Heywood Williams Architectural Limited is Unit 2 Colne Bridge Business Park, Colne Bridge Road, Huddersfield, West Yorkshire, HD5 0RH.
The registered office address of SHS Balustrades & Handrails Limited is Unit E6/E7 West Point Middlemore Lane West, Aldridge, Walsall, WS9 8BG.
The registered office address of Steelcraft (NE) Limited is Unit 5 Alterman Wood Road, Tanfield South Industrial Estate, Tanfield Lea, County Durham, DH9 9XF.
15. STOCKS
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,186,215
1,251,241
------------
------------
----
----
16. DEBTORS
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,930,863
1,812,554
Amounts owed by group undertakings
1,423,828
95,412
Amounts owed by customers on construction contracts
123,485
87,878
Prepayments and accrued income
299,591
190,357
Other debtors
344,479
467,079
229
229
------------
------------
------------
--------
2,698,418
2,557,868
1,424,057
95,641
------------
------------
------------
--------
The group has on-going financing arrangement whereby it receives a proportion of the value of sales invoices in advance. Advances are disclosed in the balance sheet as current liabilities and the gross amount of the financial debtors is included in trade debtors.
17. CREDITORS: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
272,305
259,916
Trade creditors
1,951,595
1,566,515
Amounts owed to group undertakings
1,651,953
276,512
Accruals and deferred income
248,397
157,145
Corporation tax
28,055
225,129
Social security and other taxes
504,344
460,236
Amounts owed to customers on construction contracts
58,520
15,378
Obligations under finance leases and hire purchase contracts
37,506
Director loan accounts
197,406
243,121
158,435
Other creditors
315,107
649,209
50,000
------------
------------
------------
---------
3,613,235
3,576,649
1,860,388
276,512
------------
------------
------------
---------
The amounts due under invoice factoring, included within bank loans and overdrafts, are secured by a fixed and floating charge over the assets of specific companies within the group.
18. CREDITORS: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
196,903
211,613
Obligations under finance leases and hire purchase contracts
42,627
---------
---------
----
----
239,530
211,613
---------
---------
----
----
19. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
37,506
Later than 1 year and not later than 5 years
42,627
--------
----
----
----
80,133
--------
----
----
----
20. PROVISIONS
Group
Deferred tax (note 21)
£
At 1 March 2023
168,506
Charge against provision
23,540
---------
At 29 February 2024
192,046
---------
The company does not have any provisions.
21. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 20)
192,046
168,506
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
192,046
168,506
---------
---------
----
----
22. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 81,915 (2023: £ 59,923 ) .
At the year end the total amount due in respect of defined contribution pension schemes was £20,554 (2023: £10,545) and was included within other creditors.
23. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
300
300
300
300
----
----
----
----
24. RESERVES
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
25. ANALYSIS OF CHANGES IN NET DEBT
At 1 Mar 2023
Cash flows
At 29 Feb 2024
£
£
£
Cash at bank and in hand
205,402
(69,973)
135,429
Debt due within one year
(503,037)
(4,180)
(507,217)
Debt due after one year
(211,613)
(27,917)
(239,530)
---------
---------
---------
( 509,248)
( 102,070)
( 611,318)
---------
---------
---------
26. BUSINESS COMBINATIONS
Acquisition of trading subsidiaries
On 1 March 2023 the group acquired the entire share capital of Steelcraft (NE) Limited . Goodwill in relation to this acquisition is to be amortised over 10 years.
The fair value of consideration paid in relation to the acquisition of trading subsidiaries is as follows:
£
Cash
150
----
SILVANITO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 29 FEBRUARY 2024
26. BUSINESS COMBINATIONS (continued)
The fair value of amounts recognised at the acquisition date in relation to trading subsidiaries are as follows:
Fair value
£
Tangible assets acquired
56,914
Intangible assets acquired
9,418
Stocks acquired
34,248
Trade debtors acquired
37,428
Other debtors acquired
201,431
Cash and cash equivalents acquired
8,889
Trade creditors assumed
( 86,778)
Other creditors assumed
( 331,691)
---------
( 70,141)
---------
27. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
570,048
540,090
Later than 1 year and not later than 5 years
2,078,639
2,186,010
Later than 5 years
493,493
405,845
------------
------------
----
----
3,142,180
3,131,945
------------
------------
----
----
28. RELATED PARTY TRANSACTIONS
Group
During the year to 29 February 2024 the group charged management fees of £132,000 (2023: £97,000) to/from companies under common control. During the year to 29 February 2024 the group received loans from directors totalling £53,435 (2023: £169,000), made repayments against loans to directors totalling £102,031 (2023: £91,031) and was charged interest on loans from directors of £2,880 (2023: £4,543). Directors also received dividends from the group totalling £Nil (2023: £180,000). As at the balance sheet date amounts due to companies under common control totalled £50,000 (2023: £50,000) and amounts due from companies under common control totalled £Nil (2023: £296,993). As at the balance sheet date amounts due to directors from the group totalled £197,406 (2023: £243,121).
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 735,254 (2023: £ 682,309 ) .
Company
The company has taken advantage of the provisions in FRS102 not to disclose transactions and balances with other companies within a 100% owned group.
29. CONTROLLING PARTY
The ultimate controlling party is considered to be Mr J Irwin , by virtue of his majority shareholding.