Company Registration No. NI027562 (Northern Ireland)
SILVER-LINING DESIGN LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SILVER-LINING DESIGN LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SILVER-LINING DESIGN LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr James Brian Adam
Mrs Jean Alcie Adam
Mrs Gillian Bradley
Company secretary
Mrs Gillian Bradley
Company number
NI027562
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
5 Cranley Avenue
Bangor
Co Down
BT19 7BY
Bankers
Ulster Bank Limited
75 Main Street
Bangor
Co. Down
BT20 5AL
Solicitors
Russells Solicitors
11 Lower Mary Street
Newtownards
BT23 4JJ
SILVER-LINING DESIGN LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,969
104,404
Current assets
Stocks
4
3,988
2,974
Debtors
5
8,324
398,424
Cash at bank and in hand
785,221
124,551
797,533
525,949
Creditors: amounts falling due within one year
6
(286,056)
(196,223)
Net current assets
511,477
329,726
Total assets less current liabilities
576,446
434,130
Provisions for liabilities
7
(64,000)
(45,700)
Net assets
512,446
388,430
Called up share capital
9
10,000
10,000
Profit and loss reserves
502,446
378,430
Total equity
512,446
388,430
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
SILVER-LINING DESIGN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
Directors' statement in respect of the finanical statements
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in accordance with section 476 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and Financial Reporting Standard FRS 102 1A - Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr James Brian Adam
..............................
Mr James Brian Adam
Director
Company Registration No. NI027562
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
SILVER-LINING DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Silver-Lining Design Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Pilots View, Heron Road, Belfast, BT3 9LE. The business address is 5 Cranley Avenue, Bangor, Co. Down, BT19 7BY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the total invoice value of services rendered during the year. The company is exempt from value added tax. The company trades solely within Northern Ireland.
1.3
Tangible fixed assets
All tangible fixed assets are initially recorded at historical cost. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off cost or valuation, less estimated residual value, of each asset systematically over its expected useful life, as follows:
Land & buildings
4% straight line
Equipment
20% straight line
Furnishings
10% straight line
Motor vehicles
25% reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
SILVER-LINING DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Pensions
The company operates a defined contribution scheme. Pension contributions in respect of the scheme for employees are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets are held separately from those of the company in an independently administered fund. Differences between the amounts charged in the profit and loss account and payments made to pension funds are treated as assets or liabilities.
1.8
Shares are included in shareholders' funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
1.9
Dividends
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the directors.
SILVER-LINING DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
32
31
3
Tangible fixed assets
Land & buildings
Equipment
Furnishings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
919,148
95,898
167,020
3,800
1,185,866
Disposals
(3,800)
(3,800)
At 31 March 2024
919,148
95,898
167,020
1,182,066
Depreciation and impairment
At 1 April 2023
821,105
91,803
165,856
2,698
1,081,462
Depreciation charged in the year
36,720
1,416
197
207
38,540
Eliminated in respect of disposals
(2,905)
(2,905)
At 31 March 2024
857,825
93,219
166,053
1,117,097
Carrying amount
At 31 March 2024
61,323
2,679
967
64,969
At 31 March 2023
98,043
4,095
1,164
1,102
104,404
4
Stocks
2024
2023
£
£
Consumable stock
3,988
2,974
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,161
4,162
Prepayments and accrued income
4,163
3,251
8,324
7,413
SILVER-LINING DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by related parties
391,012
Total debtors
8,324
398,425
6
Creditors: amounts falling due within one year
2024
2023
£
£
Directors current account
25,023
51,812
Trade creditors
14,677
13,848
Corporation tax
204,549
91,786
Other taxation and social security
12,536
6,832
Accruals and deferred income
29,271
31,945
286,056
196,223
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
64,000
45,700
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
64,000
45,700
2024
Movements in the year:
£
Liability at 1 April 2023
45,700
Charge to profit or loss
18,300
Liability at 31 March 2024
64,000
SILVER-LINING DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Deferred taxation
(Continued)
- 8 -
The deferred tax liability set out above relates to accelerated capital allowances.
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
10,000
10,000
10
Financial commitments, guarantees and contingent liabilities
The company had no financial commitments as at 31 March 2024 or 31 March 2023 .
11
Capital commitments
The company had no capital commitments as at 31 March 2024 or 31 March 2023 .
12
Control
The directors control the company.
13
Related party transactions
The balance on the directors' loan account amounted to £25,023 (2023: £51,812) and is included in creditors due within one year. No interest is charged on this loan.
During the year, there were transactions between the company and a related party. As at 31 March 2024 , the balance owed from related party amounted to £Nil (2023: £391,012). No interest was charged on this loan. During the year £391,012 was written off the related party loan as was deemed not recoverable.
2024-03-312023-04-01false14 November 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr James Brian AdamMrs Jean Alcie AdamMrs Gillian BradleyMrs Gillian BradleyfalsefalseNI0275622023-04-012024-03-31NI027562bus:Director12023-04-012024-03-31NI027562bus:Director22023-04-012024-03-31NI027562bus:CompanySecretaryDirector12023-04-012024-03-31NI027562bus:CompanySecretary12023-04-012024-03-31NI027562bus:Director32023-04-012024-03-31NI027562bus:Agent12023-04-012024-03-31NI0275622024-03-31NI0275622023-03-31NI027562core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-31NI027562core:PlantMachinery2024-03-31NI027562core:FurnitureFittings2024-03-31NI027562core:MotorVehicles2024-03-31NI027562core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-31NI027562core:PlantMachinery2023-03-31NI027562core:FurnitureFittings2023-03-31NI027562core:MotorVehicles2023-03-31NI027562core:CurrentFinancialInstruments2024-03-31NI027562core:CurrentFinancialInstruments2023-03-31NI027562core:ShareCapital2024-03-31NI027562core:ShareCapital2023-03-31NI027562core:RetainedEarningsAccumulatedLosses2024-03-31NI027562core:RetainedEarningsAccumulatedLosses2023-03-31NI027562core:ShareCapitalOrdinaryShares2024-03-31NI027562core:ShareCapitalOrdinaryShares2023-03-31NI027562core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-31NI027562core:PlantMachinery2023-04-012024-03-31NI027562core:FurnitureFittings2023-04-012024-03-31NI027562core:MotorVehicles2023-04-012024-03-31NI0275622022-04-012023-03-31NI027562core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-31NI027562core:PlantMachinery2023-03-31NI027562core:FurnitureFittings2023-03-31NI027562core:MotorVehicles2023-03-31NI0275622023-03-31NI027562core:Non-currentFinancialInstruments2024-03-31NI027562core:Non-currentFinancialInstruments2023-03-31NI027562core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31NI027562core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31NI027562bus:OrdinaryShareClass12023-04-012024-03-31NI027562bus:OrdinaryShareClass12024-03-31NI027562bus:PrivateLimitedCompanyLtd2023-04-012024-03-31NI027562bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31NI027562bus:FRS1022023-04-012024-03-31NI027562bus:AuditExemptWithAccountantsReport2023-04-012024-03-31NI027562bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP