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Registration number: NI641956

Silverford Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Silverford Holdings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Silverford Holdings Ltd

Company Information

Directors

Mrs Caroline Meeke

Mr Barry Meeke

Registered office

Silverford House
114 Bush Road
Dungannon
Co Tyrone
BT71 6QG

Solicitors

CT McAlpine
12 Northland Row
Dungannon
Co Tyrone
BT71 6AT

Accountants

Anne Douglas Ltd
2 Killyman Street
Moy
Co Tyrone
BT71 7SJ

 

Silverford Holdings Ltd

(Registration number: NI641956)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,876

3,418

Investments

5

2,261,999

2,261,999

 

2,264,875

2,265,417

Current assets

 

Debtors

6

293,354

295,437

Cash at bank and in hand

 

1,101

1,892

 

294,455

297,329

Creditors: Amounts falling due within one year

7

(30,384)

(30,341)

Net current assets

 

264,071

266,988

Total assets less current liabilities

 

2,528,946

2,532,405

Provisions for liabilities

(414)

(367)

Net assets

 

2,528,532

2,532,038

Capital and reserves

 

Called up share capital

8

1,050

1,050

Share premium reserve

80,820

80,820

Retained earnings

2,446,662

2,450,168

Shareholders' funds

 

2,528,532

2,532,038

For the financial year ending 30 November 2023 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.

 

Silverford Holdings Ltd

(Registration number: NI641956)
Balance Sheet as at 30 November 2023

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 22 November 2024 and signed on its behalf by:
 

.........................................
Mr Barry Meeke
Director

 

Silverford Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Silverford House
114 Bush Road
Dungannon
Co Tyrone
BT71 6QG
Northern Ireland

These financial statements were authorised for issue by the Board on 22 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.

 

Silverford Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Furniture, fittings and equipment

15% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Silverford Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

 

Silverford Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Silverford Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

6,889

6,889

Disposals

(225)

(225)

At 30 November 2023

6,664

6,664

Depreciation

At 1 December 2022

3,471

3,471

Charge for the year

507

507

Eliminated on disposal

(190)

(190)

At 30 November 2023

3,788

3,788

Carrying amount

At 30 November 2023

2,876

2,876

At 30 November 2022

3,418

3,418

5

Investments

2023
£

2022
£

Investments in subsidiaries

2,261,999

2,261,999

Subsidiaries

£

Cost or valuation

At 1 December 2022

2,261,999

Provision

Carrying amount

At 30 November 2023

2,261,999

At 30 November 2022

2,261,999

 

Silverford Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

267,931

95,441

Prepayments

 

5,630

-

Other debtors

 

19,793

199,996

   

293,354

295,437

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

5,630

-

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

10

100

300

Taxation and social security

 

10,275

15,411

Accruals and deferred income

 

1,059

950

Other creditors

 

13,320

13,680

 

30,384

30,341

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1,050

1,050

1,050

1,050

       

9

Dividends

2023

2022

£

£

Interim dividend of £86.19 (2022 - £80.68) per ordinary share

90,500

84,710

 

 
 

Silverford Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

67,993

59,792