Company registration number 13362558 (England and Wales)
SILVER BIRCH FINANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SILVER BIRCH FINANCE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
SILVER BIRCH FINANCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
2024
2023
Notes
$
$
$
$
Non-current assets
Property, plant and equipment
4
784
11,959
Current assets
Trade and other receivables
5
2,105,363
540,188
Cash and cash equivalents
398,633
523,766
2,503,996
1,063,954
Current liabilities
6
(585,371)
(401,713)
Net current assets
1,918,625
662,241
Total assets less current liabilities
1,919,409
674,200
Non-current liabilities
7
(11,214,428)
(8,125,402)
Net liabilities
(9,295,019)
(7,451,202)
Equity
Called up share capital
8
14
14
Retained earnings
(9,295,033)
(7,451,216)
Total equity
(9,295,019)
(7,451,202)

The notes on pages 3 to 8 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 December 2024 and are signed on its behalf by:
S Robson-Hanafin
Director
Company registration number 13362558 (England and Wales)
- 1 -
SILVER BIRCH FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
Share capital
Retained earnings
Total
$
$
$
Balance at 1 May 2022
14
(4,411,642)
(4,411,628)
Period ended 30 April 2023:
Loss and total comprehensive deficit for the year
-
(3,039,574)
(3,039,574)
Year ended 30 April 2024:
Loss and total comprehensive deficit for the year
-
(1,843,817)
(1,843,817)
Balance at 30 April 2024
14
(9,295,033)
(9,295,019)
- 2 -
SILVER BIRCH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
Company information

Silver Birch Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN. The place of business is 85 Gresham Street, London, England, EC2V 7NQ.

 

The principal activity of the business is included within the Directors' Report.

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 United States Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest United States Dollars.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts are prepared on a going concern basis notwithstanding the loss for the period and the excess of liabilities over assets at 30 April 2024.true

 

The company is still in its start-up phase whilst it develops its customer base. Consequently, the company has been dependent on the financial support of its parent undertaking to meet its initial operational costs. The directors are confident that this support will continue insofar as it is required and they remain confident that the company will grow and trade profitability in the future. The parent undertaking has continued to provide additional funding post year end to show its support for the ongoing operations of the company.

 

Consequently, based on this undertaking and the future plans and revenue streams of the company, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Revenue represents amounts due under contracted services to the extent that there is a right to the consideration. The company records the revenue at the fair value of the total consideration due to the extent that it can be estimated reliably.

 

Revenue is recognised when the company has met all of the obligations under the contract, the company accrues the revenue if it has not been invoiced by the balance sheet date.

- 3 -
SILVER BIRCH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

1.5
Impairment of non-current assets
- 4 -

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position 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 trade and other receivables 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.

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.

SILVER BIRCH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than United States Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the income statement.

 

- 5 -
SILVER BIRCH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition and accrued income

In making their judgement, the directors considered the criteria under FRS 102 for the recognition of services rendered by the company. In particular, regard was given for ensuring that the company had fulfilled all of their obligations for underlying contracts and that the directors could reliably estimate the revenue that would be received in the future in respect of variable consideration receivable.

 

 

3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Management
4
5
Administrative and support staff
12
11
Total
16
16
4
Property, plant and equipment
Plant and machinery
$
Cost
At 1 May 2023 and 30 April 2024
34,308
Depreciation
At 1 May 2023
22,349
Depreciation charged in the year
11,175
At 30 April 2024
33,524
Carrying amount
At 30 April 2024
784
At 30 April 2023
11,959
- 6 -
SILVER BIRCH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
$
$
Trade receivables
25,177
142,040
Amounts owed by group undertakings
76,555
44,988
Other receivables
2,003,631
353,160
2,105,363
540,188

Included within other receivables are retainers totalling $37,550 (2023: $35,395) which are due to be returned at the end of the license term.

 

6
Current liabilities
2024
2023
$
$
Trade payables
79,050
43,624
Taxation and social security
382,982
217,548
Other payables
123,339
140,541
585,371
401,713
7
Non-current liabilities
2024
2023
$
$
Amounts owed to parent undertaking
11,214,428
8,125,402

The loan from the parent company is repayable in 2026 and interest is being charged at 7.50% per annum from 1 May 2023, prior to this date interest was being charged at 2.50%. The loan balance includes accrued interest of $959,729 (2023: $246,695).

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of 1p each
1,000
1,000
14
14
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

- 7 -
SILVER BIRCH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Audit report information
(Continued)

Independence

We are independent of the Company 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.

Statutory Auditor:
BDO LLP
Date of audit report:
10 December 2024
10
Financial commitments, guarantees and contingent liabilities

The fair value of the companies obligations is approximately equal to their carrying amount.

 

The company has commitments for the license of office space. This agreement runs until 29 April 2025 and the company is committed to paying $225,298 over the term of the agreement (2023: $213,788).

 

11
Events after the reporting date

There have been no significant post balance sheet events.

 

12
Related party transactions

The company has taken advantage of the exemption in FRS102 paragraph 33.1A whereby it has not disclosed transactions with any wholly owned fellow group companies.

 

In the prior year, the group received additional funding from one of the shareholders of its parent undertaking to cover original set-up costs of $99,034, this was included as income within the statement of comprehensive income. There have been no such transactions in the current year.

 

13
Parent company

The parent company is Silver Birch Finance Holdings Limited.

There is no ultimate controlling party.

- 8 -
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