Silicon Wireless Limited 12222783 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of a holding company. Digita Accounts Production Advanced 6.30.9574.0 true 12222783 2023-10-01 2024-09-30 12222783 2024-09-30 12222783 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-09-30 12222783 core:CurrentFinancialInstruments 2024-09-30 12222783 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 12222783 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 12222783 bus:SmallEntities 2023-10-01 2024-09-30 12222783 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 12222783 bus:FilletedAccounts 2023-10-01 2024-09-30 12222783 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 12222783 bus:RegisteredOffice 2023-10-01 2024-09-30 12222783 bus:Director1 2023-10-01 2024-09-30 12222783 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12222783 countries:EnglandWales 2023-10-01 2024-09-30 12222783 2022-10-01 2023-09-30 12222783 2023-09-30 12222783 core:CurrentFinancialInstruments 2023-09-30 12222783 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 12222783 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 12222783

Prepared for the registrar

Silicon Wireless Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Silicon Wireless Limited

(Registration number: 12222783)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Other financial assets

4

7,020,288

2,465,876

Current assets

 

Debtors

5

405

-

Cash at bank and in hand

 

1,778

548

 

2,183

548

Creditors: Amounts falling due within one year

6

(33,379)

(7,627)

Net current liabilities

 

(31,196)

(7,079)

Total assets less current liabilities

 

6,989,092

2,458,797

Creditors: Amounts falling due after more than one year

6

-

(2,465,876)

Deferred tax liabilities

(1,749,252)

-

Net assets/(liabilities)

 

5,239,840

(7,079)

Capital and reserves

 

Called up share capital

548

548

Revaluation reserve

5,247,756

-

Profit and loss account

(8,464)

(7,627)

Shareholders' funds/(deficit)

 

5,239,840

(7,079)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 


A P J Claydon
Director

 

Silicon Wireless Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

1

General information

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

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT
United Kingdom

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

 

Silicon Wireless Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Borrowings

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

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

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

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Silicon Wireless Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

4

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Non-current financial assets

Cost or valuation

At 1 October 2023

2,465,876

Revaluations

4,554,412

At 30 September 2024

7,020,288

Impairment

Carrying amount

At 30 September 2024

7,020,288

 

5

Debtors

2024
£

2023
£

Other debtors

405

-

405

-

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

6,879

4,987

Accruals and deferred income

 

1,500

2,640

Other creditors

 

25,000

-

 

33,379

7,627

2024
£

2023
£

Due after one year

Other non-current financial liabilities

-

2,465,876

 

Silicon Wireless Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Director's loan account

6,879

4,987

 

8

Related party transactions

Other transactions with directors

At 30 September 2024 the company owed £6,879 (2023: £4,987) to a director in the form of a director's loan account. No interest was paid on this balance and there are no fixed terms for repayment.