Caseware UK (AP4) 2024.0.164 2024.0.164 2024-04-302024-04-302022-11-01falseDuring the year the Company's principal activity was that of an intermediary aquisition entity for it's parent company.22falsefalsefalse 13709800 2022-11-01 2024-04-30 13709800 2021-10-28 2022-10-31 13709800 2024-04-30 13709800 2022-10-31 13709800 c:Director1 2022-11-01 2024-04-30 13709800 c:Director2 2022-11-01 2024-04-30 13709800 c:Director3 2022-11-01 2024-04-30 13709800 c:RegisteredOffice 2022-11-01 2024-04-30 13709800 d:OfficeEquipment 2022-11-01 2024-04-30 13709800 d:OfficeEquipment 2024-04-30 13709800 d:OfficeEquipment 2022-10-31 13709800 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2024-04-30 13709800 d:CurrentFinancialInstruments 2024-04-30 13709800 d:CurrentFinancialInstruments 2022-10-31 13709800 d:Non-currentFinancialInstruments 2024-04-30 13709800 d:Non-currentFinancialInstruments 2022-10-31 13709800 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 13709800 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 13709800 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 13709800 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 13709800 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 13709800 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 13709800 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 13709800 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 13709800 d:ShareCapital 2024-04-30 13709800 d:ShareCapital 2021-10-28 2022-10-31 13709800 d:ShareCapital 2022-10-31 13709800 d:RetainedEarningsAccumulatedLosses 2022-11-01 2024-04-30 13709800 d:RetainedEarningsAccumulatedLosses 2024-04-30 13709800 d:RetainedEarningsAccumulatedLosses 2021-10-28 2022-10-31 13709800 d:RetainedEarningsAccumulatedLosses 2022-10-31 13709800 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2024-04-30 13709800 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-10-31 13709800 c:OrdinaryShareClass1 2022-11-01 2024-04-30 13709800 c:OrdinaryShareClass1 2024-04-30 13709800 c:OrdinaryShareClass1 2022-10-31 13709800 c:FRS102 2022-11-01 2024-04-30 13709800 c:Audited 2022-11-01 2024-04-30 13709800 c:FullAccounts 2022-11-01 2024-04-30 13709800 c:PrivateLimitedCompanyLtd 2022-11-01 2024-04-30 13709800 d:Subsidiary1 2022-11-01 2024-04-30 13709800 d:Subsidiary1 1 2022-11-01 2024-04-30 13709800 6 2022-11-01 2024-04-30 13709800 e:PoundSterling 2022-11-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13709800










SILVERBATON CAPITAL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2024

 
SILVERBATON CAPITAL LIMITED
 
 
COMPANY INFORMATION


Directors
E D Lawal 
O Okeya 
M C Zappa 




Registered number
13709800



Registered office
128 City Road

London

EC1V 2NX




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditor

32 Portland Terrace

Jesmond

Newcastle upon Tyne

NE2 1QP





 
SILVERBATON CAPITAL LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 21


 
SILVERBATON CAPITAL LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

Introduction
 
The Directors present the strategic report for the period ended 30 April 2024.
The principal activity of the Company is to function as an intermediate holding entity within the Group structure, providing strategic and financial oversight. The Company enables effective resource allocation, reporting, and streamlined management across the Group, supporting the overall objectives of both the ultimate holding company and the trading subsidiary.

Business review
 
On 28 September 2023 Silverbaton Capital Limited acquired Harlow Printing Limited. Trading for the period followed long-term trends and the Directors are optimistic for the future of the Group.
The accounting period for Silverbaton Capital Limited was extended by 6 months to 30 April 2024, thus this report covers a period of 18 months.
During the period the company reported a loss of £968.5k, which was largely as a result of costs related to the financing of the acquistion of Harlow Printing Limited, including ongoing finance costs. A review of the Group's overall financial performance is included in the financial statements of the parent company Silverbaton Holdings Limited.

Principal risks and uncertainties
 
The Group’s activities expose it to financial risks that include liquidity and cash flow risk. Additionally, the Company has exposure to changes in interest rate fluctuations. The Directors monitor these on a regular basis through cash flow modelling and forecasting.

Financial key performance indicators
 
The Directors have developed a wide range of financial and non-financial metrics to monitor the performance of the group as a whole.  Details of the financial key performance indicators for the Group are included in the accounts of the parent company Silverbaton Holdings Limited. The directors do not review key perfomance indicators of this company as it is a non-trading intermediate holding company.


This report was approved by the board on 20 November 2024 and signed on its behalf.



E D Lawal
Director

Page 1

 
SILVERBATON CAPITAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

The directors present their report and the financial statements for the period ended 30 April 2024.

Directors

The directors who served during the period were:

E D Lawal 
O Okeya 
M C Zappa 

Results and dividends

The loss for the period, after taxation, amounted to £968,512 (2022 - loss £48,772).

The directors do not recommend the payment of a final dividend in respect of the period ended 30 April 2024 (31 October 2022 - £nil).

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Future developments

The Company will seek to maintain an efficient and effective structure that supports the Group's strategic objectives. The Company will continue to monitor opportunities for optimising resource allocation, governance practices, and financial management, ensuring alignment with the growth and operational priorities of the Group. No major changes in the Company’s role or structure are anticipated, though it remains committed to adapting as necessary to meet evolving Group requirements.

Page 2

 
SILVERBATON CAPITAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 November 2024 and signed on its behalf.
 





E D Lawal
Director

Page 3

 
SILVERBATON CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVERBATON CAPITAL LIMITED
 

Opinion


We have audited the financial statements of Silverbaton Capital Limited (the 'Company') for the period ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Company's affairs as at 30 April 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 4

 
SILVERBATON CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVERBATON CAPITAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Opinion 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 period 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 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 set out on page 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SILVERBATON CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVERBATON CAPITAL LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


The extent to which the audit was considered capable of detecting irregularities including fraud
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:

• the Responsible Individual ensured that the engagement team collectively had the appropriate 
 competence, capabilities and skills to identify or recognise non-compliance with applicable laws and
 regulations;
• we identified the laws and regulations applicable to the Company through discussions with directors and 
 other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on 
 the financial statements or the operations of the Company, including the Companies Act 2006, taxation 
 legislation and employment legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making 
 enquiries of management; and
• we ensured that the identified laws and regulations were communicated within the audit team and the 
 team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -
• making enquiries of management as to where they considered there was susceptibility to fraud and
 their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and 
 regulations.
To address the risk of fraud through management bias and override of controls, we: -
• performed analytical procedures to identify any unusual or unexpected relationships; and
• tested journal entries to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Page 6

 
SILVERBATON CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVERBATON CAPITAL LIMITED (CONTINUED)



A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Other matters 
 

In the previous accounting period the company was entitled to exemption from audit under s477 of the Companies Act 2006. Therefore the prior period financial statements were not subject to audit, meaning the comparative information in these financial statements has not been audited.


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 2006Our 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 Auditors' 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.





Michael Parry (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditor
  
32 Portland Terrace
Jesmond
Newcastle upon Tyne
NE2 1QP

20 November 2024
Page 7

 
SILVERBATON CAPITAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024

18 months ended 30 April 2024
12 months ended 31 October 2022
Note
£
£

  

Administrative expenses
  
(534,517)
(48,751)

Other operating income
  
5
-

Operating loss
 4 
(534,512)
(48,751)

Interest payable and similar expenses
 8 
(434,000)
(21)

Loss before tax
  
(968,512)
(48,772)

Tax on loss
  
-
-

Loss for the financial period
  
(968,512)
(48,772)

There were no recognised gains and losses for 2024 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2022:£NIL).

The notes on pages 11 to 21 form part of these financial statements.

Page 8

 
SILVERBATON CAPITAL LIMITED
REGISTERED NUMBER: 13709800

BALANCE SHEET
AS AT 30 APRIL 2024

30 April
31 October
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
590
1,244

Investments
 10 
12,690,458
-

  
12,691,048
1,244

Current assets
  

Debtors: amounts falling due within one year
 11 
320
320

Cash at bank and in hand
 12 
1,348
381,274

  
1,668
381,594

Creditors: amounts falling due within one year
 13 
(7,913,331)
(11,608)

Net current (liabilities)/assets
  
 
 
(7,911,663)
 
 
369,986

Total assets less current liabilities
  
4,779,385
371,230

Creditors: amounts falling due after more than one year
 14 
(5,376,667)
-

  

Net (liabilities)/assets
  
(597,282)
371,230


Capital and reserves
  

Called up share capital 
 17 
420,002
420,002

Profit and loss account
 18 
(1,017,284)
(48,772)

  
(597,282)
371,230


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 November 2024.




E D Lawal
Director

The notes on pages 11 to 21 form part of these financial statements.

Page 9

 
SILVERBATON CAPITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Loss for the period
-
(48,772)
(48,772)

Shares issued during the period
420,002
-
420,002



At 1 November 2022
420,002
(48,772)
371,230


Comprehensive income for the period

Loss for the period
-
(968,512)
(968,512)


At 30 April 2024
420,002
(1,017,284)
(597,282)


The notes on pages 11 to 21 form part of these financial statements.

Page 10

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

Silverbaton Capital Ltd is a private company limited by shares, whis is incorporated in England and Wales (no 13709800). The registered office address is 128 City Road, London, EC1V 2NX. The principal activity of the Company in the period was that of a holding and acquistions company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The Company's functional and presentational currency is GBP.
The financial statements have been prepared for a period of 18 months, from 1 November 2022 to 30 April 2024, whereas the comparative figures presented for the prior year are for a period of 12 months from 1 November 2021 to 31 October 2022. As a result, the figures in the Profit and Loss account are not directly comparable.
As the Company is a subsidiary included in the consolidated financial statements of its parent company, it has taken the exemption from preparing an individual cash flow statement. A consolidated cash flow statement is presented in the financial statements of the parent company, which is publicly available. 

The following principal accounting policies have been applied:

 
2.2

Going concern

A review of the Company's business activities is provided within the strategic report, In addition, the strategic report discloses the Company's principal risks and uncertainties, including exposures to competitive, legislative and financial risk. The Company has the backing of it's parent company and it's shareholders and entitlement to income from it's subsidiary company which is profitable and has significant financial resources. The company had net current liabilities at the Balance Sheet date of £7,911,663, however the major creditors included in current liabilites are group companies and the directors of those companies have indicated that the amounts owed will not be repaid within twelve months of the date of approval of the financial statements. As a consequence the directors believe that with the support of the Group, the Company has sufficient financial resources to manage it's risks successfully and continue in existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of preparation for these accounts.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 11

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 12

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

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 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are
Page 13

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Investments
Investments are initially recognised at cost. At each reporting date these investments are assessed for impairment. Impairment is recognised throught the profit and loss in the year in which it relates. The carrying value of these investments represent the estimated fair market value of these investments at the reporting date.
Fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider matters such as future market conditions and the remaining estimated life of the asset to calculate their net present values. 

Page 14

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

4.


Operating loss

The operating loss is stated after charging:

2024
2022
£
£

Other operating lease rentals
420
2,544


5.


Auditors' remuneration

2024
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
4,700
-


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2022
£
£

Wages and salaries
164,764
32,308

Social security costs
12,376
-

Cost of defined contribution scheme
3,878
840

181,018
33,148


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2022
            No.
            No.







Employees
2
2

Page 15

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

7.


Directors' remuneration

2024
2022
£
£

Directors' emoluments
136,753
32,308

Company contributions to defined contribution pension schemes
3,500
840

140,253
33,148


During the period retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


8.


Interest payable and similar expenses

2024
2022
£
£


Bank interest payable
434,000
-

Other loan interest payable
-
21

434,000
21

Page 16

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

9.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 November 2022
1,856


Additions
329



At 30 April 2024

2,185



Depreciation


At 1 November 2022
612


Charge for the period on owned assets
983



At 30 April 2024

1,595



Net book value



At 30 April 2024
590



At 31 October 2022
1,244


10.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


Additions
12,690,458



At 30 April 2024
12,690,458




Page 17

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Harlow Printing Limited
Maxwell Street, South Shields, NE33 4PU.
Ordinary
100%


11.


Debtors

30 April
31 October
2024
2022
£
£


Prepayments and accrued income
320
320

320
320



12.


Cash and cash equivalents

30 April
31 October
2024
2022
£
£

Cash at bank and in hand
1,348
381,274

1,348
381,274



13.


Creditors: Amounts falling due within one year

30 April
31 October
2024
2022
£
£

Bank loans
760,000
-

Amounts owed to group undertakings
7,150,006
-

Other taxation and social security
-
9,980

Other creditors
75
491

Accruals and deferred income
3,250
1,137

7,913,331
11,608


Page 18

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

14.


Creditors: Amounts falling due after more than one year

30 April
31 October
2024
2022
£
£

Bank loans
5,376,667
-

5,376,667
-


Both bank loans are secured by a fixed and floating charge over all of the property and assets of the group. Interest is charged at 5.95% and 6.95% for each loan plus the higher of SONIA (Sterling Overnight Index Average) or 0.25%. The loans are repayable by September 2028. 


15.


Loans


Analysis of the maturity of loans is given below:


30 April
31 October
2024
2022
£
£

Amounts falling due within one year

Bank loans
760,000
-


760,000
-

Amounts falling due 1-2 years

Bank loans
760,000
-


760,000
-

Amounts falling due 2-5 years

Bank loans
4,616,667
-


4,616,667
-


6,136,667
-


Page 19

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

16.


Financial instruments

30 April
31 October
2024
2022
£
£



Financial liabilities


Financial liabilities measured at amortised cost
13,289,998
1,628


Financial liabilities measured at amortised cost comprise, accruals, other creditors, bank loans and amounts owed to group entities. 


17.


Share capital

30 April
31 October
2024
2022
£
£
Allotted, called up and fully paid



420,002 (2022 - 420,002) Ordinary shares of £1.00 each
420,002
420,002



18.


Reserves

Profit and loss account

This reserve includes all current and prior period retained profit and losses.


19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company  in an independently administered fund. The pension cost charge
represents contributions payable by the Company  to the fund and amounted to £3,878 (2022 - £840) .
Contributions totalling £nil (2022 - £147) were payable to the fund at the balance sheet date and
are included in creditors.


20.


Related party transactions

As permitted by Section 33 of FRS 102, transactions or balances between the company and its wholly owned subsidiaries have not been disclosed.
During the year the Company paid £59,000 to Wentmoor Ltd a company related through common directorship.
During the year the Company paid £59,000 to OBA-AOA Limited a company related through common directorship.

Page 20

 
SILVERBATON CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

21.


Controlling party

The Company's immediate and ultimate parent is Silverbaton Holdings Limited, a company registered in England and Wales. The smallest and largest group in which the results of the company are consolidated is that headed by Silverbaton Holdings Limited. Group financial statements are available at 128 City Road, London, United Kingdom, EC1V 2NX.

 
Page 21