Registered number:
FOR THE PERIOD ENDED 30 APRIL 2024
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SILVERBATON CAPITAL LIMITED
COMPANY INFORMATION
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SILVERBATON CAPITAL LIMITED
CONTENTS
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SILVERBATON CAPITAL LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024
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.
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.
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.
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.
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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.
The directors who served during the period were:
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).
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
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SILVERBATON CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
There have been no significant events affecting the Company since the year end.
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SILVERBATON CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVERBATON CAPITAL LIMITED
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 policies. The 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).
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.
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.
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SILVERBATON CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVERBATON CAPITAL LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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SILVERBATON CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVERBATON CAPITAL LIMITED (CONTINUED)
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.
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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.
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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
32 Portland Terrace
Jesmond
NE2 1QP
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SILVERBATON CAPITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024
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SILVERBATON CAPITAL LIMITED
REGISTERED NUMBER: 13709800
BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 21 form part of these financial statements.
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SILVERBATON CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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
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:
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.
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (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:
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.
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
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (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.
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.
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Profit and loss account
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.
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SILVERBATON CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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.
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