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Registered number: 14981560










SILVERBATON HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2024

 
SILVERBATON HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
M Castro Zappa (appointed 2 October 2023)
E D Lawal (appointed 26 September 2023)
O Okeya (appointed 5 July 2023)
I Olavarria Freire (appointed 2 October 2023)
R R Steytler (appointed 2 October 2023)




Company secretary
O Okeya



Registered number
14981560



Registered office
128 City Road

London

EC1V 2NX




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Jesmond

Newcastle upon Tyne

NE2 1QP





 
SILVERBATON HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10 - 11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 41


 
SILVERBATON HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

Introduction
 
The Directors present the strategic report for the period ended 30 April 2024.
The Group views its principal activities to be provision of specialised printing, print management and software solutions for businesses primarily in the healthcare sector. The business also provides specific print and digital products for child health and maternity units.

Business review
 
On 28 September 2023 Silverbaton Capital Limited, a subsidiary of Silverbaton Holdings Limited, acquired Harlow Printing Limited. These consolidated financial statement therefore reflect 7 months of the full year of the trading company being incorporated into the Group accounts from the date of acquisition. Trading for the period followed long-term trends and the Directors are optimistic for the future of the Group.
During the period the Group reported revenue of £7.49m and EBITDA of £1.02m. The Directors found the performance of the business during the period satisfactory. 
Since the date of acquistion of Harlow Printing Limited, the Group continued to expand into new markets and expand the range of services provided to customers. During the last quarter of the financial year, the business secured contract awards across new and established markets. The positive effect of these are expected to reflect in the next financial year as mobilisation of these contracts progress.

Principal risks and uncertainties
 
Market and competition risk
The Group is exposed to the risk that customers may seek to obtain services it provides elsewhere or shift to a digital alternative. However, services offered by the business is increasingly diversified and the Directors are confident that the Group is innovating and adjusting to challenges to ensure it adapts accordingly.
Macro-economic pressures
The Group is exposed to inflationary pressures in its cost base. To retain margins and attract customers, the business continues to innovate, review pricing and optimise processes and procedures.
Financial risk management
The Group’s activities expose it to financial risks that include liquidity and cash flow risk. Additionally, the Group has exposure to changes in interest rate fluctuations. The Directors monitor these on a regular basis through cash flow modelling and forecasting. 
Staff retention and recruitment
To recruit and retain staff, pay rates and benefits are periodically reviewed and adjusted where needed. The Group is exposed to increases in national minimum wages and plans accordingly to continue to improve processes to dampen the effect of the wage cost increases.
Contract risk
The Group has a number of contracts with customers. The Group focuses on retaining these contracts and regularly reviews internal resources to ensure sufficient levels are available to meet contractual obligations. 

Page 1

 
SILVERBATON HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Financial key performance indicators
 
The Directors have developed a wide range of financial and non-financial metrics to monitor the performance of the business.  The primary financial metrics are sales and gross margin. Due to the shorter reporting period this financial year following the purchase of Harlow Printing, comparatives are not included for the consolidated financial statements. The financial key performance indicators for the period show sales of £7.49m and gross profit percentage of 48.1%.


This report was approved by the board on 22 January 2025 and signed on its behalf.



E D Lawal
Director

Page 2

 
SILVERBATON HOLDINGS 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:

M Castro Zappa (appointed 2 October 2023)
E D Lawal (appointed 26 September 2023)
O Okeya (appointed 5 July 2023)
I Olavarria Freire (appointed 2 October 2023)
R R Steytler (appointed 2 October 2023)

Results and dividends

The loss for the period, after taxation, amounted to £65,413.

The directors do not recommend the payment of a dividend in respect of the period ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The Group will seek to nurture deeper partnerships with new and existing customers to further the development of our products and services. We seek to maintain our leading position within the specialist healthcare market. We will also continue to innovate for new products in the specialist areas of child health and maternity.

Page 3

 
SILVERBATON HOLDINGS 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group 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 22 January 2025 and signed on its behalf.
 





E D Lawal
Director

Page 4

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

Opinion


We have audited the financial statements of Silverbaton Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit 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 Group 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 Group's or the parent 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 5

 
SILVERBATON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVERBATON HOLDINGS 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 6

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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group 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 Group 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 Group, including the Companies Act 2006
 and taxation 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 Group’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.

 
Page 7

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


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; 
• reading the minutes of meetings of those charged with governance;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.


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.


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 Auditors
  
32 Portland Terrace
Jesmond
Newcastle upon Tyne
NE2 1QP

22 January 2025
Page 8

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

2024
Note
£

  

Turnover
 4 
7,493,723

Cost of sales
  
(3,886,606)

Gross profit
  
3,607,117

Distribution costs
  
(200,438)

Administrative expenses
  
(2,866,750)

Other operating income
  
5

Operating profit
 5 
539,934

Interest receivable and similar income
 8 
10,088

Interest payable and similar expenses
 9 
(434,000)

Profit before taxation
  
116,022

Tax on profit
 10 
(181,435)

(Loss)/profit for the financial period
  
(65,413)

(Loss) for the period attributable to:
  

Owners of the parent Company
  
(65,413)

  
(65,413)

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

There was no other comprehensive income for 2024.

The notes on pages 18 to 41 form part of these financial statements.

Page 9

 
SILVERBATON HOLDINGS LIMITED
REGISTERED NUMBER: 14981560

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
Note
£

Fixed assets
  

Intangible assets
 11 
4,416,397

Tangible assets
 12 
3,296,672

  
7,713,069

Current assets
  

Stocks
 14 
1,340,895

Debtors: amounts falling due within one year
 15 
2,015,739

Cash at bank and in hand
 16 
1,812,305

  
5,168,939

Creditors: amounts falling due within one year
 17 
(3,243,326)

Net current assets
  
 
 
1,925,613

Total assets less current liabilities
  
9,638,682

Creditors: amounts falling due after more than one year
 18 
(5,376,667)

Provisions for liabilities
  

Deferred taxation
 21 
(355,261)

  
 
 
(355,261)

Net assets
  
3,906,754


Capital and reserves
  

Called up share capital 
 22 
3,932,849

Share premium account
 23 
39,318

Profit and loss account
 23 
(65,413)

Equity attributable to owners of the parent Company
  
3,906,754

  
3,906,754


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2025.




E D Lawal
Director

The notes on pages 18 to 41 form part of these financial statements.
Page 10

 
SILVERBATON HOLDINGS LIMITED
REGISTERED NUMBER: 14981560
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


Page 11

 
SILVERBATON HOLDINGS LIMITED
REGISTERED NUMBER: 14981560

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
Note
£

Fixed assets
  

Investments
 13 
630,002

  
630,002

Current assets
  

Debtors: amounts falling due within one year
 15 
3,345,355

Cash at bank and in hand
 16 
8,006

  
3,353,361

Creditors: amounts falling due within one year
 17 
(33,210)

Net current assets
  
 
 
3,320,151

Total assets less current liabilities
  
3,950,153

  

  

Net assets
  
3,950,153


Capital and reserves
  

Called up share capital 
 22 
3,932,849

Share premium account
 23 
39,318

Loss/(profit) for the period

  

(22,014)

Profit and loss account carried forward
  
(22,014)

  
3,950,153


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2025.




E D Lawal
Director

The notes on pages 18 to 41 form part of these financial statements.

Page 12

 
SILVERBATON HOLDINGS LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


Comprehensive income for the period

Loss for the period
-
-
(65,413)
(65,413)
(65,413)

Shares issued during the period
3,932,849
39,318
-
3,972,167
3,972,167


At 30 April 2024
3,932,849
39,318
(65,413)
3,906,754
3,906,754

The notes on pages 18 to 41 form part of these financial statements.

Page 13

 
SILVERBATON HOLDINGS LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Loss for the period
-
-
(22,014)
(22,014)

Shares issued during the period
3,932,849
39,318
-
3,972,167


At 30 April 2024
3,932,849
39,318
(22,014)
3,950,153

The notes on pages 18 to 41 form part of these financial statements.

Page 14

 
SILVERBATON HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2024

2024
£

Cash flows from operating activities

Profit for the financial period
(65,413)

Adjustments for:

Amortisation of intangible assets
278,670

Depreciation of tangible assets
196,396

Profit on disposal of tangible assets
(11,290)

Interest paid
594,568

Interest received
(10,088)

Taxation charge
181,435

Increase in stocks
(1,340,895)

Increase in debtors
(2,015,739)

Increase in creditors
2,057,267

Corporation tax paid
(339,804)

Adjustment for working capital on acquistion of subsidiaries
1,321,892

Net cash generated from operating activities

846,999


Cash flows from investing activities

Purchase of tangible fixed assets
(131,787)

Sale of tangible fixed assets
21,227

Interest received
10,088

Net cash outflow on acquisition of subsidiaries
(7,979,306)

Net cash from investing activities

(8,079,778)
Page 15

 
SILVERBATON HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024


2024

£



Cash flows from financing activities

Issue of ordinary and preferred shares for cash
3,342,417

New secured loans
6,136,667

Interest paid
(434,000)

Net cash used in financing activities
9,045,084

Net increase in cash and cash equivalents
1,812,305

Cash and cash equivalents at the end of period
1,812,305


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
1,812,305

1,812,305


The notes on pages 18 to 41 form part of these financial statements.

Page 16

 
SILVERBATON HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 APRIL 2024




Cash flows
Acquisition and disposal of subsidiaries
At 30 April 2024
£

£

£

Cash at bank and in hand

(2,899,096)

4,711,401

1,812,305

Debt due after 1 year

(5,376,667)

-

(5,376,667)

Debt due within 1 year

(760,018)

-

(760,018)


(9,035,781)
4,711,401
(4,324,380)

The notes on pages 18 to 41 form part of these financial statements.

Page 17

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

1.


General information

Silverbaton Holdings Ltd is a private company limited by shares incorporated in England and Wales. It's company registration number is 14981560. The registered office is 128 City Road, London, United Kingdom, EC1V 2NX. The principal activity of the Company is that of a holding 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
These financial statements cover the period from incorporation on 5 July 2023 to 30 April 2024. 

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements are prepared under the going concern basis, as the company has the continued support from it's subsidiary companies in the group under it's control and it's stakeholders and the directors agree that the Company and Group will continue in operational existence for the foreseeable future.

Page 18

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 19

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

2.Accounting policies (continued)

 
2.6

Operating leases: the Group 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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

 
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 20

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

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 21

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

2.Accounting policies (continued)

 
2.13

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.

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

Depreciation is provided on the following basis:

Long-term leasehold property
-
straight line over length of lease
Short-term leasehold property
-
straight line over length of lease
Plant and machinery
-
12.5% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20%-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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the latest cost of purchase. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

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.

Page 22

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

2.Accounting policies (continued)

 
2.17

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

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.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group 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 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 Group'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
Page 23

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

2.Accounting policies (continued)


2.20
Financial instruments (continued)

residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

Page 24

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practices requires management to make estimates and judgements that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the period.
The following key sources of estimation uncertainty have been identified. 
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.
Stock provisioning
The value of finished good stocks has been reduced by a provision for slow-moving or obsolete stock. The provision applies assumptions based on the age and predicted future use of stock based on demand in the preceding twelve months.
Preference Shares
The directors consider that the classification of the Preference Shares as an equity instrument rather than a debt instrument is a significant judgment in applying accounting policies. The Preference Shares are redeemable at the option of the Company at the discretion of the directors, with no fixed redemption date, or in the event of sale or winding up of the Company. The Preference Dividends are also only payable on redemption of the shares or if a payment date is agreed by the directors. As the shares can only be redeemed at the option of the Company and there is no fixed redemption date, the directors have assessed the Preference Shares as an equity instrument on the basis that there is no obligation for them to be settled. 


4.


Turnover

The whole of the Group's turnover is attributable to the Group's principal activity. 


An analysis of turnover by class of business is as follows:


2024
£

United Kingdom
7,443,149

Rest of Europe
50,574

7,493,723


Page 25

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

5.


Operating profit

The operating profit is stated after charging:

2024
£

Exchange differences
6,709

Other operating lease rentals
34,855


6.


Auditors' remuneration

2024
£

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


7.


Employees

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


Group
2024
£


Wages and salaries
2,184,283

Social security costs
249,500

Cost of defined contribution scheme
97,093

2,530,876


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


        2024
            No.






Production
66



Sales and administration
54

120

The Company has no employees other than the directors, who did not receive any remuneration.
Page 26

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

8.


Interest receivable

2024
£


Other interest receivable
10,088

10,088


9.


Interest payable and similar expenses

2024
£


Bank interest payable
434,000

434,000


10.


Taxation


2024
£

Corporation tax


Current tax on profits for the year
305,808

Adjustments in respect of previous periods
1,946


307,754


Group taxation relief
(108,500)


199,254


Total current tax
199,254

Deferred tax


Origination and reversal of timing differences
(17,819)

Total deferred tax
(17,819)


Tax on profit
181,435
Page 27

 
SILVERBATON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
 
10.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

2024
£


Profit on ordinary activities before tax
116,022


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
29,006

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
50,901

Capital allowances for period in excess of depreciation
8,683

Adjustments to tax charge in respect of prior periods
1,946

Short-term timing difference leading to an increase (decrease) in taxation
2,766

Other timing differences leading to an increase (decrease) in taxation
29,048

Unrelieved tax losses carried forward
185,404

Group relief
(108,500)

Deferred tax charge (credit)
(17,819)

Total tax charge for the period
181,435


Factors that may affect future tax charges

There were no factors that may affect future tax charges. 

Page 28

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

11.


Intangible assets

Group




Development expenditure
Goodwill
Total

£
£
£



Cost


Additions
-
4,687,458
4,687,458


On acquisition of subsidiaries
7,609
-
7,609



At 30 April 2024

7,609
4,687,458
4,695,067



Amortisation


Charge for the period on owned assets
5,235
273,435
278,670



At 30 April 2024

5,235
273,435
278,670



Net book value



At 30 April 2024
2,374
4,414,023
4,416,397



Page 29

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

12.


Tangible fixed assets

Group






Long-term leasehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


Additions
98,024
-
24,780
-
8,983


Acquisition of subsidiary
1,856,763
17,911
1,391,437
51,411
53,696


Disposals
-
-
-
(11,179)
-



At 30 April 2024

1,954,787
17,911
1,416,217
40,232
62,679



Depreciation


Charge for the period on owned assets
11,984
14,042
143,526
5,885
20,959


Disposals
-
-
-
(1,242)
-



At 30 April 2024

11,984
14,042
143,526
4,643
20,959



Net book value



At 30 April 2024
1,942,803
3,869
1,272,691
35,589
41,720
Page 30

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

           12.Tangible fixed assets (continued)


Total

£



Cost or valuation


Additions
131,787


Acquisition of subsidiary
3,371,218


Disposals
(11,179)



At 30 April 2024

3,491,826



Depreciation


Charge for the period on owned assets
196,396


Disposals
(1,242)



At 30 April 2024

195,154



Net book value



At 30 April 2024
3,296,672




The net book value of land and buildings may be further analysed as follows:


2024
£

Long leasehold
1,942,803

Short leasehold
3,869

1,946,672


Page 31

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

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


Additions
630,002



At 30 April 2024
630,002





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Silverbaton Capital Limited
128 City Road, London, United Kingdom, EC1V 2NX.
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

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


14.


Stocks

Group
2024
£

Raw materials and consumables
289,321

Work in progress
212,120

Finished goods and goods for resale
839,454

1,340,895


Page 32

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

14.Stocks (continued)

Impairment losses totalling £53,122 were recognised in profit and loss during the period due to slow-moving and obsolete stock. 

Page 33

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

15.


Debtors

Group
Company
2024
2024
£
£


Trade debtors
1,891,137
-

Amounts owed by group undertakings
-
3,345,355

Prepayments and accrued income
124,602
-

2,015,739
3,345,355



16.


Cash and cash equivalents

Group
Company
2024
2024
£
£

Cash at bank and in hand
1,812,305
8,006

1,812,305
8,006



17.


Creditors: Amounts falling due within one year

Group
Company
2024
2024
£
£

Bank loans
760,000
-

Trade creditors
668,797
-

Amounts owed to group undertakings
-
25,000

Corporation tax
426,059
-

Other taxation and social security
387,140
-

Other creditors
75
-

Accruals and deferred income
1,001,255
8,210

3,243,326
33,210


Page 34

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

18.


Creditors: Amounts falling due after more than one year

Group
2024
£

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. 


19.


Loans


Analysis of the maturity of loans is given below:


Group
2024
£

Amounts falling due within one year

Bank loans
760,000

Amounts falling due 1-2 years

Bank loans
760,000

Amounts falling due 2-5 years

Bank loans
4,616,667


6,136,667


Page 35

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

20.


Financial instruments

Group
Company
2024
2024
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,015,739
3,345,355


Financial liabilities

Financial liabilities measured at amortised cost
7,305,101
33,210


Financial assets measured at fair value through profit or loss comprise trade debtors and other debtors. Within the company, financial assets also include amounts due from group undertakings. 


Financial liabilities measured at amortised cost within the group comprise trade creditors, accruals, other creditors and bank loans. Within the company, financial liabilities also include amounts due to group undertakings. 


21.


Deferred taxation


Group



2024


£






Charged to profit or loss
(355,261)



At end of year
(355,261)

Company


2024






At end of year
-



Group
2024
£

Accelerated capital allowances
(377,039)

Other timing differences
21,778

(355,261)

Page 36

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

22.


Share capital

2024
£
Allotted, called up and fully paid


17,022 Founder shares of £0.01 each
170
39,920 Ordinary shares of £0.01 each
399
3,932,280 Series A Preferred shares of £1.00 each
3,932,280

3,932,849


During the period, the company issued 17,022 Founder shares at a nominal value of £0.01 per share. These shares are non-redeemable and have full rights with respect to voting, dividends and distributions subject to the rights of the preferred shares. 
During the period, the company issued 39,920 Ordinary shares at a nominal value of £0.01 per share in exchange for consideration of £1.00 per share. The difference between the nominal value of the shares and the amount paid is credited to share premium. These shares are non-redeemable and have full rights with respect to voting, dividends and distributions subject to the rights of the preferred shares. 
During the period, the company issued 3,932,280 Series A Preferred shares at a nominal value of £1.00 per share. The preference shares carry a fixed cumulative dividend of 7% per annum and are redeemable at the sole discretion of the company at any time or on a sale or winding up of the company. The preferred shares do not carry voting rights. 

At 30 April 2024 there were arrears totalling £160,568 in respect of cumulative Preference dividends on the Series A Preferred shares of £1 each. As payment of the Preference dividends is at the discretion of the company, no amounts have been provided for in these financial statements in respect of these arrears.


23.


Reserves

Share premium account

This reserve includes all amounts paid for share capital in excess of it's stated nominal value.

Profit and loss account

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

Page 37

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

24.
 

Business combinations

On 28 September 2023 the group acquired 100% of the issued share capital of Silverbaton Capital Limited, which acquired 100% of the issued share capital of Harlow Printing Limited on the same date.

Acquisition of Silverbaton Capital Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value
£
£

Fixed Assets

Tangible
590
590

590
590

Current Assets

Debtors
2,702,918
2,702,918

Cash at bank and in hand
270,625
270,625

Total Assets
2,974,133
2,974,133

Creditors

Due within one year
(2,923,692)
(2,923,692)

Total Identifiable net assets
50,441
50,441


Goodwill
579,561

Total purchase consideration
630,002

Consideration

£


Cash
425,252

Equity instruments
204,750

Total purchase consideration
630,002

Page 38

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

24.Business combinations (continued)

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
425,252

425,252

Less: Cash and cash equivalents acquired
(270,625)

Net cash outflow on acquisition
154,627

Acquisition of Harlow Printing Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value
£
£

Fixed Assets

Tangible
3,394,504
3,394,504

Intangible
7,611
7,611

3,402,115
3,402,115

Current Assets

Stocks
1,594,158
1,594,158

Debtors
1,888,727
1,888,727

Cash at bank and in hand
4,440,776
4,440,776

Total Assets
11,325,776
11,325,776

Creditors

Due within one year
(2,370,135)
(2,370,135)

Deferred taxation
(373,080)
(373,080)

Total Identifiable net assets
8,582,561
8,582,561


Goodwill
4,107,896

Total purchase consideration
12,690,457

Page 39

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

24.Business combinations (continued)

Consideration

£


Cash
12,002,297

Equity instruments
425,000

Directly attributable costs
263,160

Total purchase consideration
12,690,457

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
12,002,297

Directly attributable costs
263,160

12,265,457

Less: Cash and cash equivalents acquired
(4,440,776)

Net cash outflow on acquisition
7,824,681


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £97,093. Contributions totalling £5,649 were payable to the fund at the balance sheet date and are included in other creditors. 


26.


Commitments under operating leases

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
2024
£

Not later than 1 year
248,340

Later than 1 year and not later than 5 years
785,111

1,033,451
Page 40

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

27.


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 period the Group paid rent of £115,889 to the Harlow Printing Limited Directors' Retirement Plan. The members of the retirement plan are directors and former directors of Harlow Printing Limited, a member of the group. At the period end the group owed £17,053 to the Harlow Printing Limited Directors' Retirement Plan.
Key management personnel 
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel. Total remuneration in respect of these individuals is £581,944.


28.


Controlling party

In the opinion of the directors, no individual member has outright control of the group. 

Page 41