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Company No: 08510471 (England and Wales)

SILKE LONDON LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SILKE LONDON LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SILKE LONDON LTD

COMPANY INFORMATION

For the financial year ended 30 April 2024
SILKE LONDON LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Chrisoulla Sotiriou
Maria Sotiriou
REGISTERED OFFICE 45 The Orchard
London
N21 2DJ
United Kingdom
COMPANY NUMBER 08510471 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
SILKE LONDON LTD

BALANCE SHEET

As at 30 April 2024
SILKE LONDON LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 15,688 10,783
Tangible assets 4 15,883 25,132
31,571 35,915
Current assets
Stocks 5 207,292 222,239
Debtors 6 264,192 252,651
Cash at bank and in hand 72,626 146,261
544,110 621,151
Creditors: amounts falling due within one year 7 ( 229,818) ( 118,734)
Net current assets 314,292 502,417
Total assets less current liabilities 345,863 538,332
Net assets 345,863 538,332
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 344,863 537,332
Total shareholders' funds 345,863 538,332

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Silke London Ltd (registered number: 08510471) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

Chrisoulla Sotiriou
Director
SILKE LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SILKE LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Silke London Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 The Orchard, London, N21 2DJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Silke London Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note an increase in sales compare to prior year due to new contracts, new products, and diversification.

At the time of signing, based on the increased sales noted above, current funds in the bank and minimising discretionary spend if needed, the directors believe the Company will be able to meet its monthly cash outflow for the next 12 months, therefore the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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

Intangible assets

Other intangible assets include patents and trademarks. Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over their estimated useful economic life as noted below, with amortisation starting on conclusion of the applications. Provision is made for any impairment.

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 7

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 May 2023 11,958 11,958
Additions 6,017 6,017
At 30 April 2024 17,975 17,975
Accumulated amortisation
At 01 May 2023 1,175 1,175
Charge for the financial year 1,112 1,112
At 30 April 2024 2,287 2,287
Net book value
At 30 April 2024 15,688 15,688
At 30 April 2023 10,783 10,783

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 53,855 53,855
Additions 2,193 2,193
At 30 April 2024 56,048 56,048
Accumulated depreciation
At 01 May 2023 28,723 28,723
Charge for the financial year 11,442 11,442
At 30 April 2024 40,165 40,165
Net book value
At 30 April 2024 15,883 15,883
At 30 April 2023 25,132 25,132

5. Stocks

2024 2023
£ £
Finished goods 207,292 222,239

6. Debtors

2024 2023
£ £
Trade debtors 90,243 177,170
Deferred tax asset 55,805 55,805
Other taxation and social security 37,840 0
Other debtors 80,304 19,676
264,192 252,651

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 29,951 53,253
Other taxation and social security 3,018 27,543
Other creditors 196,849 37,938
229,818 118,734

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 0 17,431

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 417 815

9. Related party transactions

The total aggregate directors' remuneration for the year was £60,662 (2023: £200,000).

Included within Other debtors are amounts owed by directors of £Nil (2023: £1,351). The loan is interest-free and repayable on demand.

Included within Other creditors are amounts owed to directors of £146,643 (2023: £Nil). The loan is interest-free and repayable on demand.

10. Ultimate controlling party

In the opinion of the directors, there is no ultimate controlling party.