Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30false2022-12-01falseNo description of principal activity2831truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11676869 2022-12-01 2023-11-30 11676869 2021-12-01 2022-11-30 11676869 2023-11-30 11676869 2022-11-30 11676869 c:Director1 2022-12-01 2023-11-30 11676869 d:PlantMachinery 2022-12-01 2023-11-30 11676869 d:PlantMachinery 2023-11-30 11676869 d:PlantMachinery 2022-11-30 11676869 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11676869 d:MotorVehicles 2022-12-01 2023-11-30 11676869 d:MotorVehicles 2023-11-30 11676869 d:MotorVehicles 2022-11-30 11676869 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11676869 d:OfficeEquipment 2022-12-01 2023-11-30 11676869 d:OfficeEquipment 2023-11-30 11676869 d:OfficeEquipment 2022-11-30 11676869 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11676869 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11676869 d:CurrentFinancialInstruments 2023-11-30 11676869 d:CurrentFinancialInstruments 2022-11-30 11676869 d:Non-currentFinancialInstruments 2023-11-30 11676869 d:Non-currentFinancialInstruments 2022-11-30 11676869 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 11676869 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 11676869 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 11676869 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 11676869 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 11676869 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 11676869 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 11676869 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 11676869 d:ShareCapital 2023-11-30 11676869 d:ShareCapital 2022-11-30 11676869 d:SharePremium 2023-11-30 11676869 d:SharePremium 2022-11-30 11676869 d:RetainedEarningsAccumulatedLosses 2023-11-30 11676869 d:RetainedEarningsAccumulatedLosses 2022-11-30 11676869 c:FRS102 2022-12-01 2023-11-30 11676869 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 11676869 c:FullAccounts 2022-12-01 2023-11-30 11676869 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11676869 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 11676869 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 11676869 6 2022-12-01 2023-11-30 11676869 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 11676869









SILCS SOLUTIONS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
SILCS SOLUTIONS LTD
REGISTERED NUMBER: 11676869

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
508,258
574,800

Investments
 6 
302,695
301,823

  
810,953
876,623

Current assets
  

Debtors
 7 
416,153
145,013

Cash at bank and in hand
 8 
30,413
1,958

  
446,566
146,971

Creditors: amounts falling due within one year
 9 
(555,836)
(4,831,088)

Net current liabilities
  
 
 
(109,270)
 
 
(4,684,117)

Total assets less current liabilities
  
701,683
(3,807,494)

Creditors: amounts falling due after more than one year
 10 
(4,611,303)
(12,314)

Provisions for liabilities
  

Deferred tax
 12 
(80,820)
(114,040)

  
 
 
(80,820)
 
 
(114,040)

Net liabilities
  
(3,990,440)
(3,933,848)


Capital and reserves
  

Called up share capital 
  
12
12

Share premium account
  
1,851,239
1,851,239

Profit and loss account
  
(5,841,691)
(5,785,099)

  
(3,990,440)
(3,933,848)


Page 1

 
SILCS SOLUTIONS LTD
REGISTERED NUMBER: 11676869
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Joshua Baah
Director

Date: 18 February 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SILCS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

SILCS Solutions Ltd (the "Company") is a private company domiciled in England, limited by share capital and whose registered office is located at Unit 10, Wow Workspaces, Wendover Court, Western Avenue, London, England, W3 0TG.

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

Basis of preparation of financial statements

The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

  
2.4

Foreign currency translation

Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account as part of total comprehensive income.

Page 3

 
SILCS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Going concern

In determining the appropriate basis of preparation of the financial statements for the reporting period ended 30 November 2023, the directors are required to consider whether the Company can continue in operational existence for the foreseeable future.
At both the balance sheet date and the date these financial statements were approved, the Company had yet to validate a scalable business model through which revenues generated would yield profitability, both in the short and long term. 
The directors are of the opinion that a profitable scalable business model is achievable in the long term and the Company continues to meet its day to day working capital requirements through the utilisation of its own funds and funding from third parties.
In the opinion of the directors, it is forecasted that future performance over the next 12 months from the date these financial statements were approved will be significantly better to what has been observed over this reporting period and the Company is expected to have adequate financial resources at its disposal in order to continue day-to-day operations and to discharge its liabilities as they should fall due.
In preparing these financial statements, taking into account the aforementioned as well as the current and forecasted financial position and performance of the Company up to the date these financial statements were approved; the directors are of the opinion that there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence and, as a result of which, the Company is expected to remain a going concern.
The directors accept that although there does exist an inherent material uncertainty that may cast doubt about the ability of the Company to continue as a going concern given those matters summarised above; the directors consider the uncertainty to be sufficiently insignificant such that the application of going concern basis in preparing the Company's financial statements remains appropriate. The directors have in turn prepared the Company's financial statements under the going concern basis.

 
2.6

Revenue

Turnover comprises revenue receivable by the Company in respect of the provision of power bank rentals; recognised as and when the Company receives notification of amounts due.
The Company does not expect to have any contracts where the period between the transfer of the contracted services and related payment exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

 
2.7

Development costs

Expenditure on research and development activities is recognised in profit or loss as an expense as incurred. 

 
2.8

Operating leases

Operating leases, net of any benefits receivable as an incentive, are charged to profit or loss on a straight line basis over the lease term.

Page 4

 
SILCS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

The Company operates a defined contribution pension scheme on behalf of its employees. A defined contribution scheme is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss for the reporting period when they fall due. Amounts falling due but not paid are shown as part of other creditors in the balance sheet. The assets of the schemes are held separately from the Company in independently administered funds.

 
2.10

Taxation

Taxation comprises of current (i.e. corporation) and deferred taxation; both of which are recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled. 
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

 
2.11

Tangible fixed assets

Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. 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 upon acquisition.

Depreciation is provided on the following basis:

Plant and machinery
-
Straight-line basis over 3 years
Motor vehicles
-
Straight-line basis over 3 years
Office & computer equipment
-
Straight-line basis over 3 years

Depreciation commences once the asset is available for use.
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss for the reporting period.

 
2.12

Fixed asset investments

Fixed asset investments held by the Company comprise of shares in subsidiary undertakings and are measured at cost less provision for impairment.

Page 5

 
SILCS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined below:
Debtors and creditors
Debtors, excluding deferred taxation (see note 2.10) shown as being due after more than one year, and creditors, exclusing bank loans and investments under Advance Subscription Agreements, are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
Bank loans are initially measured at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest method with the interest expense recognised on an effective yield basis
Investments under an Advance Subscription Agreement are a form of equity investment made by a third party into the Company. The monies invested under such an agreement are non-interest bearing, cannot be repaid to the investor as cash at a later date and the equity relating to the investment will be calculated in accordance with and issued at some point in the future as outlined in the terms of the underlying agreement. 
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours, subject to an insignificant risk of changes in value and held at floating interest rates linked to UK bank rates.
Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.

Page 6

 
SILCS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies towards the preparation of the Company's financial statements, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Although the expected outcome of said estimates and assumptions will, by definition, seldom equal the related actual results; estimates and judgments made are continually reevaluated and are based on historical experience as well as other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
There were no critical judgments made in applying the entity's accounting policies.
Critical accounting estimates and assumptions
The estimates and assumptions that are considered as having a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:
Recoverable value of debtors
When determining the recoverable value of debtors, the directors consider both externally available and internal sources of information such as observed and expected cash flows, ageing profile and historical experience with the debtor. Where information obtained indicates with sufficient certainty that the recoverable value of a debtor is less than its carrying amount, a provision for impairment is estimated by the directors thereby bringing the carrying amount of the impaired debtor to its expected recoverable value.
Carrying value of fixed asset investments
The directors' assessment for the impairment of fixed asset investments held by the Company is based on their estimation of value in use through forecasts of the future cash flows expected.
Recognition of deferred tax assets
The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of temporary differences can be deducted. To determine the future taxable profits, reference is made to the latest available profit forecasts. Where the temporary differences are related to losses, relevant tax law is considered to determine the availability of the losses to offset against the future taxable profits.


4.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 31).

Page 7

 
SILCS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office & computer equipment
Total

£
£
£
£



Cost


At 1 December 2022
747,472
22,340
17,994
787,806


Additions
87,788
-
1,791
89,579


Disposals
(153,350)
-
-
(153,350)



At 30 November 2023

681,910
22,340
19,785
724,035



Depreciation


At 1 December 2022
191,567
6,411
15,028
213,006


Charge for the year on owned assets
52,090
1,999
1,901
55,990


Disposals
(53,219)
-
-
(53,219)



At 30 November 2023

190,438
8,410
16,929
215,777



Net book value



At 30 November 2023
491,472
13,930
2,856
508,258

The net book value of assets held under finance leases or hire purchase contracts, included above, at the balance sheet date was £nil (2022: £6,239) and comprises solely of motor vehicles.


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 December 2022
301,823


Additions
872



At 30 November 2023
302,695




Page 8

 
SILCS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Debtors


2023
2022
£
£


Falling due within one year

Trade debtors
35,172
25,529

Other debtors
370,948
118,839

Prepayments and accrued income
10,033
645

416,153
145,013


Trade and other debtors are non-interest bearing and, in the opinion of the directors, of a fair value deemed not to be materially different from their carrying value.
As at the balance sheet date, the provision for impairment against other debtors was £nil (2022: £nil).
Deferred tax assets in respect of trading losses incurred in the United Kingdom have not been recognised by the Company as part of these financial statements on the grounds that there is insufficient certainty as to whether the Company will generate adequate trading profits in the short term against which said deferred tax assets may be offset.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
30,413
1,958



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
4,658
4,600

Other loans
14,300
-

Trade creditors
267,529
166,954

Amounts owed to group undertakings
10,379
-

Other taxation and social security
164,855
207,228

Other creditors
39,169
4,427,462

Accruals and deferred income
54,946
24,844

555,836
4,831,088


Page 9

 
SILCS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
9,752
12,314

Other creditors
4,601,551
-

4,611,303
12,314



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
4,658
4,600

Other loans
14,300
-

Amounts falling due 1-2 years

Bank loans
4,658
4,600

Amounts falling due 2-5 years

Bank loans
5,094
7,714


28,710
16,914


Page 10

 
SILCS SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Deferred taxation




2023


£






At 30 November 2019
(114,040)


Charged to profit or loss
33,220



At 30 November 2020
(80,820)

The deferred taxation liability carried forward is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(80,820)
(114,040)


Deferred taxation liabilities carried forward of approximately £25,000 are expected to reverse in the following reporting period.


13.


Pension commitments

The Company operates a defined contributions pension scheme on behalf of its employees. The assets of the scheme are held separately from those of the Company in independently administered funds.
At the balance sheet date, employee and employer contributions totalling £2,071 (2022: £2,228) were payable and are included in creditors falling due within one year.


14.


Related party transactions

The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
At the balance sheet date, the Company owed its directors £4,560,963 (2022: £4,382,266). Amounts owed are unsecured and interest-free with no fixed date for repayment.
At the balance sheet date, the Company was owed £nil (2022: £63,658) by Nourish Tecnology Ltd, a company under common control. Amounts owed are unsecured, interest-free and repayable on demand with no fixed date for repayment
There were no further related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
 
Page 11