1 March 2023 false Taxfiler 2024.6 true 10627260business:PrivateLimitedCompanyLtd2023-03-012024-02-28 106272602023-02-28 106272602023-03-012024-02-28 10627260business:AuditExempt-NoAccountantsReport2023-03-012024-02-28 10627260business:FilletedAccounts2023-03-012024-02-28 106272602024-02-28 10627260business:Director12023-03-012024-02-28 10627260business:RegisteredOffice2023-03-012024-02-28 106272602023-02-28 10627260core:WithinOneYear2024-02-28 10627260core:WithinOneYear2023-02-28 10627260core:AfterOneYear2024-02-28 10627260core:AfterOneYear2023-02-28 10627260core:ShareCapitalcore:PreviouslyStatedAmount2024-02-28 10627260core:ShareCapitalcore:PreviouslyStatedAmount2023-02-28 10627260core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-02-28 10627260core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-02-28 10627260core:PreviouslyStatedAmount2024-02-28 10627260core:PreviouslyStatedAmount2023-02-28 10627260business:SmallEntities2023-03-012024-02-28 10627260countries:EnglandWales2023-03-012024-02-28 10627260core:PlantMachinery2023-03-012024-02-28 10627260core:MotorVehicles2023-03-012024-02-28 10627260core:PlantMachinery2023-02-28 10627260core:MotorVehicles2023-02-28 10627260core:PlantMachinery2024-02-28 10627260core:MotorVehicles2024-02-28 106272602022-03-012023-02-28 iso4217:GBP xbrli:pure
Company Registration No. 10627260 (England and Wales)
Silverline Motor Company NW Ltd Unaudited accounts for the period from 1 March 2023 to 28 February 2024
Silverline Motor Company NW Ltd Unaudited accounts Contents
Page
- 2 -
Silverline Motor Company NW Ltd Company Information for the period from 1 March 2023 to 28 February 2024
Director
Mr I A Khalique
Company Number
10627260 (England and Wales)
Registered Office
Cranberry Lodge Wigan Road Ashton in Makerfield, Wigan Lancashire WN4 0BZ United Kingdom
Accountants
GE ACCOUNTANCY LTD 4 Braithwaite Shevington Wigan Lancashire WN68BP
- 3 -
Silverline Motor Company NW Ltd Statement of financial position as at 28 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
18,697 
15,278 
Current assets
Inventories
752,144 
1,143,453 
Debtors
70,442 
45,682 
Cash at bank and in hand
18,834 
89,499 
841,420 
1,278,634 
Creditors: amounts falling due within one year
(462,725)
(853,053)
Net current assets
378,695 
425,581 
Total assets less current liabilities
397,392 
440,859 
Creditors: amounts falling due after more than one year
(80,319)
(122,743)
Net assets
317,073 
318,116 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
317,072 
318,115 
Shareholders' funds
317,073 
318,116 
For the period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 February 2024 and were signed on its behalf by
Mr I A Khalique Director Company Registration No. 10627260
- 4 -
Silverline Motor Company NW Ltd Notes to the Accounts for the period from 1 March 2023 to 28 February 2024
1
Statutory information
Silverline Motor Company NW Ltd is a private company, limited by shares, registered in England and Wales, registration number 10627260. The registered office is Cranberry Lodge, Wigan Road, Ashton in Makerfield, Wigan, Lancashire, WN4 0BZ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on reducing balance
Motor vehicles
15% on reducing balance
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
- 5 -
Silverline Motor Company NW Ltd Notes to the Accounts for the period from 1 March 2023 to 28 February 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred taxation
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 accounts. 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 March 2023
17,678 
4,000 
21,678 
Additions
7,913 
- 
7,913 
At 28 February 2024
25,591 
4,000 
29,591 
Depreciation
At 1 March 2023
5,290 
1,110 
6,400 
Charge for the period
4,060 
434 
4,494 
At 28 February 2024
9,350 
1,544 
10,894 
Net book value
At 28 February 2024
16,241 
2,456 
18,697 
At 28 February 2023
12,388 
2,890 
15,278 
- 6 -
Silverline Motor Company NW Ltd Notes to the Accounts for the period from 1 March 2023 to 28 February 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,058 
45,682 
Accrued income and prepayments
69,384 
- 
70,442 
45,682 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
133,014 
72,287 
VAT
707 
32,531 
Obligations under finance leases and hire purchase contracts
- 
3,000 
Trade creditors
137,892 
571,923 
Taxes and social security
62,229 
12,092 
Other creditors
44,735 
9,220 
Loans from directors
81,148 
151,000 
Accruals
3,000 
1,000 
462,725 
853,053 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
80,319 
119,743 
Obligations under finance leases and hire purchase contracts
- 
3,000 
80,319 
122,743 
8
Loans to directors
At the year end, a balance of £63644 The above balance is interest free with no fixed date for repayment
9
Average number of employees
During the period the average number of employees was 3 (2023: 9).
- 7 -