Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-30118484192024-06-302023-07-01false63falsetrue 11848419 2023-07-01 2024-06-30 11848419 2022-07-01 2023-06-30 11848419 2024-06-30 11848419 2023-06-30 11848419 1 2023-07-01 2024-06-30 11848419 d:Director1 2023-07-01 2024-06-30 11848419 c:ComputerEquipment 2023-07-01 2024-06-30 11848419 c:ComputerEquipment 2024-06-30 11848419 c:ComputerEquipment 2023-06-30 11848419 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11848419 c:CurrentFinancialInstruments 2024-06-30 11848419 c:CurrentFinancialInstruments 2023-06-30 11848419 c:Non-currentFinancialInstruments 2024-06-30 11848419 c:Non-currentFinancialInstruments 2023-06-30 11848419 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 11848419 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 11848419 c:ShareCapital 2024-06-30 11848419 c:ShareCapital 2023-06-30 11848419 c:RetainedEarningsAccumulatedLosses 2024-06-30 11848419 c:RetainedEarningsAccumulatedLosses 2023-06-30 11848419 c:AcceleratedTaxDepreciationDeferredTax 2024-06-30 11848419 c:AcceleratedTaxDepreciationDeferredTax 2023-06-30 11848419 c:TaxLossesCarry-forwardsDeferredTax 2024-06-30 11848419 c:TaxLossesCarry-forwardsDeferredTax 2023-06-30 11848419 d:OrdinaryShareClass1 2023-07-01 2024-06-30 11848419 d:OrdinaryShareClass1 2022-07-01 2023-06-30 11848419 d:OrdinaryShareClass1 2024-06-30 11848419 d:OrdinaryShareClass1 2023-06-30 11848419 d:FRS102 2023-07-01 2024-06-30 11848419 d:Audited 2023-07-01 2024-06-30 11848419 d:FullAccounts 2023-07-01 2024-06-30 11848419 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11848419 d:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11848419 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure



















Slip Silk Pillowcase Limited

Registered number: 11848419
Annual Report
For the year ended 30 June 2024

 
 11848419
30 June 2024
SLIP SILK PILLOWCASE LIMITED
REGISTERED NUMBER: 11848419

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
241
393

  
241
393

Current assets
  

Debtors: amounts falling due after more than one year
 5 
300
-

Debtors: amounts falling due within one year
 5 
49,882
15,185

Cash at bank and in hand
  
28,730
36,377

  
78,912
51,562

Creditors: amounts falling due within one year
 6 
(39,713)
(29,835)

Net current assets
  
 
 
39,199
 
 
21,727

Total assets less current liabilities
  
39,440
22,120

  

Net assets
  
39,440
22,120


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
39,439
22,119

Total equity
  
39,440
22,120


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 comprehensive income 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: 

F M Stewart
Director

Date: 17 March 2025

The notes on pages 2 to 9 form part of these financial statements.
- 1 -

 
 11848419
30 June 2024
SLIP SILK PILLOWCASE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Slip Silk Pillowcase Limited is a private company limited by shares incorporated in England and Wales. The Company's registration number is 11848419. The address of its registered office is Suite 1, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0BL. 
The principal activity of the Company is to provide sales support, logistics and administration services to its parent 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment on which the Company operates and is rounded to the nearest pound. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is dependent on the ongoing operation of a recharge agreement with the parent company, as its only source of revenue. The director has no reason to believe that this will not continue in operation for the foreseeable future. Accordingly, the director has a reasonable expectation that the Company will continue in operational existence and thus adopts the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation 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.

All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.

- 2 -

 
 11848419
30 June 2024
SLIP SILK PILLOWCASE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Turnover

The Company earns service income entirely under a transfer pricing arrangement based on costs incurred with a predetermined markup.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest payable and similar expenses

Interest payable and similar expenses 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. 

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan 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 when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

- 3 -

 
 11848419
30 June 2024
SLIP SILK PILLOWCASE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

 
2.8

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 the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years 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.

 
2.9

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.

- 4 -

 
 11848419
30 June 2024
SLIP SILK PILLOWCASE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

- 5 -

 
 11848419
30 June 2024
SLIP SILK PILLOWCASE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including the directors, during the year was 6 (2023: 3). 


4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 July 2023
456



At 30 June 2024

456



Depreciation


At 1 July 2023
63


Charge for the year
152



At 30 June 2024

215



Net book value



At 30 June 2024
241



At 30 June 2023
393

- 6 -

 
 11848419
30 June 2024
SLIP SILK PILLOWCASE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
300
-


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
124
14,352

Other debtors
-
787

VAT recoverable
49,533
-

Deferred taxation
225
46

49,882
15,185


Amounts owed by group undertakings are unsecured, interest free and payable on demand.


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
7,553
80

Other taxation and social security
11,457
8,853

Other creditors
1,141
820

Accruals
19,562
20,082

39,713
29,835


- 7 -

 
 11848419
30 June 2024
SLIP SILK PILLOWCASE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Deferred taxation




2024


£






At beginning of year
46


Credited to profit or loss
179



At end of year
225

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(60)
46

Deferred tax charge
285
-


8.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023:1) ordinary share of £1
1
1

The ordinary share rank equally for voting, dividend and distribution rights. 



9.


Pension commitments

The Company operates a defined contribution plan for all of its employees. Contributions made into this plan are paid by the Company at rates specified in the rules of the scheme. As at the reporting date, amounts payable of £1,141 (2023: £820) had not been paid into the plan and are included in other creditors.


10.


Related party transactions

The Company has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the group that have been concluded under normal market conditions.


11.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

- 8 -

 
 11848419
30 June 2024
SLIP SILK PILLOWCASE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Controlling party

The immediate and ultimate parent undertaking is Slip Holdings Pty Ltd (AU), a company incorporated in Australia. The address of its registered office is 129 Robertson St, Fortitude Valley QLD 4006, Australia. 


13.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 17 March 2025 by Colin Edney (Senior statutory auditor) on behalf of Warrener Stewart.

- 9 -