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REGISTERED NUMBER: 08053298 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 July 2024

for

Silverlining Furniture Group Limited

Silverlining Furniture Group Limited (Registered number: 08053298)






Contents of the Consolidated Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Statement of Cash Flows 17

Notes to the Consolidated Statement of Cash
Flows

18

Notes to the Consolidated Financial
Statements

20


Silverlining Furniture Group Limited

Company Information
for the Year Ended 31 July 2024







Directors: J M Boddington
T J Boddington



Registered office: 114-120 Northgate Street
Chester
CH1 2HT



Registered number: 08053298 (England and Wales)



Senior statutory auditor: Robert Ellis FCA



Auditors: Ellis & Co (Accountants & Business Advisers) Ltd
Chartered Accountants
and Statutory Auditors
114-120 Northgate Street
Chester
CH1 2HT

Silverlining Furniture Group Limited (Registered number: 08053298)

Group Strategic Report
for the Year Ended 31 July 2024

The directors present their strategic report of the company and the group for the year ended 31 July 2024.

Incorporated in May 2012, Silverlining Furniture Group Limited is a private limited company which is family owned. The company is the holding company of a UK group which has four trading companies, one investment company and three dormant companies. All of the subsidiaries are 100% owned by Silverlining Furniture Group Limited.

Review of business
The Group's financial results were impacted by lower output and therefore turnover due to project delays and cost increases in overheads, labour and raw materials which reduced profit margins.

Worldwide geopolitical events also resulted in the company not being able to trade in some geographical markets. The directors believe the group is in a good position to manage this period of ongoing uncertainty, given the actions taken to minimise inflationary costs and particularly with the investments in new products and new markets and the expansion of the business development team. This has resulted in a strong post year end order book.

The group continues to win high value contracts, and these are now in production post year end which will help the group's performance going forward.

Principal risks and uncertainties
The principal risks to the group include:

- Exchange rates: These are mitigated by agreeing all sale contracts in Sterling and being paid in Sterling.
- Production pipeline highs and lows are mitigated as much as possible by having multiple projects on at any one time, agile cross team working and continual monitoring by our scheduling department.
- Eastern Europe markets falling away. These are being negated above by expanding new business development in strong existing markets, re-establishing our Asian and Middle Eastern markets post Covid, and opening new markets not effected by economic and geopolitical events.

Financial key performance indicators
Financial performance is measured by monthly work in progress calculations, gross profit monitoring of projects, monthly profit and loss and balance sheet management accounts as well as weekly debtor/creditor analysis and daily cash flow.

During the year group turnover fell to £6.1m (2023: £7.6m), this was predominately due to last year's turnover having a project cancelled which resulted in higher turnover and an exceptional profit. The group profit after tax also fell substantially to a profit of £101k compared to £1.3m in the prior year.


Silverlining Furniture Group Limited (Registered number: 08053298)

Group Strategic Report
for the Year Ended 31 July 2024

Other key performance indicators
Attracting, retaining, and developing employees is vital to the success of the group. The group has worked hard to improve culture in the year through training, regular catch ups on individual's growth pathways, benchmarking salaries to be above market rates, flexible working/working from home, social, green, charity and employee forum committees, resulting in retention above standard levels. Skills in furniture making are enhanced by the group's investment in its own training organization.

As a group working in the premium sector, quality is monitored daily to ensure we exceed the expectations of clients, especially as 98% of clients return and 82% of annual turnover is through repeat clients.

Financial risk management and funding
The company has no borrowing in the form of an overdraft or asset finance. The group does have a loan secured against a commercial building owned by the group which will be repaid within 3 years. The Loan to Value is less than 11% of the asset value and so constitutes a very low risk.

Cashflow and cash reserves are positive due to contract deposits and stage payments in advance, final payment before delivery and retained earnings.

Debtors and creditors are reviewed and managed weekly. Monthly trade creditor balances are typically less than 5% of turnover and monthly trade debtors are less than 7.5% of turnover. Creditors are paid weekly and any late payment of debtors is managed by placing the project on hold until any balance is paid.

To assess the group's and the parent company's ability to continue as a going concern, the directors have reviewed the group's trading performance and the group's business plans for a period of at least 12 months from the date of approval of these financial statements. The directors are satisfied that the group has the orders and resources going forward and the group and parent company are a going concern.

On behalf of the board:





J M Boddington - Director


8 April 2025

Silverlining Furniture Group Limited (Registered number: 08053298)

Report of the Directors
for the Year Ended 31 July 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024.

Dividends
Interim dividends were paid during the year. The first interim dividend was paid on 11 August 2023 at £200 per share and the last interim dividend of £140 per share was paid on 31 July 2024. The total interim dividends per share were £5,820. The directors recommend that no final dividend be paid.

The total dividends for the year ended 31 July 2024 were £582,000.

Directors
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

J M Boddington
T J Boddington

Disclosure in the strategic report
The directors have disclosed in the Group Strategic Report information regarding the principal risks and uncertainties affecting the group.

Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
- make judgements 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Silverlining Furniture Group Limited (Registered number: 08053298)

Report of the Directors
for the Year Ended 31 July 2024


Auditors
The auditors, Ellis & Co (Accountants & Business Advisers) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





J M Boddington - Director


8 April 2025

Report of the Independent Auditors to the Members of
Silverlining Furniture Group Limited

Opinion
We have audited the financial statements of Silverlining Furniture Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 affairs as at 31 July 2024 and of the group's profit for the year 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 UK, including the FRC'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 and 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.

Report of the Independent Auditors to the Members of
Silverlining Furniture Group Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 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.

Report of the Independent Auditors to the Members of
Silverlining Furniture Group Limited


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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures in response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance
including the design of remuneration policies, key drivers for Directors' remuneration, bonus
levels and performance targets

- results of our enquiries of management about their own identification and assessment of the
risks of irregularities

- any matters we identified having obtained and reviewed documentation of policies and
procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether
management were aware of any instances of non-compliance
- detecting and responding to the risks of fraud and whether management have
knowledge of any actual, suspected or alleged fraud
- the internal controls established to mitigate risks of fraud or non-compliance with laws
and regulations

- the matters discussed among the audit engagement team regarding how and where fraud
might occur in the financial statements and any potential indicators of fraud

- Posting of journals and unusual transactions during and post year end

- Accounting for projects in production during the year

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the completeness of revenue. In common with all audits under ISA (UK), we are also required to perform specific procedures to respond to the risk of management override.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Silverlining Furniture Group Limited


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 2006. Our 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 a Report of the Auditors 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.




Robert Ellis FCA (Senior Statutory Auditor)
for and on behalf of Ellis & Co (Accountants & Business Advisers) Ltd
Chartered Accountants
and Statutory Auditors
114-120 Northgate Street
Chester
CH1 2HT

8 April 2025

Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated
Income Statement
for the Year Ended 31 July 2024

31/7/24 31/7/23
Notes £    £   

Turnover 3 6,169,350 7,597,539

Cost of sales 4,132,072 4,200,708
Gross profit 2,037,278 3,396,831

Administrative expenses 2,013,676 1,859,009
23,602 1,537,822

Other operating income - 642
Operating profit 5 23,602 1,538,464

Interest receivable and similar
income

5,046

-
28,648 1,538,464
Gain on revaluation of investment
property

-

180,000
28,648 1,718,464

Interest payable and similar
expenses

6

21,354

20,541
Profit before taxation 7,294 1,697,923

Tax on profit 7 (94,159 ) 373,230
Profit for the financial year 101,453 1,324,693
Profit attributable to:
Owners of the parent 101,453 1,324,693

Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated
Other Comprehensive Income
for the Year Ended 31 July 2024

31/7/24 31/7/23
Notes £    £   

Profit for the year 101,453 1,324,693


Other comprehensive income - -
Total comprehensive income for
the year

101,453

1,324,693

Total comprehensive income attributable to:
Owners of the parent 101,453 1,324,693

Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated Statement of Financial Position
31 July 2024

31/7/24 31/7/23
Notes £    £    £    £   
Fixed assets
Intangible assets 11 - -
Tangible assets 12 250,904 252,065
Investments 13 - -
Investment property 14 2,280,000 2,280,000
2,530,904 2,532,065

Current assets
Stocks 15 61,160 140,454
Debtors 16 1,166,557 1,206,820
Cash at bank and in hand 1,290,521 1,260,666
2,518,238 2,607,940
Creditors
Amounts falling due within one year 17 2,114,720 1,645,179
Net current assets 403,518 962,761
Total assets less current liabilities 2,934,422 3,494,826

Creditors
Amounts falling due after more than
one year

18

(160,186

)

(245,172

)

Provisions for liabilities 22 (194,620 ) (189,491 )
Net assets 2,579,616 3,060,163

Capital and reserves
Called up share capital 23 100 100
Other reserves 24 658,033 658,033
Retained earnings 24 1,921,483 2,402,030
Shareholders' funds 2,579,616 3,060,163

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





J M Boddington - Director


Silverlining Furniture Group Limited (Registered number: 08053298)

Company Statement of Financial Position
31 July 2024

31/7/24 31/7/23
Notes £    £    £    £   
Fixed assets
Intangible assets 11 - -
Tangible assets 12 113,355 94,811
Investments 13 107 107
Investment property 14 - -
113,462 94,918

Current assets
Stocks 15 - 69,827
Debtors 16 1,773,917 1,980,585
Cash at bank and in hand 74,992 55,708
1,848,909 2,106,120
Creditors
Amounts falling due within one year 17 1,412,966 1,073,132
Net current assets 435,943 1,032,988
Total assets less current liabilities 549,405 1,127,906

Provisions for liabilities 22 22,464 15,418
Net assets 526,941 1,112,488

Capital and reserves
Called up share capital 23 100 100
Retained earnings 24 526,841 1,112,388
Shareholders' funds 526,941 1,112,488

Company's (loss)/profit for the
financial year

(3,547

)

1,095,036

Silverlining Furniture Group Limited (Registered number: 08053298)

Company Statement of Financial Position - continued
31 July 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





J M Boddington - Director


Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 August 2022 100 1,704,337 523,033 2,227,470

Changes in equity
Dividends - (492,000 ) - (492,000 )
Total comprehensive income - 1,324,693 - 1,324,693
Transfer between reserves - (135,000 ) 135,000 -
Balance at 31 July 2023 100 2,402,030 658,033 3,060,163

Changes in equity
Dividends - (582,000 ) - (582,000 )
Total comprehensive income - 101,453 - 101,453
Balance at 31 July 2024 100 1,921,483 658,033 2,579,616

Silverlining Furniture Group Limited (Registered number: 08053298)

Company Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 100 509,352 509,452

Changes in equity
Dividends - (492,000 ) (492,000 )
Total comprehensive income - 1,095,036 1,095,036
Balance at 31 July 2023 100 1,112,388 1,112,488

Changes in equity
Dividends - (582,000 ) (582,000 )
Total comprehensive income - (3,547 ) (3,547 )
Balance at 31 July 2024 100 526,841 526,941

Silverlining Furniture Group Limited (Registered number: 08053298)

Consolidated Statement of Cash Flows
for the Year Ended 31 July 2024

31/7/24 31/7/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,163,133 (50,727 )
Interest paid (21,354 ) (20,541 )
Tax paid (369,600 ) (260,148 )
Net cash from operating activities 772,179 (331,416 )

Cash flows from investing activities
Purchase of tangible fixed assets (80,384 ) (105,264 )
Interest received 5,046 -
Net cash from investing activities (75,338 ) (105,264 )

Cash flows from financing activities
Loan repayments in year (84,986 ) (83,088 )
Equity dividends paid (582,000 ) (492,000 )
Net cash from financing activities (666,986 ) (575,088 )

Increase/(decrease) in cash and cash equivalents 29,855 (1,011,768 )
Cash and cash equivalents at
beginning of year

2

1,260,666

2,272,434

Cash and cash equivalents at end
of year

2

1,290,521

1,260,666

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 July 2024

1. Reconciliation of profit before taxation to cash generated from operations

31/7/24 31/7/23
£    £   
Profit before taxation 7,294 1,697,923
Depreciation charges 73,155 109,294
Loss on disposal of fixed assets 8,390 -
Gain on revaluation of fixed assets - (180,000 )
Finance costs 21,354 20,541
Finance income (5,046 ) -
105,147 1,647,758
Decrease in stocks 79,294 10,400
Decrease/(increase) in trade and other debtors 191,586 (94,594 )
Increase/(decrease) in trade and other creditors 787,106 (1,614,291 )
Cash generated from operations 1,163,133 (50,727 )

2. Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 July 2024
31/7/24 1/8/23
£    £   
Cash and cash equivalents 1,290,521 1,260,666
Year ended 31 July 2023
31/7/23 1/8/22
£    £   
Cash and cash equivalents 1,260,666 2,272,434


Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 July 2024

3. Analysis of changes in net funds

At 1/8/23 Cash flow At 31/7/24
£    £    £   
Net cash
Cash at bank and in hand 1,260,666 29,855 1,290,521
1,260,666 29,855 1,290,521
Debt
Debts falling due within 1 year (90,000 ) - (90,000 )
Debts falling due after 1 year (245,172 ) 84,986 (160,186 )
(335,172 ) 84,986 (250,186 )
Total 925,494 114,841 1,040,335

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements
for the Year Ended 31 July 2024

1. Statutory information

Silverlining Furniture Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given and liabilities incurred or assumed plus the costs directly attributable to the business combination. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities.

The Group consolidated financial statements include the financial statements of the Company and its subsidiary undertakings. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements. All intra-Group transactions, balances, income and expenses are eliminated on consolidation.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

2. Accounting policies - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors, there are no critical judgements other than those involving estimates.

The directors make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

i. Stage of completion of contracts
The directors have used their judgement to estimate the stage of completion of contracts ongoing at 31 July 2024. Small variances in these estimates can have a significant impact on the turnover figure included in the financial statements.

ii. Valuation of Investment Property
The directors consider that the value of the commercial property at 31 July 2024 was £2.28m. The investment property was valued on an open market value basis with vacant possession by Legat Owen of Chester on 4 October 2023 for this amount.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

2. Accounting policies - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion
of the service transaction at the end of the reporting period provided that the outcome can
be reliably estimated. When the outcome cannot be reliably estimated, revenue is
recognised only to the extent that expenses recognised are recoverable.

Profit is recognised on long-term contracts if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity advances.

Long-term contracts
Amounts recoverable on long-term contracts are included in debtors and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost then subsequently at cost net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements-20% on cost
Plant and machinery-15% on cost
Fixtures and fittings-20% on cost
Motor vehicles-20% reducing balance
Office equipment-20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

2. Accounting policies - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing stock to its present location and position.

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a straight line basis over the term of the agreement.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. Turnover

An analysis of the company's turnover has not been disclosed as it is deemed to be
commercially sensitive.

4. Employees and directors

Staff costs were as follows:
Group Company
31/7/24 31/7/23 31/7/24 31/7/23
£ £ £ £
Wages and salaries 2,563,309 2,276,124 453,522 360,368
Social security costs 272,355 239,887 54,474 36,067
Other pension costs 128,159 113,784 - 12,434
2,963,823 2,629,795 507,996 408,869



The average number of employees during the year was as follows:
Group Company
31/7/24 31/7/23 31/7/24 31/7/23

Sales and marketing 2 2 2 2
Administration 9 6 6 6
Production 54 52 - -
65 60 8 8

31/7/24 31/7/23
£    £   
Directors' remuneration 27,595 26,492

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

4. Employees and directors - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. Operating profit

The operating profit is stated after charging/(crediting):

31/7/24 31/7/23
£    £   
Other operating leases 198,755 171,387
Depreciation - owned assets 73,155 109,294
Loss on disposal of fixed assets 8,390 -
Auditors' remuneration 37,180 36,575
Foreign exchange differences 565 (2,072 )

6. Interest payable and similar expenses
31/7/24 31/7/23
£    £   
Interest on overdue tax - 736
Bank loan interest 21,354 19,805
21,354 20,541

7. Taxation

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31/7/24 31/7/23
£    £   
Current tax:
UK corporation tax 7,584 325,149
Prior year overprovision (106,872 ) -
Total current tax (99,288 ) 325,149

Deferred tax 5,129 48,081
Tax on profit (94,159 ) 373,230

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

7. Taxation - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/7/24 31/7/23
£    £   
Profit before tax 7,294 1,697,923
Profit multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 21 %)

1,824

356,564

Effects of:
Expenses not deductible for tax purposes 10,889 11,182
Enhanced deductions - (2,209 )
Deferred tax - change in tax rates - 7,693
Research & development adjustment re prior periods (106,872 ) -
Total tax (credit)/charge (94,159 ) 373,230

8. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. Dividends
31/7/24 31/7/23
£    £   
Ordinary shares of £1 each
Interim 582,000 492,000

10. Reduced disclosure in the financial statements

The group has taken advantage of the reduced disclosure framework under FRS 102 not to include the parent company statement of cashflow.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

11. Intangible fixed assets

Group
Trademarks
£   
Cost
At 1 August 2023
and 31 July 2024 2,359
Amortisation
At 1 August 2023
and 31 July 2024 2,359
Net book value
At 31 July 2024 -
At 31 July 2023 -

Company
Trademarks
£   
Cost
At 1 August 2023
and 31 July 2024 2,359
Amortisation
At 1 August 2023
and 31 July 2024 2,359
Net book value
At 31 July 2024 -
At 31 July 2023 -

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

12. Tangible fixed assets

Group
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
Cost
At 1 August 2023 508,818 980,934 59,726
Additions - 39,818 -
Disposals - (11,749 ) -
At 31 July 2024 508,818 1,009,003 59,726
Depreciation
At 1 August 2023 467,686 891,329 57,742
Charge for year 11,541 26,344 804
Eliminated on disposal - (3,359 ) -
At 31 July 2024 479,227 914,314 58,546
Net book value
At 31 July 2024 29,591 94,689 1,180
At 31 July 2023 41,132 89,605 1,984

Motor Office
vehicles equipment Totals
£    £    £   
Cost
At 1 August 2023 121,199 213,024 1,883,701
Additions - 40,566 80,384
Disposals - - (11,749 )
At 31 July 2024 121,199 253,590 1,952,336
Depreciation
At 1 August 2023 53,550 161,329 1,631,636
Charge for year 13,530 20,936 73,155
Eliminated on disposal - - (3,359 )
At 31 July 2024 67,080 182,265 1,701,432
Net book value
At 31 July 2024 54,119 71,325 250,904
At 31 July 2023 67,649 51,695 252,065

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

12. Tangible fixed assets - continued

Company
Fixtures
Leasehold Plant and and Office
improvements machinery fittings equipment Totals
£    £    £    £    £   
Cost
At 1 August 2023 508,818 - 59,726 213,024 781,568
Additions - 11,698 - 40,566 52,264
At 31 July 2024 508,818 11,698 59,726 253,590 833,832
Depreciation
At 1 August 2023 467,686 - 57,742 161,329 686,757
Charge for year 11,541 439 804 20,936 33,720
At 31 July 2024 479,227 439 58,546 182,265 720,477
Net book value
At 31 July 2024 29,591 11,259 1,180 71,325 113,355
At 31 July 2023 41,132 - 1,984 51,695 94,811

13. Fixed asset investments

Company
Shares in
group
undertakings
£   
Cost
At 1 August 2023
and 31 July 2024 107
Net book value
At 31 July 2024 107
At 31 July 2023 107

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

13. Fixed asset investments - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Silverlining Furniture Limited
Registered office: United Kingdom
Nature of business: Makers of bespoke furniture
%
Class of shares: holding
Ordinary 100.00
31/7/24 31/7/23
£    £   
Aggregate capital and reserves 531,007 494,312
Profit for the year 36,695 34,692

Silverlining Marine Limited
Registered office: United Kingdom
Nature of business: Makers of bespoke furniture
%
Class of shares: holding
Ordinary 100.00
31/7/24 31/7/23
£    £   
Aggregate capital and reserves 618,139 593,998
Profit for the year 24,141 46,109

Silverlining Special Projects Limited
Registered office: United Kingdom
Nature of business: Makers of bespoke furniture
%
Class of shares: holding
Ordinary 100.00
31/7/24 31/7/23
£    £   
Aggregate capital and reserves 69,561 72,440
Loss for the year (2,879 ) (30,093 )

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

13. Fixed asset investments - continued

Studio Silverlining Limited
Registered office: United Kingdom
Nature of business: Makers of bespoke furniture
%
Class of shares: holding
Ordinary 100.00
31/7/24 31/7/23
£    £   
Aggregate capital and reserves (24,670 ) (23,407 )
Loss for the year (1,263 ) (1,053 )

Under section 479A Companies Act 2006, Studio Silverlining Limited (Company registration number 08052384) is exempt from from the requirements relating to the audit of individual accounts.

Silverlining Commercial Properties Limited
Registered office: United Kingdom
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
31/7/24 31/7/23
£    £   
Aggregate capital and reserves 854,825 806,527
Profit for the year 48,298 179,074

Silverlining Workshops Ltd
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31/7/24 31/7/23
£    £   
Aggregate capital and reserves 3,922 3,922

Silverlining Interiors Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31/7/24 31/7/23
£    £   
Aggregate capital and reserves 1 1

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

13. Fixed asset investments - continued

Silverlining Yachts Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31/7/24 31/7/23
£    £   
Aggregate capital and reserves 1 1


14. Investment property

Group
Total
£   
Fair value
At 1 August 2023
and 31 July 2024 2,280,000
Net book value
At 31 July 2024 2,280,000
At 31 July 2023 2,280,000

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2023 2,280,000

If investment property had not been revalued it would have been included at the following historical cost:

31/7/24 31/7/23
£    £   
Cost 1,615,923 1,615,923
Aggregate depreciation (242,387 ) (210,069 )

The directors consider that the value of the commercial property at 31 July 2024 was £2.28m. The investment property was valued at this amount on an open market value basis with vacant possession by Legat Owen of Chester on 4 October 2023.

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

14. Investment property - continued

Group

Leasing agreements

Minimum lease receipts fall due as follows:

Group
Non-cancellable
operating lease
31/7/24 31/7/23
£ £
Within one year 230,000 230,000
Between one and five years 632,500 862,500
Greater than five years -
862,500 1,092,500

The corresponding figures for the company are £Nil.

15. Stocks

Group Company
31/7/24 31/7/23 31/7/24 31/7/23
£    £    £    £   
Raw materials 61,160 64,627 - -
Finished goods - 75,827 - 69,827
61,160 140,454 - 69,827

16. Debtors: amounts falling due within one year

Group Company
31/7/24 31/7/23 31/7/24 31/7/23
£    £    £    £   
Trade debtors 216,936 350,574 - -
Amounts owed by group undertakings - - 1,319,512 1,752,973
Amounts recoverable on contracts 84,208 382,205 - -
Other debtors 18,078 9,159 12,584 85
Directors' loan accounts 4,917 4,917 4,917 4,917
Tax 151,323 - 151,323 -
VAT 258,967 77,010 - -
Prepayments and accrued income 432,128 382,955 285,581 222,610
1,166,557 1,206,820 1,773,917 1,980,585

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

17. Creditors: amounts falling due within one year

Group Company
31/7/24 31/7/23 31/7/24 31/7/23
£    £    £    £   
Bank loans and overdrafts (see note 19)
90,000

90,000

-

-
Payments on account 1,272,055 498,339 - -
Trade creditors 302,287 340,276 145,048 130,086
Amounts owed to group undertakings - - 1,198,890 554,798
Tax 7,584 325,149 - 300,342
Social security and other taxes 67,485 60,924 11,828 9,438
VAT - - 1,293 28,648
Other creditors 136,991 66,332 15,145 3,655
Accruals and deferred income 238,318 264,159 40,762 46,165
2,114,720 1,645,179 1,412,966 1,073,132

18. Creditors: amounts falling due after more than one year

Group
31/7/24 31/7/23
£    £   
Bank loans (see note 19) 160,186 245,172

19. Loans

An analysis of the maturity of loans is given below:

Group
31/7/24 31/7/23
£    £   
Amounts falling due within one year or on demand:
Bank loans 90,000 90,000
Amounts falling due between two and five years:
Bank loans 160,186 245,172

20. Leasing agreements

Minimum lease payments fall due as follows:

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

Group
Non-cancellable operating leases
31/7/24 31/7/23
£    £   
Within one year 197,910 142,011
Between one and five years 81,155 146,672
279,065 288,683

Company
Non-cancellable operating leases
31/7/24 31/7/23
£    £   
Within one year 197,910 142,011
Between one and five years 81,155 146,672
279,065 288,683

21. Secured debts

The following secured debts are included within creditors:

Group
31/7/24 31/7/23
£    £   
Bank loans 250,186 335,172

Bank loans are secured by way of a charge over the investment property.

22. Provisions for liabilities

Group Company
31/7/24 31/7/23 31/7/24 31/7/23
£    £    £    £   
Deferred tax
Accelerated capital allowances 43,144 38,015 22,464 15,418
Other timing differences 151,476 151,476 - -
194,620 189,491 22,464 15,418

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

22. Provisions for liabilities - continued

Group
Deferred
tax
£   
Balance at 1 August 2023 189,491
Charge to Income Statement during year 5,129
Balance at 31 July 2024 194,620

Company
Deferred
tax
£   
Balance at 1 August 2023 15,418
Charge to Statement of Income and Retained Earnings
during year

7,046
Balance at 31 July 2024 22,464

23. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31/7/24 31/7/23
value: £    £   
100 Ordinary £1 100 100

24. Reserves

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 August 2023 2,402,030 658,033 3,060,063
Profit for the year 101,453 101,453
Dividends (582,000 ) (582,000 )
At 31 July 2024 1,921,483 658,033 2,579,516

Silverlining Furniture Group Limited (Registered number: 08053298)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

24. Reserves - continued

Company
Retained
earnings
£   

At 1 August 2023 1,112,388
Deficit for the year (3,547 )
Dividends (582,000 )
At 31 July 2024 526,841

Under FRS 102 surpluses on the revaluation of investment property are treated as fair value adjustments and are recognised in the Consolidated Income Statement. However under company law, these surpluses are not distributable. In these financial statements, the cumulative revaluation surpluses have been included in other reserves. On disposal of an investment property, any revaluation surplus realised on disposal is transferred to distributable reserves.

25. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

31/7/24 31/7/23
£    £   
J M Boddington
Balance outstanding at start of year 4,917 4,917
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,917 4,917

The maximum overdrawn balance during the year was £4,917. Advances to directors are interest free, unsecured and repayable on demand.