IRIS Accounts Production v24.3.0.553 03194367 director 1.8.23 31.7.24 31.7.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh031943672023-07-31031943672024-07-31031943672023-08-012024-07-31031943672022-07-31031943672022-08-012023-07-31031943672023-07-3103194367ns15:EnglandWales2023-08-012024-07-3103194367ns14:PoundSterling2023-08-012024-07-3103194367ns10:Director12023-08-012024-07-3103194367ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3103194367ns10:SmallEntities2023-08-012024-07-3103194367ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3103194367ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3103194367ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3103194367ns10:FullAccounts2023-08-012024-07-3103194367ns10:RegisteredOffice2023-08-012024-07-3103194367ns5:CurrentFinancialInstruments2023-07-3103194367ns5:CurrentFinancialInstruments2024-07-3103194367ns5:ShareCapital2023-07-3103194367ns5:ShareCapital2024-07-3103194367ns5:RetainedEarningsAccumulatedLosses2023-07-3103194367ns5:RetainedEarningsAccumulatedLosses2024-07-3103194367ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-08-012024-07-3103194367ns5:PlantMachinery2023-08-012024-07-3103194367ns5:FurnitureFittings2023-08-012024-07-3103194367ns5:MotorVehicles2023-08-012024-07-3103194367ns5:ComputerEquipment2023-08-012024-07-3103194367ns5:LandBuildings2023-07-3103194367ns5:LeaseholdImprovements2023-07-3103194367ns5:PlantMachinery2023-07-3103194367ns5:LandBuildings2023-08-012024-07-3103194367ns5:LeaseholdImprovements2023-08-012024-07-3103194367ns5:LandBuildings2024-07-3103194367ns5:LeaseholdImprovements2024-07-3103194367ns5:PlantMachinery2024-07-3103194367ns5:LandBuildings2023-07-3103194367ns5:LeaseholdImprovements2023-07-3103194367ns5:PlantMachinery2023-07-3103194367ns5:FurnitureFittings2023-07-3103194367ns5:MotorVehicles2023-07-3103194367ns5:ComputerEquipment2023-07-3103194367ns5:FurnitureFittings2024-07-3103194367ns5:MotorVehicles2024-07-3103194367ns5:ComputerEquipment2024-07-3103194367ns5:FurnitureFittings2023-07-3103194367ns5:MotorVehicles2023-07-3103194367ns5:ComputerEquipment2023-07-3103194367ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3103194367ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-31
REGISTERED NUMBER: 03194367 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

DAVID SILVER SPARES LIMITED

DAVID SILVER SPARES LIMITED (REGISTERED NUMBER: 03194367)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DAVID SILVER SPARES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTOR: D Silver





REGISTERED OFFICE: Unit 14
Masterlord Industrial Estate
Station Road
Leiston
Suffolk
IP16 4JD





REGISTERED NUMBER: 03194367 (England and Wales)





ACCOUNTANTS: Seago and Stopps
Chartered Certified Accountants
61 Station Road
Sudbury
Suffolk
CO10 2SP

DAVID SILVER SPARES LIMITED (REGISTERED NUMBER: 03194367)

BALANCE SHEET
31 JULY 2024

31.7.23 31.7.24
£    £    Notes £    £   
FIXED ASSETS
1,163,944 Tangible assets 4 1,126,975

CURRENT ASSETS
1,150,253 Stocks 789,073
1,618,968 Debtors 5 2,122,420
1,012,861 Investments 6 1,109,682
2,684,277 Cash at bank 2,664,037
6,466,359 6,685,212
CREDITORS
508,274 Amounts falling due within one year 7 555,600
5,958,085 NET CURRENT ASSETS 6,129,612
7,122,029 TOTAL ASSETS LESS CURRENT
LIABILITIES

7,256,587

6,265 PROVISIONS FOR LIABILITIES 7,152
7,115,764 NET ASSETS 7,249,435

CAPITAL AND RESERVES
1,000 Called up share capital 1,000
7,114,764 Retained earnings 7,248,435
7,115,764 SHAREHOLDERS' FUNDS 7,249,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DAVID SILVER SPARES LIMITED (REGISTERED NUMBER: 03194367)

BALANCE SHEET - continued
31 JULY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 April 2025 and were signed by:





D Silver - Director


DAVID SILVER SPARES LIMITED (REGISTERED NUMBER: 03194367)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

David Silver Spares 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Heritage assets
Classic motorbikes have been recognised at purchase cost plus costs incurred to bring each asset to full working order. These assets are not re-valued or depreciated as the director believes that due to the number of motorbikes held, the market value is unlikely to be significantly different to the original cost.

The motorbikes are displayed in a separate museum building for the benefit of the general public.

It is the company's policy to maintain the motorbikes in full working order and any maintenance costs are charged to the profit and loss account when incurred.

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

Financial instruments
The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase contracts.


DAVID SILVER SPARES LIMITED (REGISTERED NUMBER: 03194367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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.

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 26 ) .

DAVID SILVER SPARES LIMITED (REGISTERED NUMBER: 03194367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. TANGIBLE FIXED ASSETS
Freehold Heritage Plant and
Totals property assets machinery
£    £    £    £   
COST
At 1 August 2023 1,954,130 1,034,085 591,695 249,145
Additions 9,761 - 4,800 -
Disposals (2,000 ) - - -
At 31 July 2024 1,961,891 1,034,085 596,495 249,145
DEPRECIATION
At 1 August 2023 790,186 477,709 - 246,564
Charge for year 46,530 41,363 - 646
Eliminated on disposal (1,800 ) - - -
At 31 July 2024 834,916 519,072 - 247,210
NET BOOK VALUE
At 31 July 2024 1,126,975 515,013 596,495 1,935
At 31 July 2023 1,163,944 556,376 591,695 2,581

Fixtures
and Motor Computer
fittings vehicles equipment
£    £    £   
COST
At 1 August 2023 33,190 12,400 33,615
Additions 1,200 - 3,761
Disposals - - (2,000 )
At 31 July 2024 34,390 12,400 35,376
DEPRECIATION
At 1 August 2023 27,391 10,746 27,776
Charge for year 1,753 414 2,354
Eliminated on disposal - - (1,800 )
At 31 July 2024 29,144 11,160 28,330
NET BOOK VALUE
At 31 July 2024 5,246 1,240 7,046
At 31 July 2023 5,799 1,654 5,839

DAVID SILVER SPARES LIMITED (REGISTERED NUMBER: 03194367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. TANGIBLE FIXED ASSETS - continued

During prior years, the company made a number of purchases of classic motorcycles, to be displayed in a museum constructed at the businesses premises.

These motorcycles are considered to be of historical importance to the history of motorcycling over the last 50 years, and as such have been classified as Heritage Assets.

Motorcycles acquired during the year have been acquired at their fair market value, and therefore, at the balance sheet date, their market value is not considered to be significantly different to the acquisition costs.

At the year end the company held 186 motorcycles. The assets have been reviewed as at 31 July 2024 for any impairment or change in market value. It is the director's opinion that there has been no impairment and there has been no significant change in the market value.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 1,559,731 1,125,311
Amounts owed by group undertakings 495,987 432,897
Other debtors 66,702 60,760
2,122,420 1,618,968

6. CURRENT ASSET INVESTMENTS
31.7.24 31.7.23
£    £   
Listed investments 1,109,682 1,012,861

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 514,481 260,726
Taxation and social security 13,767 178,748
Other creditors 27,352 68,800
555,600 508,274

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Silver, director, by virtue of the fact that he holds 98% of the issued share capital in the company's parent company, David Silver Holdings Limited.