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Registration number: NI626578

Silverline Xpress Transport Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Silverline Xpress Transport Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Silverline Xpress Transport Ltd

Company Information

Directors

David Walker

Mrs Michelle Walker

Registered office

21 Drumiller Lane
Gilford
Craigavon
Armagh
BT63 6BS

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Silverline Xpress Transport Ltd

(Registration number: NI626578)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,600

4,800

Tangible assets

5

156,159

183,740

 

159,759

188,540

Current assets

 

Debtors

6

61,124

158,584

Cash at bank and in hand

 

283

1,500

 

61,407

160,084

Creditors: Amounts falling due within one year

7

(195,624)

(233,741)

Net current liabilities

 

(134,217)

(73,657)

Total assets less current liabilities

 

25,542

114,883

Creditors: Amounts falling due after more than one year

7

(120,169)

(105,358)

Provisions for liabilities

-

(14,375)

Net liabilities

 

(94,627)

(4,850)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(94,629)

(4,852)

Shareholders' deficit

 

(94,627)

(4,850)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 April 2025 and signed on its behalf by:
 

.........................................
David Walker
Director

   
     
 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
21 Drumiller Lane
Gilford
Craigavon
Armagh
BT63 6BS

These financial statements were authorised for issue by the Board on 18 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Vehicles Plant and Machniery

15% Reducing Balance

Office Equipment

20% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

12,000

12,000

At 30 September 2024

12,000

12,000

Amortisation

At 1 October 2023

7,200

7,200

Amortisation charge

1,200

1,200

At 30 September 2024

8,400

8,400

Carrying amount

At 30 September 2024

3,600

3,600

At 30 September 2023

4,800

4,800

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

995

310,877

311,872

At 30 September 2024

995

310,877

311,872

Depreciation

At 1 October 2023

587

127,545

128,132

Charge for the year

81

27,500

27,581

At 30 September 2024

668

155,045

155,713

Carrying amount

At 30 September 2024

327

155,832

156,159

At 30 September 2023

408

183,332

183,740

6

Debtors

 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Current

2024
£

2023
£

Trade debtors

10,520

95,728

Other debtors

50,604

62,856

 

61,124

158,584

 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

81,208

62,319

Trade creditors

 

14,296

92,252

Taxation and social security

 

25,971

30,996

Accruals and deferred income

 

3,602

4,262

Other creditors

 

70,547

43,912

 

195,624

233,741

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

113,969

99,158

Other non-current financial liabilities

 

6,200

6,200

 

120,169

105,358

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,976

31,481

Hire purchase contracts

83,993

66,010

Other borrowings

-

1,667

113,969

99,158

Current loans and borrowings

 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2024
£

2023
£

Bank borrowings

5,556

5,539

Bank overdrafts

18,609

13,917

Hire purchase contracts

55,377

32,863

Other borrowings

1,666

10,000

81,208

62,319

10

Dividends

11

Related party transactions

 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

David Walker

Director Loan Account

(50,081)

(54,772)

60,807

(44,046)

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

David Walker

Director Loan Account

(11,524)

(101,605)

63,047

(50,081)

 

Silverline Xpress Transport Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,569

19,201

Contributions paid to money purchase schemes

206

389

19,775

19,590

Dividends paid to directors

2024
£

2023
£

Mrs Michelle Walker

-

-

 

 

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

(29,289)

(29,289)

Advanced

(166,701)

(166,701)

Repaid

141,572

141,572

At end of period

(54,418)

(54,418)

2023

Other related parties
£

Total
£

At start of period

(21,161)

(21,161)

Advanced

(168,836)

(168,836)

Repaid

160,708

160,708

At end of period

(29,289)

(29,289)