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COMPANY REGISTRATION NUMBER: 06155218
Silverbulb Limited
Financial Statements
For the period ended
30 July 2024
Silverbulb Limited
Financial Statements
Period from 1 April 2024 to 30 July 2024
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the member
4
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10
Silverbulb Limited
Strategic Report
Period from 1 April 2024 to 30 July 2024
The directors present the strategic report for the period ended 30 July 2024. The company did not trade in the period and is in the process of becoming dormant. On 31 March 2024 the company was acquired by Pod Bidco Limited and became part of TechPoint Group Limited. The results of this company and its subsidiary company, Gemini Tec Limited are included within the consolidated financial statements of TechPoint Group Limited and as such these financial statements present information about the company as an individual undertaking and not about the group. For these reasons no disclosure is being made regarding the principal risks and uncertainties or future operations of the company.
This report was approved by the board of directors on 25 April 2025 and signed on behalf of the board by:
J Drake
Director
Registered office:
Unit 5
The Brook Trading Estate
Deadbrook Lane
Aldershot
England
GU12 4XB
Silverbulb Limited
Directors' Report
Period from 1 April 2024 to 30 July 2024
The directors present their report and the financial statements of the company for the period ended 30 July 2024 .
Directors
The directors who served the company during the period were as follows:
C Brown
J Drake
P Duffill
(Appointed 8 May 2024)
G Mitchell
(Retired 9 April 2024)
Dividends
Particulars of recommended dividends are detailed in note 7 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 25 April 2025 and signed on behalf of the board by:
J Drake
Director
Registered office:
Unit 5
The Brook Trading Estate
Deadbrook Lane
Aldershot
England
GU12 4XB
Silverbulb Limited
Independent Auditor's Report to the Member of Silverbulb Limited
Period from 1 April 2024 to 30 July 2024
Opinion
We have audited the financial statements of Silverbulb Limited (the 'company') for the period ended 30 July 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 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 company's affairs as at 30 July 2024 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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
We draw your attention to note 3 of the financial statements which explains that the company has ceased to trade and is in the process of becoming dormant. The directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 3. Our opinion is not modified in respect of this matter.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the 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, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation. - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's report 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Chartered Accountant & Statutory Auditor
Enterprise House
38 Tyndall Court Commerce Road
Lynch Wood Peterborough
Cambridgeshire
PE2 6LR
28 April 2025
Silverbulb Limited
Statement of Income and Retained Earnings
Period from 1 April 2024 to 30 July 2024
Period from
1 Apr 24 to
Year to
30 Jul 24
31 Mar 24
Note
£
£
Administrative expenses
11,015
112,183
Other operating income
4
3,163,946
--------
------------
Operating profit
5
11,015
3,051,763
Other interest receivable and similar income
40
49,144
--------
------------
Profit before taxation
11,055
3,100,907
Tax on profit
6
16,298
--------
------------
Profit for the financial period and total comprehensive income
11,055
3,117,205
--------
------------
Dividends paid and payable
7
( 4,975,686)
Retained earnings at the start of the period
11,369
1,869,850
--------
------------
Retained earnings at the end of the period
22,424
11,369
--------
------------
All the activities of the company are from continuing operations.
Silverbulb Limited
Statement of Financial Position
30 July 2024
30 Jul 24
31 Mar 24
Note
£
£
£
Fixed assets
Investments
8
1
1
Current assets
Debtors
9
32,478
35,371
Cash at bank and in hand
20
--------
--------
32,478
35,391
Creditors: amounts falling due within one year
10
7,955
21,923
--------
--------
Net current assets
24,523
13,468
--------
--------
Total assets less current liabilities
24,524
13,469
--------
--------
Net assets
24,524
13,469
--------
--------
Capital and reserves
Called up share capital
11
2,100
2,100
Profit and loss account
22,424
11,369
--------
--------
Shareholder funds
24,524
13,469
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
J Drake
Director
Company registration number: 06155218
Silverbulb Limited
Notes to the Financial Statements
Period from 1 April 2024 to 30 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5, The Brook Trading Estate, Deadbrook Lane, Aldershot, GU12 4XB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has ceased to trade and is in the process of becoming dormant. The intention is for the company to remain dormant for the foreseeable future, therefore the directors do not consider it appropriate to adopt the going concern basis of accounting and accordingly these financial statements have been prepared on a basis other than going concern. There have been no adjustments made relating to this basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Techpoint Group Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
As permitted by section 401 of Companies Act 2006, the company has not prepared consolidated financial statements as it is a wholly owned subsidiary undertaking of Pod Bidco Limited, a company registered in England and Wales. Pod Bidco Limited is a subsidiary of Techpoint Group Limited, a company registered in the United Kingdom which prepares consolidated financial statements that include the results of the company. These financial statements therefore present information about the company as an an individual undertaking and not about the group.
Judgements and key sources of estimation uncertainty
In the application of the group'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 year in which the estimate is revised where the revision affects any that year, or in the year of the revision and future periods where the revision affects both current and future periods. The company has no judgements or key sources of estimation uncertainty.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Other operating income
Period from
1 Apr 24 to
Year to
30 Jul 24
31 Mar 24
£
£
Other operating income
3,163,946
----
------------
5. Operating profit
Operating profit or loss is stated after charging:
Period from
1 Apr 24 to
Year to
30 Jul 24
31 Mar 24
£
£
Depreciation of tangible assets
113,783
----
---------
6. Tax on profit
Major components of tax income
Period from
1 Apr 24 to
Year to
30 Jul 24
31 Mar 24
£
£
Current tax:
UK current tax expense
7,955
Deferred tax:
Origination and reversal of timing differences
( 24,253)
----
--------
Tax on profit
( 16,298)
----
--------
Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the period is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).
Period from
1 Apr 24 to
Year to
30 Jul 24
31 Mar 24
£
£
Profit on ordinary activities before taxation
11,055
3,100,907
--------
------------
Profit on ordinary activities by rate of tax
2,764
775,227
Utilisation of tax losses
( 2,318)
Other tax adjustments, reliefs and transfers
(1)
2,616
Exempt dividends
(790,987)
Marginal relief
(1,319)
Movement in deferred tax not recognised
(1,835)
Other tax adjustment to increase/(decrease) tax liability
(445)
--------
------------
Tax on profit
( 16,298)
--------
------------
7. Dividends
30 Jul 24
31 Mar 24
£
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )
4,975,686
----
------------
8. Investments
Shares in group undertakings
£
Cost
At 1 April 2024 and 30 July 2024
1
----
Impairment
At 1 April 2024 and 30 July 2024
----
Carrying amount
At 30 July 2024
1
----
At 31 March 2024
1
----
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Gemini Tec Ltd
5, The Brook Trading Estate, Deadbrook Lane, Aldershot, England, GU12 4XB
Ordinary
100
9. Debtors
30 Jul 24
31 Mar 24
£
£
Amounts owed by group undertakings
32,478
35,371
--------
--------
10. Creditors: amounts falling due within one year
30 Jul 24
31 Mar 24
£
£
Accruals and deferred income
5,539
Social security and other taxes
7,955
13,850
Director loan accounts
2,534
-------
--------
7,955
21,923
-------
--------
11. Called up share capital
Issued, called up and fully paid
30 Jul 24
31 Mar 24
No.
£
No.
£
A Ordinary shares shares of £ 1 each
1,785
1,785
1,785
1,785
B Ordinary shares shares of £ 1 each
315
315
315
315
-------
-------
-------
-------
2,100
2,100
2,100
2,100
-------
-------
-------
-------