Silverzone Collection Ltd - Filleted accounts

Registered number

09055976

Silverzone Collection Ltd

Filleted Accounts

31 May 2024

Silverzone Collection Ltd
Registered number:		09055976
Balance Sheet
as at 31 May 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		2,679			2,944

Current assets
Stocks		31,000			27,000
Cash at bank and in hand		730			966
		31,730			27,966

Creditors: amounts falling due within one year	4	(63,150)			(53,423)

Net current liabilities			(31,420)			(25,457)

Total assets less current liabilities			(28,741)			(22,513)

Creditors: amounts falling due after more than one year	5		(4,250)			(6,000)



Net liabilities			(32,991)			(28,513)

Capital and reserves
Called up share capital			1			1
Profit and loss account			(32,992)			(28,514)

Shareholder's funds			(32,991)			(28,513)

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Ms M Fielding
Director
Approved by the board on 30 April 2025

Silverzone Collection Ltd
Notes to the Accounts
for the year ended 31 May 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Equipment	15% reducing balance
	Motor Vehicle	25% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees			2024		2023
Number					Number

	Average number of persons employed by the company			1		5


3	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 June 2023	486		11,895		12,381
	Additions	541		-		541
	At 31 May 2024	1,027		11,895		12,922

	Depreciation
	At 1 June 2023	364		9,073		9,437
	Charge for the year	100		706		806
	At 31 May 2024	464		9,779		10,243

	Net book value
	At 31 May 2024	563		2,116		2,679
	At 31 May 2023	122		2,822		2,944


4	Creditors: amounts falling due within one year			2024		2023
£					£

	Bank loans and overdrafts			3,000		3,000
	Trade creditors			4,757		6,275
	Directors loan account			51,988		39,420
	Taxation and social security costs			-		661
	Other creditors			3,405		4,067
				63,150		53,423


5	Creditors: amounts falling due after one year			2024		2023
£					£

	Bank loans			4,250		6,000


6	Other information

	Silverzone Collection Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	The Old Bank Chambers
	223 Union Street
	Brunswick Square
	Torquay, Devon
	TQ1 4UT