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COMPANY REGISTRATION NUMBER: 09059605
Silver Atlas Capital Limited
Filleted Unaudited Financial Statements
30 November 2024
Silver Atlas Capital Limited
Financial Statements
Year ended 30 November 2024
Contents
Pages
Balance sheet
1
Notes to the financial statements
2 to 5
Silver Atlas Capital Limited
Balance Sheet
30 November 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
63,340
111,328
Current assets
Debtors
6
1,415,044
2,090,761
Cash at bank and in hand
10,651,612
10,109,249
-------------
-------------
12,066,656
12,200,010
Creditors: amounts falling due within one year
7
96,493
278,069
-------------
-------------
Net current assets
11,970,163
11,921,941
-------------
-------------
Total assets less current liabilities
12,033,503
12,033,269
-------------
-------------
Net assets
12,033,503
12,033,269
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
12,033,403
12,033,169
-------------
-------------
Shareholders funds
12,033,503
12,033,269
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
Mr D Mavrommatis
Director
Company registration number: 09059605
Silver Atlas Capital Limited
Notes to the Financial Statements
Year ended 30 November 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 A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the trading income earned in the year and is measured at the fair value of the consideration received or receivable.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2023
115,428
112,794
21,572
249,794
Additions
4,090
18,579
22,669
---------
---------
--------
---------
At 30 November 2024
119,518
112,794
40,151
272,463
---------
---------
--------
---------
Depreciation
At 1 December 2023
35,757
84,596
18,113
138,466
Charge for the year
29,707
28,198
12,752
70,657
---------
---------
--------
---------
At 30 November 2024
65,464
112,794
30,865
209,123
---------
---------
--------
---------
Carrying amount
At 30 November 2024
54,054
9,286
63,340
---------
---------
--------
---------
At 30 November 2023
79,671
28,198
3,459
111,328
---------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
1,152,595
1,465,040
Other debtors
262,449
625,721
------------
------------
1,415,044
2,090,761
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
23,639
190,603
Social security and other taxes
196
195
Other creditors
72,658
87,271
--------
---------
96,493
278,069
--------
---------
8. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
11,597,448
12,200,010
-------------
-------------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
72,758
87,371
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Mavrommatis
520,361
( 537,311)
( 16,950)
---------
---------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Mavrommatis
( 45,557)
565,918
520,361
--------
---------
---------
10. Related party transactions
Included within other debtors is an amount of £105,360 due from Deminence Limited (2023 - £1,005,360), a company in which Demetris Mavrommatis is a director and shareholder.