IRIS Accounts Production v25.1.3.33 01951973 Board of Directors 1.11.23 31.10.24 31.10.24 Medium entities manufacture of silicone products. true true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 01951973 (England and Wales)















Silex Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st October 2024






Silex Limited (Registered number: 01951973)

Contents of the Financial Statements
for the Year Ended 31st October 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Silex Limited

Company Information
for the Year Ended 31st October 2024







DIRECTORS: M J Dominik
T R E Normanton
E T S Normanton
M G Silver





SECRETARY: M J Dominik





REGISTERED OFFICE: Units 4-5 Broxhead Trading Estate
Broxhead Farm Road
Lindford
Bordon
GU35 0JX





REGISTERED NUMBER: 01951973 (England and Wales)





AUDITORS: Sheen Stickland
Chartered Accountants
Statutory Auditors
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Silex Limited (Registered number: 01951973)

Strategic Report
for the Year Ended 31st October 2024


The directors present their strategic report for the year ended 31st October 2024.

INTRODUCTION
Silex Limited are leaders in the design, manufacture and supply of silicone rubber products to international markets.

The company serves the needs of some of the best known brands across the globe, selling into a diverse range of applications and industries, including the automotive/F1, pharmaceutical, energy, food, aerospace, rail, mechanical engineering and domestic appliance sectors.

The company stocks only the highest quality silicone compounds and products from Rogers Corp, Wacker Chemie, Dow Corning , momentive and Elkem, producing extremely high-quality products to tight tolerances, suitable for almost any application. The company produces silicones to FDA, WRAS, KTW, BFR XV and USP Class VI standards, underpinning our premium market position.

REVIEW OF BUSINESS
The company delivered turnover of £7,983,849 for the financial year ended 31st October 2024. On the 1st of May 2024, Bordon Industries acquired Silex Limited.

PRINCIPAL RISKS AND UNCERTAINTIES
The greatest risk to the company, and to the industry as a whole, are supply interruptions with key suppliers.

Other key performance indicators
We continue to monitor staffing levels across the company and are ready to respond should market demand change. Staff attrition levels remain low, and the majority of the team has been with the business for many years.

Whilst the Company does not conduct any formal customer satisfaction research, the majority of our custom comes from repeat business and referral, and it's from our continued growth that we draw the conclusion that we continue to offer the best quality product at the best prices.

OTHER KEY PERFORMANCE INDICATORS
We continue to monitor staffing levels and are ready to respond should market demand change. Staff attrition levels remain low, and the majority of the team have been with the business for many years.

Whilst the company does not conduct any formal customer satisfaction research, the majority of our custom comes from repeat business and referral, and it's from our continued growth that we draw the conclusion that we continue to offer the best quality product at the best prices.

ON BEHALF OF THE BOARD:





E T S Normanton - Director


7th May 2025

Silex Limited (Registered number: 01951973)

Report of the Directors
for the Year Ended 31st October 2024


The directors present their report with the financial statements of the company for the year ended 31st October 2024.

DIVIDENDS
During the period interim dividends of £596,237 were paid.

FUTURE DEVELOPMENTS
The Directors continue to focus on effective supply chain management and integration to maximise the speed and service that we are able to provide.

DIRECTORS
The directors who have held office during the period from 1st November 2023 to the date of this report are as follows:

M J Dominik - appointed 1st May 2024
S J Fearn - resigned 1st May 2024
P J Millson - resigned 1st May 2024
T R E Normanton - appointed 1st May 2024
E T S Normanton - appointed 1st May 2024
M G Silver - appointed 1st May 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. 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 of 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 judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Silex Limited (Registered number: 01951973)

Report of the Directors
for the Year Ended 31st October 2024


AUDITORS
The auditors, Sheen Stickland, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



E T S Normanton - Director


7th May 2025

Report of the Independent Auditors to the Members of
Silex Limited


Opinion
We have audited the financial statements of Silex Limited (the 'company') for the year ended 31st October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 31st October 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Silex Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Silex Limited


Auditors' 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 a Report of the Auditors 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:

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

The laws and regulations applicable to the company were identified through discussions with the director and other management, also from our commercial knowledge and experience of the company. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including but not limited to The Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation.

The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal expenditure and correspondence. The identified laws and regulations were communicated within the audit team, 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:
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations; and understanding the design of the company's remuneration policies.
- making enquiries of management as to where they considered there was susceptibility to fraud, them knowledge
of actual, suspected and alleged fraud;

To address the risk of fraud through management bias and override of controls, we:
- tested journal entries to identify unusual transactions;
- performed analytical procedures to identify any unusual or unexpected relationships;
- assessed whether judgements and assumptions made in determining the accounting estimates 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 relevant regulators and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Silex Limited


Use of our report
This report is made solely to the company's members, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




David Sanders (Senior Statutory Auditor)
for and on behalf of Sheen Stickland
Chartered Accountants
Statutory Auditors
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

11th May 2025

Silex Limited (Registered number: 01951973)

Income Statement
for the Year Ended 31st October 2024

2024 2023
as restated
Notes £    £    £   

TURNOVER 3 7,983,849 8,156,072

Cost of sales 4,087,126 3,925,774
GROSS PROFIT 3,896,723 4,230,298

Distribution costs 1,291,307 1,467,152
Administrative expenses 2,145,321 2,105,144
3,436,628 3,572,296
OPERATING PROFIT 5 460,095 658,002

Income from shares in group undertakings 585,315 -
Interest receivable and similar income 24,390 8,066
609,705 8,066
1,069,800 666,068

Interest payable and similar expenses 6 27,208 13,008
PROFIT BEFORE TAXATION 1,042,592 653,060

Tax on profit 7 52,947 146,944
PROFIT FOR THE FINANCIAL YEAR 989,645 506,116

Silex Limited (Registered number: 01951973)

Balance Sheet
31st October 2024

2024 2023
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 20,336 23,753
Tangible assets 11 715,441 710,230
Investments 12 15,823 15,823
751,600 749,806

CURRENT ASSETS
Stocks 13 1,865,436 2,115,482
Debtors 14 2,802,478 1,340,304
Cash at bank 736,214 1,556,887
5,404,128 5,012,673
CREDITORS
Amounts falling due within one year 15 1,230,648 1,217,048
NET CURRENT ASSETS 4,173,480 3,795,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,925,080

4,545,431

CREDITORS
Amounts falling due after more than one
year

16

-

(8,229

)

PROVISIONS FOR LIABILITIES 18 (157,054 ) (162,584 )
NET ASSETS 4,768,026 4,374,618

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 4,767,926 4,374,518
SHAREHOLDERS' FUNDS 4,768,026 4,374,618

The financial statements were approved by the Board of Directors and authorised for issue on 7th May 2025 and were signed on its behalf by:





E T S Normanton - Director


Silex Limited (Registered number: 01951973)

Statement of Changes in Equity
for the Year Ended 31st October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st November 2022 100 4,068,402 4,068,502

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 506,116 506,116
Balance at 31st October 2023 100 4,374,518 4,374,618

Changes in equity
Dividends - (596,237 ) (596,237 )
Total comprehensive income - 989,645 989,645
Balance at 31st October 2024 100 4,767,926 4,768,026

Silex Limited (Registered number: 01951973)

Cash Flow Statement
for the Year Ended 31st October 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 851,067 449,826
Interest paid (12,439 ) (11,008 )
Interest element of hire purchase payments
paid

(14,769

)

(2,000

)
Tax paid 96,868 (218,620 )
Net cash from operating activities 920,727 218,198

Cash flows from investing activities
Purchase of intangible fixed assets - (6,500 )
Purchase of tangible fixed assets (98,881 ) (284,820 )
Sale of tangible fixed assets - 18,000
Loans to group entities (1,598,000 ) -
Interest received 24,390 8,066
Dividends received 585,315 -
Net cash from investing activities (1,087,176 ) (265,254 )

Cash flows from financing activities
Capital repayments in year (24,206 ) (25,350 )
Equity dividends paid (596,237 ) (200,000 )
Net cash from financing activities (620,443 ) (225,350 )

Decrease in cash and cash equivalents (786,892 ) (272,406 )
Cash and cash equivalents at beginning of
year

2

1,556,887

1,790,968
Effect of foreign exchange rate changes (33,781 ) 38,325
Cash and cash equivalents at end of year 2 736,214 1,556,887

Silex Limited (Registered number: 01951973)

Notes to the Cash Flow Statement
for the Year Ended 31st October 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
as restated
£    £   
Profit before taxation 1,042,592 653,060
Depreciation charges 118,018 110,701
(Profit)/loss on disposal of fixed assets (20,933 ) 13,578
Foreign exchange losses/(gains) 33,781 (38,325 )
Finance costs 27,208 13,008
Finance income (609,705 ) (8,066 )
590,961 743,956
Decrease/(increase) in stocks 250,046 (62,606 )
Decrease in trade and other debtors 32,123 86,924
Decrease in trade and other creditors (22,063 ) (318,448 )
Cash generated from operations 851,067 449,826

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 736,214 1,556,887
Year ended 31st October 2023
31.10.23 1.11.22
as restated
£    £   
Cash and cash equivalents 1,556,887 1,790,968


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank 1,556,887 (820,673 ) 736,214
1,556,887 (820,673 ) 736,214
Debt
Finance leases (39,914 ) 24,206 (15,708 )
(39,914 ) 24,206 (15,708 )
Total 1,516,973 (796,467 ) 720,506

Silex Limited (Registered number: 01951973)

Notes to the Financial Statements
for the Year Ended 31st October 2024


1. STATUTORY INFORMATION

Silex 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency is GBP, and the figures have been rounded to the nearest pound sterling.

Preparation of consolidated financial statements
The financial statements contain information about Silex Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Bordon Industries Limited, 73 Cornhill, London, England, EC3V 3QQ.

Changes in accounting policies
The financial statements prepared previously were consolidated to include a subsidiary, however these financial statements have been prepared for the individual company only. Comparative financial statements and notes have been restated to reflect this. However no changes to the underlying individual company statements and the figures contained within have been made.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are amortised at a rate of 15% on reducing balance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements - Over the remaining term of the lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Silex Limited (Registered number: 01951973)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024


2. ACCOUNTING POLICIES - continued

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

Cost is based on the average cost of purchases on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank and other short term liquid investment.

Debtors
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

Silex Limited (Registered number: 01951973)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
as restated
£    £   
United Kingdom 5,222,559 5,554,137
Europe 1,952,611 1,876,325
Rest of the World 808,679 725,610
7,983,849 8,156,072

All turnover arose from the sale of goods. The goods produced by the company are silicone products and other related materials.

4. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 2,044,773 2,333,427
Social security costs 185,532 198,852
Other pension costs 98,152 39,950
2,328,457 2,572,229

The average number of employees during the year was as follows:
2024 2023
as restated

Directors 2 2
Administration 19 18
Production 47 55
68 75

Silex Limited (Registered number: 01951973)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024


4. EMPLOYEES AND DIRECTORS - continued

2024 2023
as restated
£    £   
Directors' remuneration 182,613 351,272
Directors' pension contributions to money purchase schemes 32,233 3,623

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
as restated
£    £   
Hire of plant and machinery 3,380 1,972
Other operating leases 210,362 213,804
Depreciation - owned assets 98,757 87,937
Depreciation - assets on hire purchase contracts 15,846 18,763
(Profit)/loss on disposal of fixed assets (22,951 ) 13,578
Website costs amortisation 3,417 4,001
Auditors' remuneration 10,152 -
Prior auditors remuneration 28,931 36,500
Auditors' remuneration for non audit work 5,323 7,462
Foreign exchange differences 33,781 (38,325 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank interest 12,439 21
Other interest payable - 10,987
Hire purchase 14,769 2,000
27,208 13,008

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 58,477 114,917

Deferred tax (5,530 ) 32,027
Tax on profit 52,947 146,944

Silex Limited (Registered number: 01951973)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
as restated
£    £   
Profit before tax 1,042,592 653,060
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

260,648

163,265

Effects of:
Expenses not deductible for tax purposes 24,507 14,386
Income not taxable for tax purposes (146,329 ) -
Capital allowances in excess of depreciation (27,082 ) (30,707 )
Utilisation of tax losses (58,797 ) -
Total tax charge 52,947 146,944

8. DIVIDENDS
2024 2023
as restated
£    £   
Ordinary shares shares of 1 each
Interim 596,237 200,000

9. PRIOR YEAR ADJUSTMENT

The financial statements are now prepared for the individual company excluding consolidation of its subsidiary, the accounts include statements notes and disclosures that relate to the individual entity only.

10. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1st November 2023
and 31st October 2024 32,479
AMORTISATION
At 1st November 2023 8,726
Amortisation for year 3,417
At 31st October 2024 12,143
NET BOOK VALUE
At 31st October 2024 20,336
At 31st October 2023 23,753

Silex Limited (Registered number: 01951973)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024


11. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st November 2023 119,299 1,653,982 337,893 59,667 2,170,841
Additions - 127,768 26,113 - 153,881
Disposals - (58,750 ) - - (58,750 )
At 31st October 2024 119,299 1,723,000 364,006 59,667 2,265,972
DEPRECIATION
At 1st November 2023 110,912 1,139,165 190,372 20,162 1,460,611
Charge for year 8,387 71,154 25,186 9,876 114,603
Eliminated on disposal - (24,683 ) - - (24,683 )
At 31st October 2024 119,299 1,185,636 215,558 30,038 1,550,531
NET BOOK VALUE
At 31st October 2024 - 537,364 148,448 29,629 715,441
At 31st October 2023 8,387 514,817 147,521 39,505 710,230

The net book value of tangible fixed assets includes £ 64,234 (2023 - £ 80,080 ) in respect of assets held under hire purchase contracts.

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st November 2023
and 31st October 2024 15,823
NET BOOK VALUE
At 31st October 2024 15,823
At 31st October 2023 15,823

Silex Limited (Registered number: 01951973)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024


12. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

MVQ Silicones Gmbh
Registered office: Hertzstraße 11, 69469 Weinheim, Germany
Nature of business: Silicone manufacture
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves - 2,281,707
Profit for the year - 391,066

The subsidiary undertaking is consolidated in Bordon Industries Limited, Silex Limited is exempt from producing consolidated accounts under section 400 of the companies act.

13. STOCKS
2024 2023
as restated
£    £   
Stocks 1,865,436 2,115,482

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 1,073,111 1,096,794
Amounts owed by group undertakings 1,642,730 51,640
Tax - 103,703
Prepayments and accrued income 86,637 88,167
2,802,478 1,340,304

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Hire purchase contracts (see note 17) 15,708 31,685
Trade creditors 931,024 1,009,820
Tax 51,642 -
Social security and other taxes 44,849 47,794
VAT 107,886 80,707
Other creditors 59,701 7,720
Accruals and deferred income 19,838 39,322
1,230,648 1,217,048

Hire purchase finance is secured against the corresponding asset.

Silex Limited (Registered number: 01951973)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024


16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Hire purchase contracts (see note 17) - 8,229

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 15,708 31,685
Between one and five years - 8,229
15,708 39,914

Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 188,833 238,000
Between one and five years 114,025 332,858
302,858 570,858

18. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax
Accelerated capital allowances 157,835 163,434
Other timing differences (781 ) (850 )
157,054 162,584

Deferred
tax
£   
Balance at 1st November 2023 162,584
Credit to Income Statement during year (5,530 )
Balance at 31st October 2024 157,054

There is no expiry date on timing differences.

Silex Limited (Registered number: 01951973)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
100 Ordinary shares 1 100 100

20. RESERVES
Retained
earnings
£   

At 1st November 2023 4,374,518
Profit for the year 989,645
Dividends (596,237 )
At 31st October 2024 4,767,926

21. PENSION COMMITMENTS

At the balance sheet date the company had defined contribution pension payments outstanding of £7,389 (2023: £7,720).

22. ULTIMATE PARENT COMPANY

Euston Holdco VI Limited is regarded by the directors as being the company's ultimate parent company.

Bordon Industries Limited is the company's intermediate parent company.

The ultimate controlling party are the shareholders of Euston Holdco VI Limited.

23. RELATED PARTY DISCLOSURES

At the year end the company was owed £1,598,000.00 as a loan to parent company Bordon Industries Limited. The loan is interest free and is repayable on demand of Silex Limited.

Silex Limited was also owed at the balance sheet date £44,730 (2023: £51,640) from subsidiary MVQ Silicones GmbH, through ordinary trade. Sales were made by Silex Limited to MVQ Silicones GmbH during the period of £452,915 (2023: 451,590).

Both balances are shown in debtors: amounts falling due within one year.