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Registered number: 12538399
Silent Dreams Limited
Financial Statements
For The Year Ended 31 March 2024
Imran Watson Chartered Certified Accountants
FCCA
Listerhills Science Park
18 Campus Road
Bradford
West Yorkshire
BD7 1HR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12538399
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,632 13,769
15,632 13,769
CURRENT ASSETS
Stocks 5 104,000 103,350
Debtors 6 78,392 9,086
Cash at bank and in hand 9,062 613
191,454 113,049
Creditors: Amounts Falling Due Within One Year 7 (210,158 ) (52,155 )
NET CURRENT ASSETS (LIABILITIES) (18,704 ) 60,894
TOTAL ASSETS LESS CURRENT LIABILITIES (3,072 ) 74,663
NET (LIABILITIES)/ASSETS (3,072 ) 74,663
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (3,172 ) 74,563
SHAREHOLDERS' FUNDS (3,072) 74,663
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Madeha Amini
Director
01/05/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Silent Dreams Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12538399 . The registered office is Second Floor Milner Royd, Recta Mills, Bradford, BD4 9NW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on reducing balance method
Fixtures & Fittings 20% on reducing balance method
Computer Equipment 20% on reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 5)
8 5
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 15,000 3,204 916 19,120
Additions 333 - 5,833 6,166
As at 31 March 2024 15,333 3,204 6,749 25,286
Depreciation
As at 1 April 2023 3,750 1,154 447 5,351
Provided during the period 2,317 410 1,576 4,303
As at 31 March 2024 6,067 1,564 2,023 9,654
Net Book Value
As at 31 March 2024 9,266 1,640 4,726 15,632
As at 1 April 2023 11,250 2,050 469 13,769
5. Stocks
2024 2023
£ £
Finished goods 104,000 103,350
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,884 8,884
Other debtors 18,008 -
Pension scheme prepayments - 202
26,892 9,086
Due after more than one year
Other debtors 51,500 -
78,392 9,086
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 177,137 30,705
Corporation tax 8,144 8,144
Other taxes and social security 13,383 249
VAT 11,494 3,904
Director's loan account - 9,153
210,158 52,155
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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