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Registration number: 13913647

Silverway Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Silverway Engineering Ltd

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Silverway Engineering Ltd

Company Information

Director

Mr M Quick

Registered office

62 Queen's Road
Buckhurst Hill
Essex
IG9 5BY

Accountants

Blitz Gooday Ltd
Chartered Certified Accountants62 Queens Road
Buckhurst Hill
Essex
IG9 5BY

 

Silverway Engineering Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2025

2025
£

2024
£

Profit for the year

43,817

144,665

Total comprehensive income for the year

43,817

144,665

 

Silverway Engineering Ltd

(Registration number: 13913647)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

23,645

18,154

Current assets

 

Debtors

5

191,617

156,261

Cash at bank and in hand

 

93,131

119,909

 

284,748

276,170

Creditors: Amounts falling due within one year

6

(184,717)

(195,432)

Net current assets

 

100,031

80,738

Total assets less current liabilities

 

123,676

98,892

Creditors: Amounts falling due after more than one year

6

(2,194)

(3,527)

Net assets

 

121,482

95,365

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

121,382

95,265

Shareholders' funds

 

121,482

95,365

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 August 2025
 

.........................................
Mr M Quick
Director

 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
62 Queen's Road
Buckhurst Hill
Essex
IG9 5BY

These financial statements were authorised for issue by the director on 4 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

4 years straight line

Motor Vehicles

4 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 2).

 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2024

604

17,640

15,113

33,357

Additions

738

22,495

-

23,233

Disposals

-

-

(11,972)

(11,972)

At 31 March 2025

1,342

40,135

3,141

44,618

Depreciation

At 1 April 2024

168

8,453

6,582

15,203

Charge for the year

304

10,033

3,279

13,616

Eliminated on disposal

-

-

(7,846)

(7,846)

At 31 March 2025

472

18,486

2,015

20,973

Carrying amount

At 31 March 2025

870

21,649

1,126

23,645

At 31 March 2024

436

9,187

8,531

18,154

5

Debtors

Current

2025
£

2024
£

Trade debtors

91,663

75,397

Prepayments

13,711

10,299

Other debtors

86,243

70,565

 

191,617

156,261

 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Trade creditors

 

38,491

30,515

Amounts due to related parties

10

216

99,900

Social security and other taxes

 

27,193

24,623

Accruals

 

109,623

10,662

Income tax liability

9,194

29,732

 

184,717

195,432

Creditors: amounts falling due after more than one year

2025
£

2024
£

Due after one year

Other financial liabilities

2,194

3,527

7

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Dividends

2025

2024

£

£

Interim dividend of £177.00 (2024 - £185.00) per ordinary share

17,700

18,500

 

 
 

Silverway Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,000 (2024 - £52,194).

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2025
£

2024
£

Remuneration

12,000

22,205

Loans from related parties

2025

Key management
£

Total
£

At start of period

99,900

99,900

Advanced

316

316

Repaid

(100,000)

(100,000)

At end of period

216

216

2024

Key management
£

Total
£

At start of period

99,900

99,900

At end of period

99,900

99,900

Terms of loans from related parties

On 13 May 2022 the Director loaned the company £100,000 to finance its initial operations. This loan has now been repaid