| REGISTERED NUMBER: 12791450 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Silvro Ltd |
| REGISTERED NUMBER: 12791450 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Silvro Ltd |
| Silvro Ltd (Registered number: 12791450) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 18 |
| Silvro Ltd |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 63 Broad Green |
| Wellingborough |
| Northamptonshire |
| NN8 4LQ |
| Silvro Ltd (Registered number: 12791450) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| Principal Activities |
| The principal activity of the group during the year continued to be: |
| Management of residential and touring parks; |
| Development of residential park home sites; and |
| Manufacture of residential and holiday park homes. |
| Business review |
| During the year the company acquired the SRG Park Holdings Group, through a share for share exchange. |
| The Directors report that the group made a loss before tax of £2,891,436 (2023: profit £415,020). Shareholders funds amounted to £2,109,562 (2023: £4,003,678) . The profit before tax is a result of the continued trade in the groups principal activities. |
| Key performance indicators ('KPIs') |
| 2024 | 2023 |
| £ | £ |
| Turnover | 18,245,106 | 25,778,029 |
| Profit/(Loss) before taxation | (2,891,436 | ) | 415,020 |
| Shareholders funds | 2,109,562 | 4,003,678 |
| The key performance indicators reflect a year of strong growth and significant profitability. |
| Principal risk and Uncertainties |
| Given the size if the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. |
| General economic Risk |
| The group is exposed to general economic risk, including changes in the economic outlook in the mobile home sector. Increasing levels of inflation and disruption to supply chains caused by various worldwide events and the financial and economic uncertainty that this brings. The Group is also exposed to the risk of future government changes in industrial, fiscal, monetary or regulatory policies. The Group has an effective revenue strategy by monitoring costs and demand. This reduces, though does not eliminate, the financial impact arising from such adverse conditions. |
| Price Risk |
| The group is exposed to price risk due to normal inflationary increases in the purchase price of goods and services in the UK. |
| Demand risk |
| The main risk facing the group is that demand for new park homes diminishes. The Group responds to changes in the market and customer demands to try and maintain its position in the market. |
| Quality risk |
| Failure to meet customer expectation in terms of quality. The group is at the forefront of innovation and is continually looking for ways to improve and manufacture homes and develop sites. The Directors work closely with customers and suppliers to ensure that the products meet or exceed expectations as far as possible. |
| Credit risk |
| The Group seeks to manage its credit risk by establishing clear contractual relationships with customers and by identifying and addressing any credit issues arising in a timely manner. |
| Liquidity Risk |
| The group holds long-term debt finance that is designed to ensure the group has sufficient funds for operations. Management maintains cash flow in order to ensure the Group is able to meet its liabilities as they fall due. |
| Interest rate Risk |
| The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances which earn interest at variable rates. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature. |
| Silvro Ltd (Registered number: 12791450) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| Future Developments |
| The management are focused on developing current sites, looking for further investment opportunities for expansion and improving sales of manufactured units. |
| ON BEHALF OF THE BOARD: |
| Silvro Ltd (Registered number: 12791450) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 August 2024. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Clifford Roberts - Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Silvro Ltd |
| Opinion |
| We have audited the financial statements of Silvro Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 August 2024 and of the group's loss 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
| Silvro Ltd |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Silvro Ltd |
| 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 obtained an understanding of the legal and regulatory framework applicable to the group and parent company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws. |
| - | We obtained an understanding of how the group and parent company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance . We corroborated our inquiries through our review of all relevant available audit information. |
| - | We assessed and understood the susceptibility of the group and parent company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included: |
| > | Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; |
| > | Understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| > | Challenging assumptions and judgements made by management in its significant accounting estimates; |
| > | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and, |
| > | Assessing the extent of compliance with relevant laws and regulations. |
| 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 consolidated 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 |
| Silvro Ltd |
| 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. |
| for and on behalf of |
| 63 Broad Green |
| Wellingborough |
| Northamptonshire |
| NN8 4LQ |
| Silvro Ltd (Registered number: 12791450) |
| Consolidated Income Statement |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| TURNOVER | 3 | 18,245,106 | 25,778,028 |
| Cost of sales | 13,460,348 | 19,342,626 |
| GROSS PROFIT | 4,784,758 | 6,435,402 |
| Administrative expenses | 5,545,825 | 4,739,682 |
| (761,067 | ) | 1,695,720 |
| Other operating income | 9,595 | 38,420 |
| GROUP OPERATING (LOSS)/PROFIT | 5 | (751,472 | ) | 1,734,140 |
| Share of operating (loss)/profit in |
| Joint ventures | (64,159 | ) | - |
| Associate | 94,485 | - |
| Income from interest in associated undertakings |
- |
(20,265 |
) |
| Income from other participating interests | - | 29,779 |
| Interest receivable and similar income | 65,634 | 16,150 |
| 65,634 | 25,664 |
| (655,512 | ) | 1,759,804 |
| Amounts written off investments |
| Joint ventures | (269,364 | ) | - |
| (924,876 | ) | 1,759,804 |
| Interest payable and similar expenses | 6 | (1,966,560 | ) | (1,344,784 | ) |
| (LOSS)/PROFIT BEFORE TAXATION | (2,891,436 | ) | 415,020 |
| Tax on (loss)/profit | 7 | (216,635 | ) | 196,635 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| (Loss)/profit attributable to: |
| Owners of the parent | (1,894,116 | ) | 98,865 |
| Non-controlling interests | (780,685 | ) | 119,520 |
| (2,674,801 | ) | 218,385 |
| Silvro Ltd (Registered number: 12791450) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | (2,674,801 | ) | 218,385 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR |
(2,674,801 |
) |
218,385 |
| Total comprehensive (loss)/income attributable to: |
| Owners of the parent | (1,894,116 | ) | 98,865 |
| Non-controlling interests | (780,685 | ) | 119,520 |
| (2,674,801 | ) | 218,385 |
| Silvro Ltd (Registered number: 12791450) |
| Consolidated Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 | 379,705 | 611,638 |
| Tangible assets | 10 | 23,597,018 | 19,058,966 |
| Investments | 11 |
| Interest in joint venture |
| Share of gross assets | 1,270,643 | 2,476,431 |
| Share of gross liabilities | (498,985 | ) | (445,282 | ) |
| 771,658 | 2,031,149 |
| Interest in associate | 74,220 | (20,265 | ) |
| Other investments | - | 99,795 |
| 24,822,601 | 21,781,283 |
| CURRENT ASSETS |
| Stocks | 12 | 5,771,731 | 3,090,800 |
| Debtors | 13 | 2,857,924 | 3,504,353 |
| Cash at bank and in hand | 1,929,493 | 6,999,626 |
| 10,559,148 | 13,594,779 |
| CREDITORS |
| Amounts falling due within one year | 14 | 24,089,658 | 20,545,442 |
| NET CURRENT LIABILITIES | (13,530,510 | ) | (6,950,663 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
11,292,091 |
14,830,620 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(9,096,940 |
) |
(9,857,219 |
) |
| PROVISIONS FOR LIABILITIES | 19 | - | (3,422 | ) |
| NET ASSETS | 2,195,151 | 4,969,979 |
| Silvro Ltd (Registered number: 12791450) |
| Consolidated Balance Sheet - continued |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 80 | 80 |
| Share premium | 21 | 2,496,771 | 2,496,771 |
| Retained earnings | 21 | (387,289 | ) | 1,506,827 |
| SHAREHOLDERS' FUNDS | 2,109,562 | 4,003,678 |
| NON-CONTROLLING INTERESTS | 22 | 85,589 | 966,301 |
| TOTAL EQUITY | 2,195,151 | 4,969,979 |
| The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2025 and were signed on its behalf by: |
| Mr S Geranio - Director |
| Silvro Ltd (Registered number: 12791450) |
| Company Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Share premium | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 505,899 | 542,029 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Silvro Ltd (Registered number: 12791450) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 September 2022 | 80 | 1,407,962 | 2,496,771 |
| Changes in equity |
| Total comprehensive income | - | 98,865 | - |
| Balance at 31 August 2023 | 80 | 1,506,827 | 2,496,771 |
| Changes in equity |
| Total comprehensive loss | - | (1,894,116 | ) | - |
| Balance at 31 August 2024 | 80 | (387,289 | ) | 2,496,771 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1 September 2022 | 3,904,813 | 831,200 | 4,736,013 |
| Changes in equity |
| Dividends | - | (134,419 | ) | (134,419 | ) |
| Total comprehensive income | 98,865 | 119,520 | 218,385 |
| No description | - | 150,000 | 150,000 |
| Balance at 31 August 2023 | 4,003,678 | 966,301 | 4,969,979 |
| Changes in equity |
| Dividends | - | (100,027 | ) | (100,027 | ) |
| Total comprehensive loss | (1,894,116 | ) | (780,685 | ) | (2,674,801 | ) |
| Balance at 31 August 2024 | 2,109,562 | 85,589 | 2,195,151 |
| Silvro Ltd (Registered number: 12791450) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 August 2024 |
| Silvro Ltd (Registered number: 12791450) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 32,571 | 5,719,049 |
| Interest paid | (1,966,560 | ) | (1,344,784 | ) |
| Tax paid | (357,846 | ) | (188,967 | ) |
| Net cash from operating activities | (2,291,835 | ) | 4,185,298 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (13,433 | ) | (84,536 | ) |
| Purchase of tangible fixed assets | (5,056,593 | ) | (11,099,551 | ) |
| Purchase of fixed asset investments | - | (82,302 | ) |
| Sale of tangible fixed assets | 732,369 | 2,087,071 |
| Purchase of Subsidiary net of cash | (336,597 | ) | (1,663,181 | ) |
| Purchase of Joint Venture | - | (376,983 | ) |
| Joint venture loan movements | (9,043 | ) | (578,565 | ) |
| Interest received | 65,634 | 16,150 |
| Dividends received | - | (8,747 | ) |
| Net cash from investing activities | (4,617,663 | ) | (11,790,644 | ) |
| Cash flows from financing activities |
| New loans in year | 2,274,909 | 7,964,000 |
| Loan repayments in year | (298,363 | ) | (3,053,470 | ) |
| Amount introduced by directors | 34,075 | 8,000,200 |
| Amount withdrawn by directors | (71,229 | ) | (651,100 | ) |
| Cash introduce by minority interests | - | 150,000 |
| Dividends paid to minority interests | (100,027 | ) | (134,419 | ) |
| Net cash from financing activities | 1,839,365 | 12,275,211 |
| (Decrease)/increase in cash and cash equivalents | (5,070,133 | ) | 4,669,865 |
| Cash and cash equivalents at beginning of year |
2 |
6,999,626 |
2,329,761 |
| Cash and cash equivalents at end of year |
2 |
1,929,493 |
6,999,626 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before taxation | (2,891,436 | ) | 415,020 |
| Depreciation charges | 595,223 | 566,439 |
| Profit on disposal of fixed assets | (4,519 | ) | (279,534 | ) |
| Government grants | (600 | ) | - |
| Finance costs | 1,966,560 | 1,344,784 |
| Finance income | (65,634 | ) | (25,664 | ) |
| (400,406 | ) | 2,021,045 |
| Decrease in stocks | 389,508 | 108,414 |
| Decrease/(increase) in trade and other debtors | 1,123,616 | (2,728,192 | ) |
| (Decrease)/increase in trade and other creditors | (1,080,147 | ) | 6,317,782 |
| Cash generated from operations | 32,571 | 5,719,049 |
| 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 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 1,929,493 | 6,999,626 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 6,999,626 | 2,329,776 |
| Bank overdrafts | - | (15 | ) |
| 6,999,626 | 2,329,761 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 6,999,626 | (5,070,133 | ) | 1,929,493 |
| 6,999,626 | (5,070,133 | ) | 1,929,493 |
| Debt |
| Debts falling due within 1 year | (322,908 | ) | (2,942,004 | ) | (3,264,912 | ) |
| Debts falling due after 1 year | (7,555,564 | ) | 965,458 | (6,590,106 | ) |
| (7,878,472 | ) | (1,976,546 | ) | (9,855,018 | ) |
| Total | (878,846 | ) | (7,046,679 | ) | (7,925,525 | ) |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Silvro Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors have considered the Group’s and Company’s ability to continue as a going concern and have concluded that it is appropriate to prepare the financial statements on a going concern basis. |
| The directors have provided confirmation that they will not demand repayment of amounts due to them under Directors’ Loan Accounts where doing so would impair the Group’s or Company’s ability to meet their obligations as they fall due. Additionally, in the event of withdrawal or non-renewal of banking facilities, the directors have confirmed their intention to provide such financial support as is necessary to enable the Group and Company to continue trading for the foreseeable future. |
| Basis of consolidation |
| The consolidated financial statements include the financial statements of the company and its subsidiary undertakings drawn up to the year end date. The acquisition method of accounting has been adopted. Under this method the results of the subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra group transactions, balances, income and expenses are eliminated on consolidation. |
| The company, as permitted by section 408 of the Companies Act 2006, does not include its own profit and loss account in these financial statements although this was approved at the same date as these financial statements. |
| Associates and joint ventures |
| The group has associated undertakings and joint ventures, the details of which are shown in the 'Fixed Asset Investments' note. The group include the associated undertakings and joint ventures using the equity method in line with the requirements. |
| Significant judgements and estimates |
| In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. |
| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: |
| (a) Determining net book value of tangible fixed assets |
| In determining the net book value of tangible fixed assets, management estimate both the residual value and the useful economic lives of the assets. Both judgements rely on the experience of management. |
| (b) Determining net realisable values of stocks |
| In determining the net realisable value of stocks, management takes into account the most reliable evidence available at the dates the estimates are made. |
| (c) Trade debtors |
| The directors carefully consider the recoverability of trade debtors based on their experience of customers' payment history and the likelihood of recovery. |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Revenue |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Sale of homes |
| Revenue from the sale of homes is recognised when all of the following conditions are satisfied: |
| - the Company has transferred the significant risks and rewards of ownership to the buyer; |
| - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the home sold; |
| - the amount of revenue can be measured reliably; |
| - it is probable that the Company will receive the consideration due under the transaction; and |
| - the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Ground rents and utilities recharged are recognised as they fall due and in the period to which they relate. |
| Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
| Owners' site fees are recognised on a straight-line basis over the twelve month period to which invoiced amounts relate. |
| For accommodation hire bookings, where the Group is acting as an agent on behalf of the homeowner, the Group share of turnover is recognised at the point the service is provided with all deposits deferred until this point. |
| Retail and other income are recognised at the point of sale. |
| Dividend income is recognised when the right to receive payment is established. |
| Goodwill |
| 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. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments in associates |
| Investments in associate undertakings are recognised at cost. |
| Investments comprise of unquoted shares in subsidiaries and joint ventures which are stated at cost less impairment. Impairment losses are recognised immediately in the income statement. The details of the investments are shown in the 'Fixed Asset Investments' note including the joint venture using the equity method in line with requirements. |
| Stocks |
| 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 items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. |
| An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. |
| All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. |
| If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
| Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
| Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled, or expires. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease term and their useful lives. |
| The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. |
| Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 3. | TURNOVER |
| The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Mobile Home Sales | 10,969,816 | 22,207,253 |
| Ground rents | 967,828 | 653,920 |
| Utilities/repairs recharged | 670,813 | 631,601 |
| Management fees receivable | 1,833,786 | 629,984 |
| Restaurant sales | 188,624 | 94,256 |
| lodge lettings | 3,494,224 | 1,561,014 |
| Shop & competition sales | 120,015 | - |
| 18,245,106 | 25,778,028 |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 18,245,106 | 25,778,028 |
| 18,245,106 | 25,778,028 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 3,489,494 | 4,324,218 |
| Social security costs | 331,553 | 434,998 |
| Other pension costs | 65,312 | 81,320 |
| 3,886,359 | 4,840,536 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administrative | 54 | 75 |
| Production | 50 | 55 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 168,426 | 49,500 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | - | 197 |
| Other operating leases | 272,266 | 272,030 |
| Depreciation - owned assets | 401,164 | 310,155 |
| Depreciation - assets on hire purchase contracts or finance leases | 3,227 | - |
| Profit on disposal of fixed assets | (4,519 | ) | (279,534 | ) |
| Goodwill amortisation | 160,040 | 240,290 |
| Computer software amortisation | 30,792 | 15,995 |
| Auditors' remuneration | 64,768 | 63,905 |
| Auditors' remuneration for non audit work | 21,485 | 42,758 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest | 663,581 | 251,352 |
| Directors loan interest | 1,206,759 | 781,786 |
| Other interest | 18,920 | 8,336 |
| DF Capital interest | 77,300 | - |
| Loan | - | 303,310 |
| 1,966,560 | 1,344,784 |
| 7. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 16,910 | 334,638 |
| Under/Over provision for tax | (131,683 | ) | (2,598 | ) |
| Total current tax | (114,773 | ) | 332,040 |
| Deferred tax | (101,862 | ) | (135,405 | ) |
| Tax on (loss)/profit | (216,635 | ) | 196,635 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 7. | TAXATION - continued |
| Reconciliation of total tax (credit)/charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before tax | (2,891,436 | ) | 415,020 |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
(722,859 |
) |
103,755 |
| Effects of: |
| Expenses not deductible for tax purposes | 407,036 | 77,608 |
| Income not taxable for tax purposes | (1,047 | ) | (214,140 | ) |
| Capital allowances in excess of depreciation | - | (57,553 | ) |
| Depreciation in excess of capital allowances | 112,243 | - |
| Utilisation of tax losses | 110,813 | 6,221 |
| Adjustments to tax charge in respect of previous periods | (131,859 | ) | 155,946 |
| Deferred tax movement | (101,862 | ) | (135,405 | ) |
| Bonus not paid | - | 55,862 |
| Capital gain | 60,758 | 82,872 |
| Apportionment for tax rate | - | 121,469 |
| Losses carried forward | 50,142 | - |
| Total tax (credit)/charge | (216,635 | ) | 196,635 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | INTANGIBLE FIXED ASSETS |
| Group |
| Computer |
| Goodwill | software | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 | 678,868 | 84,536 | 763,404 |
| Additions | (54,534 | ) | 13,433 | (41,101 | ) |
| At 31 August 2024 | 624,334 | 97,969 | 722,303 |
| AMORTISATION |
| At 1 September 2023 | 135,771 | 15,995 | 151,766 |
| Amortisation for year | 160,040 | 30,792 | 190,832 |
| At 31 August 2024 | 295,811 | 46,787 | 342,598 |
| NET BOOK VALUE |
| At 31 August 2024 | 328,523 | 51,182 | 379,705 |
| At 31 August 2023 | 543,097 | 68,541 | 611,638 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | INTANGIBLE FIXED ASSETS - continued |
| Group |
| Goodwill includes negative goodwill, with a carrying value of £299,156, being cost of £309,471 (2023: £Nil) and carried forward amortisation of £10,315 (2023: £Nil). |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Improvements | Plant and |
| property | to property | machinery |
| £ | £ | £ |
| COST |
| At 1 September 2023 | 19,010,181 | - | 167,621 |
| Additions | 5,197,677 | 237,548 | 52,911 |
| Disposals | (493,554 | ) | (237,548 | ) | (12,470 | ) |
| At 31 August 2024 | 23,714,304 | - | 208,062 |
| DEPRECIATION |
| At 1 September 2023 | 300,088 | - | 64,423 |
| Charge for year | 288,510 | - | 42,856 |
| Eliminated on disposal | (10,971 | ) | - | (4,751 | ) |
| At 31 August 2024 | 577,627 | - | 102,528 |
| NET BOOK VALUE |
| At 31 August 2024 | 23,136,677 | - | 105,534 |
| At 31 August 2023 | 18,710,093 | - | 103,198 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 | 174,976 | 87,434 | 110,128 | 19,550,340 |
| Additions | 131,179 | 37,501 | 13,477 | 5,670,293 |
| Disposals | (1,931 | ) | - | - | (745,503 | ) |
| At 31 August 2024 | 304,224 | 124,935 | 123,605 | 24,475,130 |
| DEPRECIATION |
| At 1 September 2023 | 29,441 | 22,958 | 74,464 | 491,374 |
| Charge for year | 31,811 | 28,048 | 13,166 | 404,391 |
| Eliminated on disposal | (1,931 | ) | - | - | (17,653 | ) |
| At 31 August 2024 | 59,321 | 51,006 | 87,630 | 878,112 |
| NET BOOK VALUE |
| At 31 August 2024 | 244,903 | 73,929 | 35,975 | 23,597,018 |
| At 31 August 2023 | 145,535 | 64,476 | 35,664 | 19,058,966 |
| Certain assets of the group are pledged as security. |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| Additions | 24,116 |
| At 31 August 2024 | 24,116 |
| DEPRECIATION |
| Charge for year | 3,227 |
| At 31 August 2024 | 3,227 |
| NET BOOK VALUE |
| At 31 August 2024 | 20,889 |
| 11. | FIXED ASSET INVESTMENTS |
| Group |
| Interest in |
| joint | Interest in |
| venture | associate | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 | 2,031,149 | (20,265 | ) | 2,010,884 |
| Share of profit/(loss) | (64,159 | ) | 94,485 | 30,326 |
| Impairments | (228,918 | ) | - | (228,918 | ) |
| Acquired with subsidiary | (966,414 | ) | - | (966,414 | ) |
| At 31 August 2024 | 771,658 | 74,220 | 845,878 |
| NET BOOK VALUE |
| At 31 August 2024 | 771,658 | 74,220 | 845,878 |
| At 31 August 2023 | 2,031,149 | (20,265 | ) | 2,010,884 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| Group |
| Interest in joint venture |
| The group's aggregate share of joint ventures at the year end is as follows: |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before tax | (12,771 | ) | 37,121 |
| Taxation | - | (7,364 | ) |
| (Loss)/profit after tax | (12,771 | ) | 29,757 |
| Share of assets |
| Fixed assets | 355,994 | 356,364 |
| Current assets | 304,248 | 2,120,067 |
| Share of liabilities |
| Share of liabilities due within one year | (8,496 | ) | (420,925 | ) |
| Share of liabilities due after one year or more | (490,489 | ) | (24,357 | ) |
| Share of net assets | 161,257 | 2,031,149 |
| The reclassification/transfer shown above has arisen on the acquisition of the balancing 50% interest in Cissonius Developments Ltd. This is the reclassification of the interest which was previously categorised as a joint venture. With the holding having increased to 100%, the investment is now classified as a subsidiary. |
| Interest in associate |
| The group's aggregate share of the associate at the year end is as follows: |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) before tax | 94,485 | (20,265 | ) |
| Taxation | - | - |
| Profit/(loss) after tax | 94,485 | (20,265 | ) |
| Share of assets |
| Fixed assets | - | - |
| Current assets | 74,265 | 151,929 |
| Share of liabilities |
| Share of liabilities due within one year | - | (172,194 | ) |
| Share of liabilities due after one year or more | - | - |
| Share of net assets/(liabilities) | 74,265 | (20,265 | ) |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in | Interest in |
| group | joint |
| undertakings | venture | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 3,257,407 |
| NET BOOK VALUE |
| At 31 August 2024 | 3,257,407 |
| At 31 August 2023 | 3,257,407 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Details of the subsidiary companies, all of which are included in the consolidation are set out below: |
Name of Company |
Country of incorporation |
Activity |
Ordinary shares held |
SRG Park Holdings Limited |
England |
Park operator and developer |
80% |
| Aspire Parks Limited * | England | Park operator | 80% |
| Mill House Park Homes Limited * | England | Park operator | 80% |
| SRG Parks Limited * | England | Park Operator | 80% |
| Stonerush Limited * | England | Park Operator | 80% |
| Southern Halt Limited * | England | Park Operator | 80% |
| Manleigh Park Limited * | England | Park Operator | 80% |
| Srafford Moor Limited* | England | Park Operator | 80% |
| Sunseeker Holiday Homes Limited * |
England |
Manufacture of holiday homes |
82.50% |
| Cissonius Developments Limited | England | Park Developer | 80% |
| Registered Office: Marfleet Works, Valetta Street, Kingston upon Hull, East Riding, HU9 5NP |
| The registered office of the above subsidiaries is 1 Saxon, Headway Business Park Corby, Northamptonshire NN18 9EZ, unless otherwise stated. |
| Joint ventures are detailed below: |
Joint Venture |
Country of incorporation |
Activity |
Ordinary shares held |
Year end |
| New Chapter Villages Limited * | England | Park developer | 50% | 30 Apr |
| Registered Office: Unit 4 Shieling Court, Corby, Northamptonshire, NN18 9QD |
| Salcombe Country Park Limited | England | Holiday Park | 50% | 30 Apr |
| Registered Office 31/33 Commercial Road, Poole, BH14 0HU |
| Associates are detailed below: |
Associates |
Country of incorporation |
Activity |
Ordinary shares held |
Year end |
Charteroak Management Limited * |
England |
Management of Parks |
25% |
31 Aug |
| Registered Office: 1 Saxon, Headway Business Park Corby, Northamptonshire NN18 9EZ |
| * Indirect holding |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks | 5,186,124 | 1,972,740 |
| Work-in-progress | 386,324 | 585,293 |
| Finished goods | 199,283 | 532,767 |
| 5,771,731 | 3,090,800 |
| 13. | DEBTORS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 991,115 | 1,220,704 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by joint ventures | 9,043 | - |
| Other debtors | 982,717 | 1,301,919 |
| Tax | 60,000 | - |
| VAT | 32,139 | 194,070 |
| Deferred tax asset | 71,766 | - | - | - |
| Prepayments and accrued income | 172,835 | 634,187 |
| Prepayments | 124,374 | 153,473 |
| 2,443,989 | 3,504,353 |
| Amounts falling due after more than one | year: |
| Trade debtors | 410,850 | - |
| Other debtors | 3,085 | - |
| 413,935 | - |
| Aggregate amounts | 2,857,924 | 3,504,353 |
| Deferred tax asset |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax | 71,766 | - | - | - |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 16) | 2,820,912 | 322,908 |
| Other loans (see note 16) | 444,000 | - |
| Trade creditors | 846,050 | 2,123,275 |
| Tax | 36,779 | 334,625 |
| Social security and other taxes | 91,069 | 95,802 |
| VAT | - | - | 7,663 | 2,330 |
| Other creditors | 2,932,936 | 1,832,543 |
| Directors' current accounts | 11,824,602 | 11,861,756 | 7,962,846 | 8,000,000 |
| Accruals and deferred income | 1,918,440 | 1,457,920 |
| Accrued expenses | 3,174,870 | 2,516,613 |
| 24,089,658 | 20,545,442 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 16) | 6,194,306 | 7,465,564 |
| Other loans (see note 16) | 395,800 | 90,000 |
| Other creditors | 2,351,668 | 2,301,655 |
| Accruals and deferred income | 155,166 | - |
| 9,096,940 | 9,857,219 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 2,820,912 | 322,908 |
| Other loans | 444,000 | - |
| 3,264,912 | 322,908 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 79,070 | 2,700,176 |
| Other loans - 1-2 years | 395,800 | 90,000 |
| 474,870 | 2,790,176 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 6,115,236 | 816,421 |
| Amounts falling due in more than five | years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 3,948,967 |
| Other Loans includes:- |
| - An interest free loan of £740,000 secured against ten sited park homes located at Mulberry Court. The loan has been provided by a business associate of the ultimate controlling party. The loan is repayable over a maximum two year period, at the rate of £74,000 per unit sold, repayable on the completed sale of each unit. |
| - Loans of £99,800 from the management/directors of Sunseeker Holiday Homes Ltd. These loans are interest free. Those owing to the current ongoing Sunseeker management team are subject to a restriction on repayment which renders them repayable only once all inter company loans are repaid by Sunseeker to its parent company. |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable |
| operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 290,757 | 122,037 |
| Between one and five years | 197,107 | 208,866 |
| 487,864 | 330,903 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans | 9,015,218 | 7,788,472 |
| The legal mortgage is secured upon the land at Rose Farm touring park and Homer mobile home park, owned by SRG Park Holdings Ltd. Interest is charged at 1.75% per annum. |
| Bank loans hold fixed and floating charges over all assets. Interest is charged at 2.5%, per annum and 3.99% and 4% over the Bank of England base rate. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | - | 3,422 |
| Group |
| Deferred tax |
| £ |
| Balance at 1 September 2023 | 3,422 |
| Credit to Income Statement during year | (75,188 | ) |
| Balance at 31 August 2024 | (71,766 | ) |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1.00 | 80 | 80 |
| 21. | RESERVES |
| Group |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 September 2023 | 1,506,827 | 2,496,771 | 4,003,598 |
| Deficit for the year | (1,894,116 | ) | - | (1,894,116 | ) |
| At 31 August 2024 | (387,289 | ) | 2,496,771 | 2,109,482 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 21. | RESERVES - continued |
| Company |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 September 2023 | 3,813,852 |
| Profit for the year |
| At 31 August 2024 | 4,319,751 |
| 22. | NON-CONTROLLING INTERESTS |
| 2024 | 2023 |
| Reconciliation of Minority interest | £ | £ |
| Balance b/fwd | 966,301 | 831,200 |
| Share of profit / (loss) of subsidiaries | (780,685 | 119,520 |
| Dividends paid | (100,027 | (134,419 | ) |
| Equity Introduced | - | 150,000 |
| Closing Minority interest | 85,589 | 966,301 |
| 23. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | - | - |
| 24. | OTHER FINANCIAL COMMITMENTS |
| The company has provided a fixed and floating charge over all assets including a negative pledge, for certain bank loans within the group. |
| 25. | RELATED PARTY DISCLOSURES |
| Entities over which the entity has control, joint control or significant influence |
| 2024 | 2023 |
| £ | £ |
| Sales and recharges | - | 25,745 |
| Interest receivable | 29,462 | 13,148 |
| Amounts due from Joint Ventures | 695,203 | 514,005 |
| Interest is being accrued on long term loans at 4% over the Bank of England base rate. |
| Other related parties to the entity |
| £ | £ |
| Interest charges | 1,206,759 | 781,786 |
| Amounts due to related parties and key management of the group | 11,824,602 | 11,861,756 |
| Interest is being accrued on long term loans at 2% and 4% over the Bank of England base rate. |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 26. | POST BALANCE SHEET EVENTS |
| Subsequent to the balance sheet date Sunseeker Holiday Homes Ltd, a subsidiary holding, entered into a Loan Repayment and Share Transfer Deed of Agreement with the Dennis Ashton (DA), Richard Moore (RM), Mark Christison (MC), and SRG Park Holdings Limited (SRG). |
| The Agreement provides for the repayment of Shareholder Loans owed to MC and SRG and the transfer of certain Shares, structured to alter the Company's capital structure and ownership. |
| Certain shares held by SRG and MC have been transferred to DA and RM by way of gift for nil consideration. Following these initial transfers, the shareholdings have become: SRG 46.75%, MC 2.75%, DA 25.25%, and RM 25.25%. |
| Monthly repayments towards the outstanding balances of the MC and SRG Shareholder Loans are scheduled to commence on 1st January 2026. The commencement date may be brought forward if the Company meets certain criteria before January 2026. |
| Further share transfers from SRG and MC to DA and RM are conditional upon the reduction of the aggregate outstanding balance of the MC and SRG Shareholder Loans. |
| The final share transfer stage occurs when the combined MC and SRG loan balance is nil. This would result in a final shareholding structure where SRG holds 0%, MC holds 0%, DA holds 50%, and RM holds 50%. These subsequent transfers are also by way of gift for nil consideration. |
| Upon the full and irrevocable repayment of their respective Shareholder Loans and completion of applicable share transfers, MC is to release the MC Debenture and related obligations, and SRG is to release the SRG Debenture and related obligations. MC and SRG will also be released from certain prior agreements, including the Shareholders Agreement and Deed of Priority. |
| Until the MC and SRG Shareholder Loans are fully repaid, the Company is subject to various restrictions without prior written consent from MC and SRG. These include inter alia limitations on declaring dividends, repaying other shareholder loans, incurring certain new debt or security, disposing of material assets outside the ordinary course of business etc.. |
| The obligations to make repayments and transfer shares are subject to the Company being solvent at the time of these actions and reasonably expected to remain solvent for the following 12 months, taking into account the effect of these actions. |
| This Agreement represents a significant post-balance sheet event that will materially impact the Company's debt levels, financing arrangements, security over assets, ownership structure, governance, and future cash flow management. |
| 27. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling parties are Mr and Mrs Geranio. |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 28. | BUSINESS COMBINATION |
| During March 2024 SRG Parks Ltd, acquired 100% of the share capital of Stafford Moor Limited. The acquisition method of accounting has been adopted. |
| The following table summarises the consideration paid by the company for the fair value of the assets acquired and liabilities assumed at the acquisition date. |
| Book Values | Adjustments | Fair Values |
| £ | £ | £ |
| Fixed Assets |
| Tangible assets | 376,151 | - | 375,151 |
| Current Assets |
| Debtors | 241,677 | - | 241,677 |
| Cash at bank and in hand | 13,314 | - | 13,314 |
| Stock | 16,000 | - | 16,000 |
| Current Liabilities |
| Creditors within one year | (436,852 | ) | - | (436,852 | ) |
| Net Assets | 210,290 | - | 210,290 |
| Total identifiable net assets acquired | 210,290 |
| During June 2024 SRG Park Holding Ltd, acquired 50% of the share capital of Cissonius Developments Limited, a company which was previously a joint venture, bringing the total ownership of the company to 100%. The acquisition method of accounting has been adopted. |
| The following table summarises the consideration paid by the company for the fair value of the assets acquired and liabilities assumed at the acquisition date. |
| Book Values |
Adjustments |
Fair Values |
| £ | £ | £ |
| Fixed Assets |
| Tangible assets | - | - | 375,151 |
| Current Assets |
| Debtors | 149,664 | - | 149,664 |
| Cash at bank and in hand | 6,780 | - | 6,780 |
| Stock | 3,054,439 | - | 3,054,439 |
| Current Liabilities |
| Creditors within one year | (2,591,940 | ) | - | (2,591,940 | ) |
| Net Assets | 618,943 | - | 618,943 |
| Total identifiable net assets acquired | 618,943 |
| Silvro Ltd (Registered number: 12791450) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| For cash flow purpose the amounts are disclosed as follows: |
| Manleigh Park |
Stafford Moor |
Cissonius Developments |
Total |
| Cash consideration | 2,710 | 475,000 | - | 477,710 |
| Additional fees less indebtness | - | (121,019 | ) | - | (121,019 | ) |
| Fair value of equity instruments issued | - | - | - | - |
| Cash Acquired | - | (13,314 | ) | (6,780 | ) | (20,094 | ) |
| Net cash outflow | 2,710 | 340,667 | (6,780 | ) | 336,597 |
| The cash consideration for Manleigh Park Limited was additional consideration due for the subsidiary purchased and consolidated in the prior year. |
| The amount of goodwill recognised at the acquisition date of Stafford Moor Limited was £242,428 and is written down over its useful life of 5 years. |
| The amount of goodwill recognised at the acquisition date of Cissonius Developments Limited was £(309,471) and is written down over its useful life of 5 years. |
| Current year results since acquisition of the companies are: |
| Stafford Moor |
Cissonius Developments |
| £ | £ |
| Turnover | 359,018 | - |
| Operating profit / (Loss) | (61,502 | ) | (7,550 | ) |
| Profit/(Loss) before tax | (114,124 | ) | (26,184 | ) |
| Taxation | (45 | ) | (25,984 | ) |
| Fair value adjustments |
| Certain freehold properties were held at the date of acquisition at cost or deemed cost (following transition to FRS 102). Have been included at their fair value. |
| Accounting policy alignment |
| No adjustments arose from accounting policy alignment. |