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Registration number: 09493931

Silk Automotive Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Silk Automotive Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Silk Automotive Limited

Company Information

Director

K Hallam

Registered office

1st Floor
Zurich House
Hulley Road
Macclesfield
Cheshire
SK10 2SF

 

Silk Automotive Limited

(Registration number: 09493931)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

1,019

973

Current assets

 

Stocks

21,517

25,850

Debtors

5

138,054

138,920

Cash at bank and in hand

 

79,295

97,171

 

238,866

261,941

Creditors: Amounts falling due within one year

6

(37,776)

(68,865)

Net current assets

 

201,090

193,076

Total assets less current liabilities

 

202,109

194,049

Creditors: Amounts falling due after more than one year

6

(25,013)

(30,523)

Provisions for liabilities

(194)

(185)

Net assets

 

176,902

163,341

Capital and reserves

 

Called up share capital

100

100

Retained earnings

176,802

163,241

Shareholders' funds

 

176,902

163,341

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 6 August 2025
 

.........................................
K Hallam
Director

 

Silk Automotive Limited

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 & Wales and the company registration number is 09493931.

The address of its registered office is:
1st Floor
Zurich House
Hulley Road
Macclesfield
Cheshire
SK10 2SF

These financial statements were authorised for issue by the director on 6 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.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of motor vehicles 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.

 

Silk Automotive Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

Office Equipment

25% on cost

Fixtures and fittings

25% on cost

Motor vehicles

25% on cost

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 goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts 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.

 

Silk Automotive Limited

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 - 1).

 

Silk Automotive Limited

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

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

649

983

700

2,332

Additions

-

560

-

560

At 31 March 2025

649

1,543

700

2,892

Depreciation

At 1 April 2024

27

807

525

1,359

Charge for the year

162

177

175

514

At 31 March 2025

189

984

700

1,873

Carrying amount

At 31 March 2025

460

559

-

1,019

At 31 March 2024

622

176

175

973

5

Debtors

2025
£

2024
£

Trade debtors

127,856

125,518

Prepayments

126

-

Other debtors

10,072

13,402

138,054

138,920

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

7

5,510

5,374

Trade creditors

 

23,335

55,134

Taxation and social security

 

6,743

6,277

Accruals and deferred income

 

2,188

2,080

 

37,776

68,865

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

7

25,013

30,523

 

Silk Automotive Limited

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

2025
£

2024
£

Due after more than five years

After more than five years by instalments

7,634

13,572

-

-

7

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

25,013

30,523

Current loans and borrowings

2025
£

2024
£

Bank borrowings

5,510

5,374

The bank borrowings are unsecured as they relate to a business bounce back loan.

8

Related party transactions

Transactions with the Director

2025

At 1 April 2024
£

Advances to Director
£

Repayments by Director
£

At 31 March 2025
£

K Hallam

Unsecured, interest free and repayable on demand

8,391

30,283

(28,602)

10,072

Other transactions with the Director

At the year end, the director owed the company £10,072 (2024: £8,391). This amount is unsecured, interest free and repayable on demand.