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Registered number: 08780307
Silvergate Mortgages Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
Newton and Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08780307
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 166 221
166 221
CURRENT ASSETS
Stocks 5 3,987 7,683
Debtors 6 79,534 82,034
Cash at bank and in hand - 35,949
83,521 125,666
Creditors: Amounts Falling Due Within One Year 7 (77,270 ) (59,827 )
NET CURRENT ASSETS (LIABILITIES) 6,251 65,839
TOTAL ASSETS LESS CURRENT LIABILITIES 6,417 66,060
Creditors: Amounts Falling Due After More Than One Year 8 (57,200 ) (78,373 )
NET LIABILITIES (50,783 ) (12,313 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (50,784 ) (12,314 )
SHAREHOLDERS' FUNDS (50,783) (12,313)
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For the year ending 30 November 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 his 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
Mr David Holmes
Director
29/08/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Silvergate Mortgages Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08780307 . The registered office is 81 Ellison Street, Jarrow, Tyne and Wear, NE32 3JU.
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:
Computer Equipment 25% Reducing Balance
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2023 2,409
As at 30 November 2024 2,409
Depreciation
As at 1 December 2023 2,188
Provided during the period 55
As at 30 November 2024 2,243
Net Book Value
As at 30 November 2024 166
As at 1 December 2023 221
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5. Stocks
2024 2023
£ £
Work in progress 3,987 7,683
6. Debtors
2024 2023
£ £
Due within one year
Loan - First Call Properties Ltd 1,800 4,300
Director's loan account 77,734 77,734
79,534 82,034
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,758 1,694
Bank loans and overdrafts 22,807 20,228
Corporation tax (18,458 ) (16,742 )
PAYE & Social Security (Current liabilities - creditors < 1 year) 28,155 15,905
Pension Control Account (Current liabilities - creditors < 1 year) 293 242
Loan - Silvergate Wills (Current liabilities - creditors < 1 year) 39,100 37,000
Accruals and deferred income 615 1,500
77,270 59,827
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 57,200 78,373
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mr David Holmes 77,734 - - - 77,734
The above loan is unsecured, interest free and repayable on demand.
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11. Related Party Transactions
The company has loaned £1,900 from Silveragte Wills Ltd in the period. The balance of the loan as at 30th Nov 2024 is £39,100 (balance at 30th Nov 23 was £37,000). The company has received services from Silvergate Wills Ltd in the period for a total cost of £17,000. Silvergate Wills Limited's director and majority shareholder is Mr David Holmes. 
The company has an outstanding loan of £1,800 due from First Call Properties Ltd in the period (balance at 30th Nov 23 was £4,300). The company has also provided services to First Call Properties Ltd in the period, the amount charged for the services in the period in total is £500. The company has received services from First Call Properties Ltd in the period for a total cost of £5,000. First Call Properties Limited's director and majority shareholder is Mr David Holmes. 
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