Company registration number 14790587 (England and Wales)
Silverback Capital Limited
Unaudited Financial Statements
For The Year Ended 30 November 2025
Pages For Filing With Registrar
SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
2,180
2,000
Current assets
Debtors falling due after more than one year
4
175,103
151,010
Debtors falling due within one year
4
987,512
833,771
Cash at bank and in hand
32
121
1,162,647
984,902
Creditors: amounts falling due within one year
5
(1,138,390)
(976,494)
Net current assets
24,257
8,408
Net assets
26,437
10,408
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
26,337
10,308
Total equity
26,437
10,408

For the financial year ended 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 June 2026 and are signed on its behalf by:
Mr G Morgan
Director
Company registration number 14790587 (England and Wales)
SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
1
Accounting policies
Company information

Silverback Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Azets, 12 King Street, Leeds, LS1 2HL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The parent companies are Morgan Family Holdings Limited and 87KJ Capital Limited. The registered office of Morgan Family Holdings Limited is Triune Court Monks Cross Drive, Huntington, York, YO32 9GZ and the registered office of 87KJ Capital Limited is 15 Clover Nook Road, Cotes Park Industrial Estate, Somercotes, DE55 4RF. The company has no ultimate parent. The company, its subsidiaries and its parents comprise a small group and as such are exempt from preparing group accounts.

1.2
Going concern

At the true time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
3
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
2,180
2,000
SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2024
2,000
Additions
180
At 30 November 2025
2,180
Carrying amount
At 30 November 2025
2,180
At 30 November 2024
2,000

During the year the company acquired a 90% share holding in both Hyve Living Limited and MJW (JV1) Limited, both at par value.

4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
830,162
676,371
Amounts due from related parties
157,350
157,300
Other debtors
-
100
987,512
833,771
2025
2024
Amounts falling due after more than one year:
£
£
Non current amounts due from related parties
175,103
151,010
Total debtors
1,162,615
984,781

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Included within amounts due from related parties are connected company loan balances, with common directorships, of £157,350 (2024 - £157,300), which are unsecured, interest free and repayable on demand.

Included within non current amounts due from related parties are loan note subscriptions of £175,102 (2024 - £151,010), held with connected companies under common directorships.

SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
90
-
0
Other creditors
1,138,300
976,494
1,138,390
976,494

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Included within other creditors are connected company loan balances, with common directorships, of £1,134,320 (2024 - £974,119) which are unsecured, interest free and repayable on demand.

SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
6
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Amounts owed to group undertaking
90
-
Other creditors
1,138,300
976,494

Included within other creditors, is an amount of £2,000 (2024: £2,000) owed to Citylife Holdings Midland Mills Ltd, a connected company.

Included within other creditors, is an amount of £788,495 (2024: £675,395) owed to 87KJ Capital Limited, a connected company.

Included within other creditors, is an amount of £104,800 (2024: £104,800) owed to Citylife Holdings 4 Limited, a connected company.

Included within other creditors, is an amount of £238,924 (2024: £191,924) owed to M Capital Partners Limited, a connected company.

Included within amounts owed to group undertakings, is an amount of £90 (2024: £nil) owed to Hyve Living Limited, a subsidiary company.

The above amounts are all unsecured, interest-free and repayable on demand.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other debtors after one year
175,103
151,010
Amounts owed by group undertakings
830,162
676,371
Amounts due from related parties
157,350
157,300

Included within other debtors after one year, is an amount of £175,103 (2024: £151,010) owed from Citylife Holdings Midland Mills Limited, a connected company.

Included within amounts owed by group undertakings, is an amount of £830,162 (2024: £676,371) owed from MJW (JV1) Ltd, a subsidiary company.

Included within amounts due from related parties, is an amount of £157,300 (2024: £157,300) owed from Citylife Holdings 6 Ltd, a connected company.

Included within amounts due from related parties, is an amount of £50 (2024: £nil) owed from Morgan Family Holdings Ltd, a connected company.

The above amounts are all unsecured, interest-free and repayable on demand.

SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
7
Subsidiaries

During the year the company acquired a 90% share holding in both Hyve Living Limited and MJW (JV1) Limited, both at par value.

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Hyve Living Limited
12 King Street, Leeds, England, LS1 2HL
Ordinary
90.00
MJW (JV1) Limited
12 King Street, Leeds, England, LS1 2HL
Ordinary
90.00
8
Joint ventures

Details of the company's joint ventures at 30 November 2025 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Indirect
Citylife Holdings Midland Mills Limited
12 King Street, Leeds, England, LS1 2HL
Ordinary
50.00
-
Sky Gardens Buyers Limited
12 King Street, Leeds, England, LS1 2HL
Ordinary
0
50.00
Citylife Holdings 6 Limited
12 King Street, Leeds, England, LS1 2HL
Ordinary
0
50.00
9
Parent company

The parent companies are Morgan Family Holdings Limited and 87KJ Capital Limited. The company has no ultimate parent. The company, its subsidiaries and its parents comprise a small group and as such are exempt from preparing group accounts

10
Cross Guarantees

At 30 November 2025, Silverback Capital Limited is party to a cross-guarantee agreement with certain companies within the group. Under the terms of this arrangement the company has guaranteed a liability of £1,800,000 held by MJW (JV1) Limited, owed to Zorin Avenue Lendco 5 Limited.

11
Prior period adjustment

The prior period has been restated to remove an unpaid loan subscription held with fellow group companies. This amount has been removed as the transaction is no longer deemed probable to be settled.

Non current amounts due from related parties have been reduced by £667,180, and amounts due to related parties have been reduced by £667,180.

This adjustment has not changed the profit reported for the period, nor the value of equity reported as at 30 November 2024.

SILVERBACK CAPITAL LIMITED
Silverback Capital Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
11
Prior period adjustment
(Continued)
- 9 -
30 November
2024
£
Adjustments to prior year
Reduction in non current amounts due from related parties
(667,180)
Reduction in amounts due to related parties
667,180
Total adjustments
-
Equity as previously reported
10,408
Equity as adjusted
10,408
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