Silver Knitting Machines Ltd. Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02558902

Silver Knitting Machines Ltd.

Filleted Unaudited Financial Statements

31 December 2024

Silver Knitting Machines Ltd.

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	19,495	1,999

Current assets

Stocks		550,198	405,207
Debtors	6	461,314	602,036
Cash at bank and in hand		1,188,907	748,118
		------------	------------
		2,200,419	1,755,361

Creditors: amounts falling due within one year	7	772,653	601,893
		------------	------------
Net current assets		1,427,766	1,153,468
		------------	------------
Total assets less current liabilities		1,447,261	1,155,467
		------------	------------
Net assets		1,447,261	1,155,467
		------------	------------

Capital and reserves

Called up share capital	15,000	15,000
Share premium account	1,000	1,000
Capital redemption reserve	15,000	15,000
Profit and loss account	1,416,261	1,124,467
	------------	------------
Shareholders funds	1,447,261	1,155,467
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 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 financial statements for the year in question in accordance with section 476 ;

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

Silver Knitting Machines Ltd.

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 19 September 2025 , and are signed on behalf of the board by:

Mr F R Langley
Director

Company registration number: 02558902

Silver Knitting Machines Ltd.

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Atlanta House, John White Business Centre, Midland Road, Higham Ferrers, Rushden, NN10 8DN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% straight line
Motor vehicles	-	25% straight line
Office Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	8,000	18,995	18,495	45,490
Additions	–	22,500	–	22,500
Disposals	–	( 18,995)	( 2,534)	( 21,529)
	-------	--------	--------	--------
At 31 December 2024	8,000	22,500	15,961	46,461
	-------	--------	--------	--------
Depreciation
At 1 January 2024	8,000	18,995	16,496	43,491
Charge for the year	–	3,750	801	4,551
Disposals	–	( 18,995)	( 2,081)	( 21,076)
	-------	--------	--------	--------
At 31 December 2024	8,000	3,750	15,216	26,966
	-------	--------	--------	--------
Carrying amount
At 31 December 2024	–	18,750	745	19,495
	-------	--------	--------	--------
At 31 December 2023	–	–	1,999	1,999
	-------	--------	--------	--------

6. Debtors

	2024	2023
	£	£
Trade debtors	392,533	524,755
Other debtors	68,781	77,281
	---------	---------
	461,314	602,036
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	310,631	97,952
Corporation tax	95,671	71,873
Social security and other taxes	141,368	146,563
Other creditors	224,983	285,505
	---------	---------
	772,653	601,893
	---------	---------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2024
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr F R Langley	–	–	–
	----	----	----

	2023
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr F R Langley	( 500,000)	500,000	–
	---------	---------	----

9. Related party transactions

Mr F R Langley Mr F R Langley controls F & L Group Limited. F & L Group Limited charged a management fee of £60,000 for the year ended 31 December 2024 (2023 - £50,000). Mr F R Langley is associated with Irthlingborough Pension Fund. This pension fund owns the property where the company conducts its operations and as such charges rent and service charges to the company. This totalled £58,000 for the year ended 31 December 2024 (2023 - £57,000).