Silray Limited - Period Ending 2019-09-30
Silray Limited - Period Ending 2019-09-30
Registration number:
Silray Limited
for the Year Ended 30 September 2019
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX
Silray Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Silray Limited
Company Information
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Director |
Mr K S Shah |
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Company secretary |
Mrs G Wernham |
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Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Silray Limited
for the Year Ended 30 September 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Silray Limited for the year ended 30 September 2019 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the director of Silray Limited in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Silray Limited and state those matters that we have agreed to state to the director of Silray Limited in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Silray Limited and its director for our work or for this report.
It is your duty to ensure that Silray Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Silray Limited. You consider that Silray Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Silray Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
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Page 2 |
Silray Limited
(Registration number: 05156574)
Balance Sheet as at 30 September 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of income and director's report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
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Mr K S Shah
Director
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Page 3 |
Silray Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
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General information |
The company is a private company limited by share capital incorporated in England. The registered office is shown on page 1.
The principal place of business is:
Flat 3
Grace Court
Totteridge Green
London
N20 8PY
England
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies, certain items are measured at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The director is of the opinion that the preparation of the financial statements on a going concern basis is justified because assurance has been received from the shareholders that the company will continue to be supported for at least a year from the date of signing of these financial statements.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the director to exercise judgement in applying the accounting policies. |
In preparing these financial statements the director has had to make the following significant judgements: |
- The director has made an assumption in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is further described in note 4 together with the valuation of the property at the reporting date. |
- There were no other significant judgements or areas of estimation uncertainty. |
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.
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Page 4 |
Silray Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
Tax
The tax expense for the period comprises current and deferred tax, where applicable. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all significant timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Investment property
Cash and cash equivalents
Cash comprises cash at bank and in hand and includes deposits repayable on demand.
Financial instruments
The company's cash at bank and in hand and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method
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Employee information |
Apart from the director and company secretary, the company had no employees, (2018 - Nil) in the year. The director did not receive any remuneration from the company in the year (2018 - £nil).
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Page 5 |
Silray Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
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Tangible assets |
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Investment property |
Total |
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Valuation |
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At 1 October 2018 |
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At 30 September 2019 |
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Carrying amount |
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At 30 September 2019 |
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At 30 September 2018 |
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The investment property was internally valued at 30 September 2019 by Mr K S Shah, the director of the company, at fair value, supported by reference to market evidence of transaction prices for similar properties. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the state of the rental market in the area where the property is situated.
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Creditors: amounts falling due within one year |
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2019 |
2018 |
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Shareholders' loans |
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Trade creditors |
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Accruals |
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Provision for liabilities |
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Deferred tax |
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At 1 October 2018 |
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At 30 September 2019 |
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The deferred tax liability arises in respect of the revaluation of the company's investment property.
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Contingent liabilities |
Bank loan made to third party, who is a part owner of the investment property owned by the company, is secured by a legal charge over the investment property.
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Page 6 |
Silray Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
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Related party transactions |
Loans from related parties
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2019 |
Shareholders' loans |
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At start of year |
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Advanced during the year |
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At end of year |
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2018 |
Shareholders' loans |
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At start of year |
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At end of year |
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Terms of loans from related parties
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Control |
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Page 7 |