Silverdrink Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05876025

Unaudited Financial Statements for the Year Ended 31 July 2019

for

Silverdrink Limited

Page

Company Information

1

Income Statement

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

P L Kurji

P L Patel

SECRETARY:

P L Kurji

REGISTERED OFFICE:

Unit 4 Sepcote Trading Estate

374 Willesden High Road

London

NW10 2DH

REGISTERED NUMBER:

05876025

ACCOUNTANTS:

Tanna & Co

Chartered Accountants

Lynx House

Ferndown

Northwood

Middlesex

HA6 1PQ

TURNOVER

259,314

287,368

Cost of sales

125,518

139,586

GROSS PROFIT

133,796

147,782

Administrative expenses

122,234

120,893

OPERATING PROFIT

4

11,562

26,889

Interest receivable and similar income

130

336

11,692

27,225

Interest payable and similar expenses

341

425

PROFIT BEFORE TAXATION

11,351

26,800

Tax on profit

5

2,270

3,592

PROFIT FOR THE FINANCIAL YEAR

9,081

23,208

FIXED ASSETS

Intangible assets

7

173,369

173,369

Tangible assets

8

4,006

5,007

177,375

178,376

CURRENT ASSETS

Stocks

5,875

6,640

Debtors

9

15,000

15,000

Cash at bank and in hand

5,215

6,096

26,090

27,736

CREDITORS

Amounts falling due within one year

10

202,656

205,384

NET CURRENT LIABILITIES

(176,566

)

(177,648

)

TOTAL ASSETS LESS CURRENT LIABILITIES

809

728

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

709

628

SHAREHOLDERS' FUNDS

809

728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2020 and were signed on its behalf by:

P L Patel - Director

1.	STATUTORY INFORMATION

Silverdrink Limited is a private company, limited by shares , registered in Not specified/Other. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 3 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.7.19

31.7.18

£

£

Depreciation - owned assets

1,001

1,252

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.7.19

31.7.18

£

£

Current tax:

UK corporation tax

2,270

5,883

Prior year adjustment

-

(2,291

)

Tax on profit

2,270

3,592

6.

DIVIDENDS

31.7.19

31.7.18

£

£

Final

9,000

7,500

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2018

and 31 July 2019

173,369

NET BOOK VALUE

At 31 July 2019

173,369

At 31 July 2018

173,369

8.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2018

and 31 July 2019

1

58,033

58,034

DEPRECIATION

At 1 August 2018

-

53,027

53,027

Charge for year

-

1,001

1,001

At 31 July 2019

-

54,028

54,028

NET BOOK VALUE

At 31 July 2019

1

4,005

4,006

At 31 July 2018

1

5,006

5,007

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Other debtors

15,000

15,000

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Tax

8,153

5,883

Social security and other taxes

30,216

35,654

Directors' current accounts

155,261

152,141

Accrued expenses

9,026

11,706

202,656

205,384

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.19

31.7.18

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 August 2018

628

Profit for the year

9,081

Dividends

(9,000

)

At 31 July 2019

709