Silver Mushroom Limited - Limited company accounts 11.7

REGISTERED NUMBER: 08672509 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

2 SEPTEMBER 2013 TO 30 SEPTEMBER 2014

FOR

SILVER MUSHROOM LIMITED

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

Mrs P Brookman

Ms R Kane

SECRETARY:

Mrs P Brookman

REGISTERED OFFICE:

The Lodge To Shaw Hill 177 Preston Road

Whittle-le-woods

Chorley

Lancashire

PR6 7PR

REGISTERED NUMBER:

08672509 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

The directors present their report with the financial statements of the company for the period 2 September 2013 to 30 September 2014.

INCORPORATION

The company was incorporated on 2 September 2013 and commenced trading on 1 October 2013.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the sale of online kitchen equipment.

DIRECTORS

The directors who have held office during the period from 2 September 2013 to the date of this report are as follows:

Mrs P Brookman - appointed 2 September 2013

Ms R Kane - appointed 2 September 2013

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

Ms R Kane - Director

1 June 2015

TURNOVER

31,333

Cost of sales

23,712

GROSS PROFIT

7,621

Administrative expenses

11,884

(4,263

)

Other operating income

1,852

OPERATING LOSS

2

(2,411

)

Interest receivable and similar income

1

LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION

(2,410

)

Tax on loss on ordinary activities

3

-

LOSS FOR THE FINANCIAL PERIOD

(2,410

)

CURRENT ASSETS

Stocks

7,764

Debtors

4

12,386

Cash at bank

302

20,452

CREDITORS

Amounts falling due within one year

5

22,762

NET CURRENT LIABILITIES

(2,310

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,310

)

CAPITAL AND RESERVES

Called up share capital

6

100

Profit and loss account

7

(2,410

)

SHAREHOLDERS' FUNDS

(2,310

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2014 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 1 June 2015 and were signed on its behalf by:

Ms R Kane - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company is dependant on the support of the director Mrs P Brookman. At the balance sheet date £13,135

was due to the director. Indications are that this repayment of this amount will not be demanded until such time

that the company's profitability and liquidity has improved. On this basis the directors' feel it is appropriate to

continue to prepare the accounts on a going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the net invoice value of goods sold.

Stocks

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

moving items.

2.	OPERATING LOSS

The operating loss is stated after charging:

£

Directors' remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the period.

Factors that may affect future tax charges

There are tax losses of £2,410 available to relieve against future trading profits.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

12,386

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

5,831

Taxation and social security

2,477

Other creditors

14,454

22,762

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

1

100

100 Ordinary shares of 1 each were allotted and fully paid for cash at par during the period.

7.

RESERVES

Profit

and loss

account

£

Deficit for the period

(2,410

)

At 30 September 2014

(2,410

)

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 September 2014:

£

Ms R Kane

Balance outstanding at start of period

-

Amounts advanced

9,909

Amounts repaid

-

Balance outstanding at end of period

9,909

The amount outstanding is unsecured, there are no fixed repayment terms and interest has been charged at the

official rate.

9.	RELATED PARTY DISCLOSURES

Mrs P Brookman

Director

£

Amount due to related party at the balance sheet date

13,135

The amount due to Mrs P Brookman is unsecured, there are no fixed repayment terms and no interest has been

charged.

Parkinson Bailiff Services Limited

Company in which Mrs P Brookman is a director

During the period £1,471 was charged to Parkinson Bailiff Services Limited in respect of services provided.

Ms R Kane

Director

The loan referred to in note 8 was made to Ms R Kane.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Ms R Kane.