Silverpoint Display Limited
Silverpoint Display Limited
Registered number: 08646914
Unaudited Financial Statements
For The Year Ended
31 July 2021
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Silverpoint Display Limited
Unaudited Financial Statements
For The Year Ended
31 July 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Silverpoint Display Limited
Balance Sheet
As at
31 July 2021
Balance Sheet
Registered number:
08646914
For the year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2021 | 2020 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (194,154) | (36,071) | |||
Silverpoint Display Limited
Balance Sheet (continued)
As at
31 July 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Silverpoint Display Limited
Notes to the Financial Statements
For The Year Ended
31 July 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The accounts have been prepared on a going concern basis. This assumption may not be valid since at the
balance sheet date the company has net liabilities of £209,232. The validity of the going concern assumption therefore depends on the continued support of the directors, suppliers and the company's bankers and other providers of finance.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.6.
Taxation
The company has taxable losses of £266,085 (2020: £103,315) to be carried forward and utilised against future year profits.
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.
1.7.
Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.8.
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.
Silverpoint Display Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2021
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2020: 4)
3.
Tangible Assets
| Plant & Machinery | Computer Equipment | Total | |
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| Depreciation | |||
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| Net Book Value | |||
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4.
Debtors
| 2021 | 2020 as restated |
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 62,426 | 23,777 | |
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| Due after more than one year | |||
| Amounts owed by group undertakings | 42,835 | (2,463) | |
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5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 as restated |
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| £ | £ | ||
| Trade creditors |
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| Other creditors | 168,693 | 20,986 | |
| Taxation and social security | 56,771 | 12,822 | |
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Silverpoint Display Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2021
6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 as restated |
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| £ | £ | ||
| Other creditors | 49,154 | 50,000 | |
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7.
Provisions for Liabilities
| Deferred Tax | ||
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| As at
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| Additions |
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9.
Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10.
General Information
Silverpoint Display Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08646914
. The registered office is Unit 3, Building 2, The Colony Wilmslow, Altrincham Road, Wilmslow, Cheshire, SK9 4LY.
Principal place of trade is; Pepper House, 1 Pepper Road, Hazel Grove, Stockport, SK7 5DP.