R Silcock Limited - Period Ending 2022-03-31

R Silcock Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

R Silcock Limited

Company Information

Directors	L Dean C Dean

Registered office

51 St John Street Ashbourne Derbyshire DE6 1GP

Accountants

Coates and Partners Limited The Old Vicarage 51 St John Street Ashbourne Derbyshire DE6 1GP

R Silcock Limited

(Registration number: 9283501)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Intangible assets	4	-	3,778
Tangible assets	5	33,974	19,174
		33,974	22,952
Current assets
Stocks		18,609	17,019
Debtors	6	77,373	52,938
Cash at bank and in hand		11,324	43,562
		107,306	113,519
Creditors: Amounts falling due within one year	7	(39,183)	(39,070)
Net current assets		68,123	74,449
Total assets less current liabilities		102,097	97,401
Creditors: Amounts falling due after more than one year	7	(114,870)	(129,635)
Net liabilities		(12,773)	(32,234)
Capital and reserves
Allotted, called up and fully paid share capital		100	100
Profit and loss account		(12,873)	(32,334)
		(12,773)	(32,234)
Total equity		(12,773)	(32,234)

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

R Silcock Limited

(Registration number: 9283501)
Balance Sheet as at 31 March 2022 (continued)

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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 31 October 2022 and signed on its behalf by:
 

......................................... L Dean Director

......................................... C Dean Director

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 9283501.

The address of its registered office is:
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the Board on 31 October 2022.

2	Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2	Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% Reducing balance basis
Office Equipment	33% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Licences and franchises	3 years straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2021 - 13).

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 April 2021	8,000	8,000
Disposals	(4,000)	(4,000)
At 31 March 2022	4,000	4,000
Amortisation
At 1 April 2021	4,222	4,222
Amortisation charge	1,222	1,222
Amortisation eliminated on disposals	(1,444)	(1,444)
At 31 March 2022	4,000	4,000
Carrying amount
At 31 March 2022	-	-
At 31 March 2021	3,778	3,778

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

5	Tangible assets

	Furniture, fittings and equipment  £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2021	1,338	26,839	28,177
Additions	-	20,379	20,379
At 31 March 2022	1,338	47,218	48,556
Depreciation
At 1 April 2021	1,120	7,883	9,003
Charge for the year	182	5,397	5,579
At 31 March 2022	1,302	13,280	14,582
Carrying amount
At 31 March 2022	36	33,938	33,974
At 31 March 2021	218	18,956	19,174

6

Debtors

	2022 £	2021 £
Trade debtors	75,625	47,579
Prepayments	1,491	2,360
Other debtors	257	2,999
	77,373	52,938

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	8	19,531	17,705
Trade creditors		14,511	16,532
Taxation and social security		3,984	4,078
Accruals and deferred income		378	676
Other creditors		779	79
		39,183	39,070

Creditors include a bank loan of £10,000 secured by the Government (2021 - £8,333)

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	8	45,977	65,681
Other creditors		68,893	63,954
		114,870	129,635

	2022 £	2021 £
Due after more than five years
After more than five years by instalments	-	1,668

	-	-

Creditors include a bank loan of £31,667 secured by the Government (2021 - £41,667)

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022 (continued)

8	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	19,531	17,705

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	45,977	65,681

Bank borrowings

The Lloyds Bank loan is denominated in £ with a nominal interest rate of Base rate plus 3.7%, and the final instalment is due on 25 February 2025. The carrying amount at year end is £16,779 (2021 - £22,090).

Funding Circle loan is denominated in £ with a nominal interest rate of 6.90%, and the final instalment is due on 5 December 2023. The carrying amount at year end is £7,060 (2021 - £11,296).

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,333 (2021 - £23,333).

10	Related party transactions

Other transactions with directors

The directors have granted an all moneys guarantee to the bank, related to the bank loan, to the value of £50,000, supported by a first legal charge over the freehold property of the directors main residence.