R Silcock Limited - Period Ending 2021-03-31

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 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	4	3,778	6,444
Tangible assets	5	19,174	18,367
		22,952	24,811
Current assets
Stocks		17,019	14,532
Debtors	6	52,938	56,196
Cash at bank and in hand		43,562	9,318
		113,519	80,046
Creditors: Amounts falling due within one year	7	(39,070)	(39,878)
Net current assets		74,449	40,168
Total assets less current liabilities		97,401	64,979
Creditors: Amounts falling due after more than one year	7	(129,635)	(86,725)
Net liabilities		(32,234)	(21,746)
Capital and reserves
Allotted, called up and fully paid share capital		100	100
Profit and loss account		(32,334)	(21,846)
		(32,234)	(21,746)
Total equity		(32,234)	(21,746)

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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'.

These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.

R Silcock Limited

(Registration number: 9283501)
Balance Sheet as at 31 March 2021

Approved and authorised by the Board on 15 December 2021 and signed on its behalf by:
 

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

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

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

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 15 December 2021.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

In common with many other companies, the outbreak of COVID-19 in the UK and the measures being taken to control its spread, have had a detrimental impact on our business. Specifically the demand for the company’s services and therefore, its operating results have been negatively impacted. Although the duration and impact of the COVID-19 pandemic remain unclear, due to the rollout of the vaccine it is believed that the economic position of the UK will continue to improve and the company will be able to trade as usual in the near future. The board have considered the impact on the company and concluded there are no material uncertainties related to events or conditions that cast doubt upon the company’s ability to continue to adopt the going concern basis of accounting.

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

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.

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

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

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.

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 (2020 - 12).

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 April 2020	8,000	8,000
At 31 March 2021	8,000	8,000
Amortisation
At 1 April 2020	1,556	1,556
Amortisation charge	2,666	2,666
At 31 March 2021	4,222	4,222
Carrying amount
At 31 March 2021	3,778	3,778
At 31 March 2020	6,444	6,444

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

5	Tangible assets

	Furniture, fittings and equipment  £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2020	1,338	22,844	24,182
Additions	-	3,995	3,995
At 31 March 2021	1,338	26,839	28,177
Depreciation
At 1 April 2020	807	5,008	5,815
Charge for the year	313	2,875	3,188
At 31 March 2021	1,120	7,883	9,003
Carrying amount
At 31 March 2021	218	18,956	19,174
At 31 March 2020	531	17,836	18,367

6

Debtors

	2021 £	2020 £
Trade debtors	47,579	52,431
Prepayments	2,360	2,127
Other debtors	2,999	1,638
	52,938	56,196

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

7

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	17,705	8,976
Trade creditors		16,532	14,275
Taxation and social security		4,078	2,573
Accruals and deferred income		676	4,000
Other creditors		79	10,054
		39,070	39,878

Creditors include a bank loan of £8,333 secured by the Government (2020 - £nil)

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	65,681	33,758
Other creditors		63,954	52,967
		129,635	86,725

	2021 £	2020 £
Due after more than five years
After more than five years by instalments	1,668	2,782

	-	-

Creditors include a bank loan of £41,667 secured by the Government (2020 - £nil)

R Silcock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

8	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	17,705	8,976

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	65,681	33,758

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 £22,090 (2020 - £27,202).

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 £11,296 (2020 - £15,532).

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 £23,333 (2020 - £37,333).

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.