Silver Saver Limited Filleted accounts for Companies House (small and micro)

SILVER SAVER LIMITED - Company Information

16 false false false false false false false false false true false false false false false false No description of principal activity 2020-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 23,663 23,663 xbrli:pure xbrli:shares iso4217:GBP 04372035 2020-04-01 2021-03-31 04372035 2021-03-31 04372035 2020-03-31 04372035 2019-04-01 2020-03-31 04372035 2020-03-31 04372035 core:PlantMachinery 2020-04-01 2021-03-31 04372035 core:MotorVehicles 2020-04-01 2021-03-31 04372035 bus:Director1 2020-04-01 2021-03-31 04372035 core:NetGoodwill 2021-03-31 04372035 core:PlantMachinery 2020-03-31 04372035 core:MotorVehicles 2020-03-31 04372035 core:PlantMachinery 2021-03-31 04372035 core:MotorVehicles 2021-03-31 04372035 core:WithinOneYear 2021-03-31 04372035 core:WithinOneYear 2020-03-31 04372035 core:AfterOneYear 2021-03-31 04372035 core:AfterOneYear 2020-03-31 04372035 core:ShareCapital 2021-03-31 04372035 core:ShareCapital 2020-03-31 04372035 core:RetainedEarningsAccumulatedLosses 2021-03-31 04372035 core:RetainedEarningsAccumulatedLosses 2020-03-31 04372035 core:PlantMachinery 2020-03-31 04372035 core:MotorVehicles 2020-03-31 04372035 bus:SmallEntities 2020-04-01 2021-03-31 04372035 bus:AuditExemptWithAccountantsReport 2020-04-01 2021-03-31 04372035 bus:FullAccounts 2020-04-01 2021-03-31 04372035 bus:SmallCompaniesRegimeForAccounts 2020-04-01 2021-03-31 04372035 bus:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 04372035 core:NetGoodwill 2020-04-01 2021-03-31

Silver Saver Limited

Unaudited financial statements

31 March 2021

Company Registration Number 04372035

Silver Saver Limited

Financial statements

year ended 31 March 2021

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 7

Silver Saver Limited

Balance sheet

31 March 2021

			2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		107,001		82,646

Current assets

Stocks		241,320	196,658
Debtors	6	829,429	764,676
Cash at bank and in hand		103,366	195,356
		------------	------------
		1,174,115	1,156,690

Prepayments and accrued income	–		4,168

Creditors: amounts falling due within one year	7	704,887		765,802
		------------		------------
Net current assets			469,228		395,056
			---------		---------
Total assets less current liabilities			576,229		477,702

Creditors: amounts falling due after more than one year	8		32,484		62,548

Provisions		20,330		15,703

Accruals and deferred income	3,286	3,407
	---------	---------
Net assets	520,129	396,044
	---------	---------

Silver Saver Limited

Balance sheet (continued)

31 March 2021

			2020
Note	£	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	519,129	395,044
	---------	---------
Shareholders funds	520,129	396,044
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account and directors' report have not been delivered.

For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 January 2022 , and are signed on behalf of the board by:

J E Pickersgill

Director

Company registration number: 04372035

Silver Saver Limited

Notes to the financial statements

year ended 31 March 2021

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2. Accounting policies

2.1 Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

2.2 Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

2.3 Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

2.4 Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	on a straight line basis over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

2.5 Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

2.6 Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

2.7 Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

2.8 Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

2.9 Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

2.10 Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2020: 16 ).

4. Intangible assets

	Goodwill

Cost
At 1 Apr 2020 and 31 Mar 2021	23,663
	--------
Amortisation
At 1 Apr 2020 and 31 Mar 2021	23,663
	--------
Carrying amount
At 31 March 2021	–
	--------

5. Tangible assets

	Plant and machinery	Motor vehicles	Total

Cost
At 1 April 2020	147,654	23,154	170,808
Additions	20,135	25,997	46,132
Disposals	( 8,875)	–	( 8,875)
	---------	--------	---------
At 31 March 2021	158,914	49,151	208,065
	---------	--------	---------
Depreciation
At 1 April 2020	73,789	14,373	88,162
Charge for the year	12,493	6,528	19,021
Disposals	( 6,119)	–	( 6,119)
	---------	--------	---------
At 31 March 2021	80,163	20,901	101,064
	---------	--------	---------
Carrying amount
At 31 March 2021	78,751	28,250	107,001
	---------	--------	---------
At 31 March 2020	73,865	8,781	82,646
	---------	--------	---------

6. Debtors

		2020
	£	£

Trade debtors	368,794	264,291
Other debtors	460,635	500,385
	---------	---------
	829,429	764,676
	---------	---------

7. Creditors: amounts falling due within one year

		2020
	£	£

Bank loans and overdrafts	7,516	42,158
Trade creditors	497,308	468,231
Corporation tax	35,034	43,470
Social security and other taxes	12,802	12,624
Other creditors	152,227	199,319
	---------	---------
	704,887	765,802
	---------	---------

8. Creditors: amounts falling due after more than one year

		2020
	£	£

Bank loans and overdrafts	32,484	62,548
	--------	--------

9. Related party transactions

Included in other debtors is an amount of £460,635 (2020 - £500,385) owed by Misson Mill Ltd, a company incorporated in England (company number 10503175) sharing common directors and shareholders.

10. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Unit 1 Misson Mill, Misson, Near Bawtry, Doncaster, South Yorkshire.