Silver Mushroom Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08672509 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

SILVER MUSHROOM LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs P Brookman

Ms R Kane

A M Barnes

Miss E S 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

FIXED ASSETS

Tangible assets

4

20,296

3,669

CURRENT ASSETS

Stocks

85,819

109,747

Debtors

5

32,963

10,173

Cash at bank

7,222

17,533

126,004

137,453

CREDITORS

Amounts falling due within one year

6

1,166,451

912,016

NET CURRENT LIABILITIES

(1,040,447

)

(774,563

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,020,151

)

(770,894

)

CREDITORS

Amounts falling due after more than one year

7

83,448

64,128

NET LIABILITIES

(1,103,599

)

(835,022

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,103,699

)

(835,122

)

SHAREHOLDERS' FUNDS

(1,103,599

)

(835,022

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2023 and were signed on its behalf by:

Ms R Kane - Director

1.	STATUTORY INFORMATION

Silver Mushroom Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

The company is dependant on the support of the director Mrs P Brookman. At the balance sheet date £893,851 (2021: £736,233) 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.

Turnover

Turnover represents the net invoice value of goods sold, excluding value added tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the customer, which is usually at the point when the customer receives the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and impairment losses.

Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery etc.

33% on cost and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and expected selling price, after making due allowance for obsolete and low moving items

Financial instruments

The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments.

The following assets and liabilities are classified as financial instruments; bank accounts, trade debtors, trade creditors, directors' loan accounts and accruals.

Debt instruments that are payable or receivable within one year; typically bank accounts, trade debtors, trade creditors, directors' loan accounts and accruals, are measured initially and subsequently at the undiscounted amount of the cash that is expected to be paid or received.

Taxation

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2021

8,260

Additions

20,688

At 30 September 2022

28,948

DEPRECIATION

At 1 October 2021

4,591

Charge for year

4,061

At 30 September 2022

8,652

NET BOOK VALUE

At 30 September 2022

20,296

At 30 September 2021

3,669

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,097

-

Other debtors

31,866

10,173

32,963

10,173

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

51,325

75,686

Trade creditors

116,941

72,307

Taxation and social security

(1,831

)

1,440

Other creditors

1,000,016

762,583

1,166,451

912,016

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

58,448

22,878

Other creditors

25,000

41,250

83,448

64,128

Amounts falling due in more than five years:

Repayable by instalments

Bank loans repayable in more

than five years by instalments

-

26,250

-

26,250

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

65,482

-

Between one and five years

82,214

-

147,696

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loan

39,454

-

10.	RELATED PARTY DISCLOSURES