Silverlinc Developments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11547075 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

SILVERLINC DEVELOPMENTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J Hudson

C Hudson

REGISTERED OFFICE:

Flat 16 Sterling Place Apartments

Sterling Place

Woodhall Spa

LN10 6NU

REGISTERED NUMBER:

11547075 (England and Wales)

ACCOUNTANTS:

Drury & Co

Accountants & Business Advisors

21 Hollowgate

Rotherham

South Yorkshire

S60 2LE

CURRENT ASSETS

Stocks

4

628,314

461,598

Debtors

5

1,355

476

Cash at bank

412

8,947

630,081

471,021

CREDITORS

Amounts falling due within one year

6

119,349

539,890

NET CURRENT ASSETS/(LIABILITIES)

510,732

(68,869

)

TOTAL ASSETS LESS CURRENT LIABILITIES

510,732

(68,869

)

CREDITORS

Amounts falling due after more than one year

7

611,734

37,129

NET LIABILITIES

(101,002

)

(105,998

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(101,102

)

(106,098

)

SHAREHOLDERS' FUNDS

(101,002

)

(105,998

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:

C Hudson - Director

1.	STATUTORY INFORMATION

Silverlinc Developments Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

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.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.

STOCKS

2023

2022

£

£

Work-in-progress

628,314

461,598

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

1,355

476

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

66,715

304,614

Other creditors

52,634

235,276

119,349

539,890

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

611,734

37,129

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary shares

£1

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the reporting date, the company was indebted to a director in the sum of £51,146 (2022: £233,918).

There are no formal repayment terms attached to this loan and interest is not being charged.