Silverlining Marine Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08052178 (England and Wales)

Financial Statements for the Year Ended 31 July 2023

for

Silverlining Marine Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

J M Boddington

T J Boddington

Registered office:

114-120 Northgate Street

Chester

CH1 2HT

Registered number:

08052178 (England and Wales)

Senior statutory auditor:

Robert Ellis FCA

Auditors:

Ellis & Co (Accountants & Business Advisers) Ltd

Chartered Accountants

and Statutory Auditors

114-120 Northgate Street

Chester

CH1 2HT

Current assets

Debtors

4

1,075,081

5,032,855

Cash at bank

404,698

744,786

1,479,779

5,777,641

Creditors

Amounts falling due within one year

5

885,781

5,229,752

Net current assets

593,998

547,889

Total assets less current liabilities

593,998

547,889

Capital and reserves

Called up share capital

1

1

Retained earnings

593,997

547,888

593,998

547,889

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:

J M Boddington - Director

1.	Statutory information

Silverlining Marine 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.

Turnover

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

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.

Profit is recognised on long-term contracts if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity advances.

Long-term contracts

Amounts recoverable on long-term contracts are included in debtors and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	Employees and directors

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

4.

Debtors: amounts falling due within one year

31/7/23

31/7/22

£

£

Trade debtors

31,154

88,547

Amounts owed by group undertakings

554,796

4,762,771

Amounts recoverable on

contracts

342,414

31,899

Other debtors

146,717

149,638

1,075,081

5,032,855

5.

Creditors: amounts falling due within one year

31/7/23

31/7/22

£

£

Payments on account

233,811

918,185

Trade creditors

92,994

54,651

Amounts owed to group undertakings

506,149

4,234,536

Taxation and social security

4,518

8,990

Other creditors

48,309

13,390

885,781

5,229,752

6.	Disclosure under Section 444(5B) of the Companies Act 2006

The financial statements of the company for the year ended 31 July 2023 were audited by Ellis & Co (Accountants and Business Advisers) Limited, and the audit report was signed by Robert Ellis FCA, senior statutory auditor. The audit report was unqualified.

7.	Related party disclosures

Silverlining Furniture Group Limited, a company incorporated in the United Kingdom, is the parent company of the smallest group for which accounts are prepared and of which Silverlining Marine Limited is a member. The registered office of Silverlining Furniture Group Limited is 114-120 Northgate Street, Chester, CH1 2HT.