Silver Mushroom Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 08672509 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

SILVER MUSHROOM LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs P Brookman

Ms R Kane

SECRETARY:

Ms R Kane

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

2,460

3,367

CURRENT ASSETS

Stocks

19,606

12,703

Debtors

5

5,128

3,543

Cash at bank

2,125

1,381

26,859

17,627

CREDITORS

Amounts falling due within one year

6

214,518

143,292

NET CURRENT LIABILITIES

(187,659

)

(125,665

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(185,199

)

(122,298

)

PROVISIONS FOR LIABILITIES

-

673

NET LIABILITIES

(185,199

)

(122,971

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(185,299

)

(123,071

)

(185,199

)

(122,971

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 June 2018 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 the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

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

These financial statements for the year ended 30 September 2017 are the first financial statements that comply

with FRS102 Section 1A for small entities. The date of transition is 1 October 2015.

The transition to FRS102 Section 1A has resulted in no changes to the accounting policies used previously.

The company is dependant on the support of the director Mrs P Brookman. At the balance sheet date £165,481

(2016: £110,208) 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 depreciation. 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:

Fixtures and fittings

15% on reducing balance

Computer Equipment

33% on cost

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 following assets and liabilities are classified as financial instruments; bank accounts, trade debtors, other

creditors accruals.

Debt instruments that are payable or receivable within one year; typically trade debtors, other creditors 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2016

and 30 September 2017

3,787

DEPRECIATION

At 1 October 2016

420

Charge for year

907

At 30 September 2017

1,327

NET BOOK VALUE

At 30 September 2017

2,460

At 30 September 2016

3,367

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

5,128

-

Other debtors

-

3,543

5,128

3,543

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

24,639

16,569

Taxation and social security

5,148

2,820

Other creditors

184,731

123,903

214,518

143,292

7.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

7,710

7,290

Between one and five years

3,335

11,129

11,045

18,419

8.	RELATED PARTY DISCLOSURES

9.	FIRST YEAR ADOPTION

There are no transitional adjustments to report upon the first year of adoption of FRS102 section 1a