Silva International Investments (UK) Ltd - Period Ending 2018-03-31

Registration number: 09570788

Silva International Investments (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Charter Tax Consulting Ltd
11 St. James's Place
London
SW1A 1NP

Silva International Investments (UK) Ltd

Contents

Company Information	1
Directors' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 9

Silva International Investments (UK) Ltd

Company Information

Directors

Mr Riccardo Silva Mrs Janet Treacy Pierce Mr Marco Auletta

Registered office

Park House 116 Park Street London London W1K 6AF

Accountants

Charter Tax Consulting Ltd 11 St. James's Place London SW1A 1NP

Page 1

Silva International Investments (UK) Ltd

Directors' Report for the Year Ended 31 March 2018

The directors present their report and the financial statements for the year ended 31 March 2018.

Directors of the company

The directors who held office during the year were as follows:

Mr Riccardo Silva

Mrs Janet Treacy Pierce

Mr Marco Auletta

Principal activity

The principal activity of the company is Management of Asset Acquisitions and Management Consultancy

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of its shareholder.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 20 December 2018 and signed on its behalf by:

.........................................
Mrs Janet Treacy Pierce
Director

Page 2

Silva International Investments (UK) Ltd

(Registration number: 09570788)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	1,033,454	1,127,433
Current assets
Debtors	5	2,190,139	1,843,821
Cash at bank and in hand		151,419	68,429
		2,341,558	1,912,250
Creditors: Amounts falling due within one year	6	(6,278,305)	(4,436,547)
Net current liabilities		(3,936,747)	(2,524,297)
Net liabilities		(2,903,293)	(1,396,864)
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(2,903,393)	(1,396,964)
Total equity		(2,903,293)	(1,396,864)

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 December 2018 and signed on its behalf by:
 

.........................................

Mrs Janet Treacy Pierce
Director

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Silva International Investments (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Park House
116 Park Street
London
London
W1K 6AF

These financial statements were authorised for issue by the Board on 20 December 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been presented in UK Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of its shareholder.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 4

Silva International Investments (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

As the company has substantial tax losses to utilise against future trading profits, the company has not recognised a deferred tax liability in respect of timing differences in the current or prior period, as the unrecognised deferred tax asset in respect of the losses would exceed the deferred tax liabilty.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 5

Silva International Investments (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures & Fittings	15% Reducing Balance
Office Equipment	3 Year Straight Line
Long Leasehold Cost & Improvements	Straight Line Over Term of Lease from Initial Occupation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2017 - 6).

Page 6

Silva International Investments (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2017	935,404	351,410	15,885	1,302,699
Additions	12,350	-	2,848	15,198
At 31 March 2018	947,754	351,410	18,733	1,317,897
Depreciation
At 1 April 2017	73,763	93,857	7,646	175,266
Charge for the year	64,299	38,633	6,245	109,177
At 31 March 2018	138,062	132,490	13,891	284,443
Carrying amount
At 31 March 2018	809,692	218,920	4,842	1,033,454
At 31 March 2017	861,641	257,553	8,239	1,127,433

Included within the net book value of land and buildings above is £809,692 (2017 - £861,640) in respect of long leasehold land and buildings.
 

5

Debtors

	2018 £	2017 £
Trade debtors	90,000	-
Prepayments	231,933	9,720
Other debtors	1,868,206	1,834,101
	2,190,139	1,843,821
Less non-current portion	(627,342)	(627,342)
	1,562,797	1,216,479

Details of non-current trade and other debtors

£627,342 (2017 -£627,342) of rent deposit is classified as non current.

Page 7

Silva International Investments (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	294,014	35,489
Taxation and social security	32,248	26,240
Accruals and deferred income	717,355	1,086,116
Other creditors	5,234,688	3,288,702
	6,278,305	4,436,547

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

Page 8

Silva International Investments (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,877,322 (2017 - £4,356,542). The financial commitments represent anticipated payments due under an operating lease for the business premises.

9	Related party transactions

Summary of transactions with other related parties

Mr R Silva - Shareholder & Director
 During the period the shareholder loaned funds to the company, as shown in the table below. The loan is repayable on demand and does not bear interest.
 

Loans from related parties

2018	Other related parties £
At start of period	3,288,702
Advanced	1,945,000
At end of period	5,233,702

2017	Other related parties £
At start of period	1,388,702
Advanced	1,900,000
At end of period	3,288,702

Page 9