Silver Lining (NW) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09869607 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2020

for

Silver Lining (NW) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Miss C Hawley

Mr T M Rossi

REGISTERED OFFICE:

316 Blackpool Road

Fulwood

Preston

Lancs

PR2 3AE

BUSINESS ADDRESS:

26 Valley Road

Simmondley

Glossop

Derbyshire

SK13 6YN

REGISTERED NUMBER:

09869607 (England and Wales)

ACCOUNTANTS:

McDade Roberts Accountants Limited

Chartered Accountants

316 Blackpool Road

Fulwood

Preston

Lancashire

PR2 3AE

FIXED ASSETS

Tangible assets

4

8,583

13,707

CURRENT ASSETS

Stocks

33,475

67,105

Debtors

5

212,325

120,893

Cash at bank

139,054

85,123

384,854

273,121

CREDITORS

Amounts falling due within one year

6

217,930

155,000

NET CURRENT ASSETS

166,924

118,121

TOTAL ASSETS LESS CURRENT LIABILITIES

175,507

131,828

CREDITORS

Amounts falling due after more than one year

7

(4,891

)

(7,559

)

PROVISIONS FOR LIABILITIES

(1,631

)

(2,604

)

NET ASSETS

168,985

121,665

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

168,981

121,661

SHAREHOLDERS' FUNDS

168,985

121,665

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2021 and were signed on its behalf by:

Miss C Hawley - Director

1.	STATUTORY INFORMATION

Silver Lining (NW) 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.

COVID-19

On 11 March 2020, the World Health Organisation officially declared COVID-19 as a pandemic. The accounts have been prepared on a going concern basis as there are no indicators of financial impact in relation to COVID-19 and the directors anticipate the company continuing to trade for the foreseeable future and will continue to monitor the situation.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Government grants

Government grants are recognised as other income once there is reasonable assurance that all conditions relating to the grant have been attained and that the grant will be received.

During the year the company was in receipt of a COVID-19 Discretionary Grant. The company was eligible based on its business rates status and therefore the income is recognised on the date of issue of the relief.

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 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.

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 3 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2019

and 30 November 2020

25,620

DEPRECIATION

At 1 December 2019

11,913

Charge for year

5,124

At 30 November 2020

17,037

NET BOOK VALUE

At 30 November 2020

8,583

At 30 November 2019

13,707

Included in the above are the assets held under hire purchase with net book value of £7,351 (2019- £9,017) and the depreciation charged to the financial statements in the year in respect of such assets amounts to £3,006 (2019- £3,006).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Trade debtors

166,514

103,391

Other debtors

45,811

17,502

212,325

120,893

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Hire purchase contracts

2,668

2,668

Trade creditors

93,442

93,658

Taxation and social security

97,845

50,965

Other creditors

23,975

7,709

217,930

155,000

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.20

30.11.19

£

£

Hire purchase contracts

4,891

7,559

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.20

30.11.19

£

£

Hire purchase contracts

7,559

10,227

The hire purchase liabilities are secured by the assets subjected the contracts.