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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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SILVER CURVE LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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SILVER CURVE LIMITED |
SILVER CURVE LIMITED (REGISTERED NUMBER: 07213545) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2018 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Abridged Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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SILVER CURVE LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31 March 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SILVER CURVE LIMITED (REGISTERED NUMBER: 07213545) |
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REPORT OF THE DIRECTORS |
For The Year Ended 31 March 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable |
law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements |
unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue
in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that |
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company |
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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SILVER CURVE LIMITED (REGISTERED NUMBER: 07213545) |
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ABRIDGED BALANCE SHEET |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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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. |
SILVER CURVE LIMITED (REGISTERED NUMBER: 07213545) |
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ABRIDGED BALANCE SHEET - continued |
31 March 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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SILVER CURVE LIMITED (REGISTERED NUMBER: 07213545) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Silver Curve Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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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. |
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The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate, as |
they have agreed not to withdraw their loan accounts and to provide the necessary finance to enable the company to meet its |
liabilities as they fall due. |
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Turnover |
Turnover represents sales under licence of software systems and the provision of advisory services in the application of |
digital media, excluding value added tax, performed during the year. |
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Research and development |
Expenditure incurred on the development of internally generated products is capitalised if it can be demonstrated that it is a |
clearly defined project, it is technically feasible to develop the product for it to be sold, adequate resources are available to |
complete the development, sale of the product will generate future economic benefits, and expenditure on the project can be |
measured reliably. |
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Capitalised development costs are amortised over the periods in which the company expects to benefit from selling the |
products developed. The amortisation expense is included in costs recognised in the profit and loss account. The useful life |
and the value of the capitalised development cost are assessed for impairment at least annually. The value is written down |
immediately if impairment has occurred and the unimpaired cost amortised over the reduced useful life. |
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Development expenditure not satisfying the above criteria is recognised in the profit and loss account as incurred. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable |
to making the asset capable of operating as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Office equipment | - | 33.33% on cost |
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Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. |
Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are |
assessed for evidence of impairment, and changes are recognised in profit or loss. |
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SILVER CURVE LIMITED (REGISTERED NUMBER: 07213545) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or |
past reporting periods. |
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Deferred tax represents the future tax consequences of material transactions and events recognised in the financial |
statements of current and previous periods. |
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Current and deferred tax assets and liabilities are not discounted and are 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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss in |
the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - 7 ). |
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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AMORTISATION |
At 1 April 2017 |
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Amortisation for year |
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At 31 March 2018 |
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NET BOOK VALUE |
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At 31 March 2018 |
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At 31 March 2017 |
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SILVER CURVE LIMITED (REGISTERED NUMBER: 07213545) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2018 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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6. | LOANS |
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An analysis of the maturity of loans is given below: |
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2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
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Amounts falling due between one and two years: |
Other loans - 1-2 years | 21,056 |
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Amounts falling due between two and five years: |
Other loans - 2-5 years |
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During the year ended 31 March 2018, the company received a loan amounting to £nil (2017 - £105,280) from Funding |
Circle. Interest of £5,477 (2017 - £2,282) was charged on the loan during the year. The balance outstanding as at 31 March |
2018 was £75,451 (2017 - £96,507) and the amount due is included within Other loans. |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £0.01 | 1,314 | 1,133 |
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On 1 July 2017, 10,120 Ordinary shares at £0.01p each were issued at £15.80 per share. |
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On 28 July 2017, 7,945 Ordinary shares at £0.01p each were issued at £15.80 per share. |
SILVER CURVE LIMITED (REGISTERED NUMBER: 07213545) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2018 |
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8. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of |
the company in independent funds. The pension scheme cost represents contributions payable by the company into the fund |
during the year and amounted to £129 for the year ended 31 March 2018 (2017 - £nil). The pension scheme liability |
represents any amounts due to the company pension scheme at the year end in respect of this financial year. This amount is |
included within 'Other creditors'. |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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As at 31 March 2018, the directors had loaned the company £129,369 (2017 - £337,486). There is no interest due on the |
loan and it is repayable upon demand. |