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REGISTERED NUMBER: 03150254 (England and Wales)






Solace In Business Ltd

Financial Statements

for the Year Ended 31 March 2023






Solace In Business Ltd (Registered number: 03150254)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Solace In Business Ltd

Company Information
for the year ended 31 March 2023







DIRECTORS: J E Eckford
R E Hyde
G V McDonald
D J Perry
P J Simpkins
J R Stephenson
F H Craven
N A Dawes
P F Hanson
N Hussain
L J Taylor
T C Whelan





SECRETARY: R E Hyde





REGISTERED OFFICE: 33 George Street
Wakefield
West Yorkshire
WF1 1LX





REGISTERED NUMBER: 03150254 (England and Wales)





AUDITORS: SMH Jolliffe Cork Audit Ltd
Chartered Accountants & Statutory Auditor
33 George Street
Wakefield
West Yorkshire
WF1 1LX

Solace In Business Ltd (Registered number: 03150254)

Statement of Financial Position
31 March 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 47,828 58,263
Investments 5 20 20
47,848 58,283

CURRENT ASSETS
Debtors 6 1,450,371 1,032,148
Cash at bank 242,416 540,415
1,692,787 1,572,563
CREDITORS
Amounts falling due within one year 7 1,120,080 971,613
NET CURRENT ASSETS 572,707 600,950
TOTAL ASSETS LESS CURRENT
LIABILITIES

620,555

659,233

PROVISIONS FOR LIABILITIES 9 5,623 69,689
NET ASSETS 614,932 589,544

CAPITAL AND RESERVES
Called up share capital 10 19 19
Share premium 141,129 141,129
Retained earnings 473,784 448,396
SHAREHOLDERS' FUNDS 614,932 589,544

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2023 and were signed on its behalf by:





R E Hyde - Director


Solace In Business Ltd (Registered number: 03150254)

Notes to the Financial Statements
for the year ended 31 March 2023


1. STATUTORY INFORMATION

Solace In Business Ltd 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.

The company's functional and presentation currency is the pound sterling £. All financial information presented has been rounded to the nearest £, unless otherwise stated.

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.

Going concern
The financial statements have been prepared on a going concern basis. In preparing the accounts the directors have considered possible risks, events or conditions that might cast significant doubt on the ability of the company to continue as a going concern and therefore on the appropriate use of the going concern basis.

Regularly monitoring the operational and financial performance of the company is part of the routine activities of executive management (monthly) and the board of directors (quarterly). This includes detailed management accounts and the analysis of pipeline activity (income and margins), together with performance indicators ranging from opportunity conversion rates to customer satisfaction across all areas of activity. Financial forecasts for the period through to 31 August 2024 have, together with current reserves and cash balances, also been reviewed as part of that regular monitoring activity. Based on such reviews and related enquiries, the directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore they have continued to adopt the going concern basis in preparing its financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents fees receivable for services provided to customers. Income is recognised to the extent that the company has obtained the right to consideration through its performance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to short leasehold property - Over the term of the lease
Fixtures and fittings - 25% on reducing balance
Computer equipment - 20% to 33% on cost

All fixed assets are initially recorded at cost.

Investments in subsidiaries
Shares in group undertakings are held at cost less any provision for impairment.


Solace In Business Ltd (Registered number: 03150254)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


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.

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.

Pensions
The company operates a defined contribution scheme for employees. The annual contributions are charged to the income statement.

Leased assets and obligations
Operating leases and the annual rentals are charged to the Income Statement on a straight line basis over the lease term.

Gift aid distribution to parent charity
Profits over and above those needed to meet the company's working capital requirements are transferred to the parent charity, The Society of Local Authority Chief Executives and Senior Managers (Solace Group) Ltd , by way of a gift aid distribution. As no legal obligation exists, the distributions in respect of the current and comparative year represent amounts paid as at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 22 ) .

Solace In Business Ltd (Registered number: 03150254)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


4. TANGIBLE FIXED ASSETS
Improvements
to short Fixtures
leasehold and Computer
property fittings equipment Totals
£ £ £ £
COST
At 1 April 2022 60,105 4,118 119,954 184,177
Additions - - 12,089 12,089
Disposals (60,105 ) (4,118 ) (28,740 ) (92,963 )
At 31 March 2023 - - 103,303 103,303
DEPRECIATION
At 1 April 2022 60,105 4,118 61,691 125,914
Charge for year - - 22,524 22,524
Eliminated on disposal (60,105 ) (4,118 ) (28,740 ) (92,963 )
At 31 March 2023 - - 55,475 55,475
NET BOOK VALUE
At 31 March 2023 - - 47,828 47,828
At 31 March 2022 - - 58,263 58,263

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 April 2022
and 31 March 2023 20
NET BOOK VALUE
At 31 March 2023 20
At 31 March 2022 20

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

SEL Business Services Limited
Registered office: 33 George Street, Wakefield, West Yorkshire, WF1 1LX
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary shares 100.00
2023 2022
£ £
Aggregate capital and reserves 20 20

Solace In Business Ltd (Registered number: 03150254)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 1,113,071 892,853
Amounts owed by group undertakings 5,556 3,235
Tax - 6,111
Prepayments and accrued income 331,744 129,949
1,450,371 1,032,148

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 532,002 576,453
Amounts owed to group undertakings 20 20
Social security and other tax 19,258 18,359
VAT 146,784 77,297
Other creditors 8,493 8,021
Accruals and deferred income 413,523 291,463
1,120,080 971,613

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year - 6,242

9. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 5,623 6,343
Other provisions - 63,346
5,623 69,689

Deferred Other
tax provisions
£ £
Balance at 1 April 2022 6,343 63,346
Credit to Income Statement during year (720 ) -
Utilised during year - (56,879 )
Unused amounts reversed during year - (6,467 )
Balance at 31 March 2023 5,623 -

Solace In Business Ltd (Registered number: 03150254)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


9. PROVISIONS FOR LIABILITIES - continued

Other provisions in 31 March 2022 amounting to £63,346 were in connection with the cessation of two operating leases related to land and buildings. In both instances, prior to 31 March 2022 the company issued break notices in line with the terms of the relevant lease and had therefore provided for costs relating to the cessation of those leases including related dilapidations works. These were all fully accounted for by the end of 31 March 2023.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
19 Ordinary £1 19 19

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Claire Lawton FCA DChA (Senior Statutory Auditor)
for and on behalf of SMH Jolliffe Cork Audit Ltd

12. PENSION COMMITMENTS

The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, contributions totalling £8,493 (2022: £8,021) were payable to the fund and are included in other creditors.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Non-executive directors receive no remuneration for acting as directors of the company.

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is a wholly owned subsidiary of The Society of Local Authority Chief Executives and Senior Managers (Solace Group) Ltd, a charity registered in England & Wales, whose registered office is:

33 George Street
Wakefield
West Yorkshire
WF1 1LX