Start Solar Ltd NI662917 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is other retail sale not in stores, stalls or markets. Digita Accounts Production Advanced 6.30.9574.0 true NI662917 2022-02-01 2023-01-31 NI662917 2023-01-31 NI662917 bus:Director2 1 2023-01-31 NI662917 bus:OrdinaryShareClass1 2023-01-31 NI662917 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 NI662917 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 NI662917 core:CurrentFinancialInstruments 2023-01-31 NI662917 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 NI662917 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 NI662917 core:FurnitureFittings 2023-01-31 NI662917 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 NI662917 core:MotorVehicles 2023-01-31 NI662917 core:OfficeEquipment 2023-01-31 NI662917 core:PlantMachinery 2023-01-31 NI662917 bus:SmallEntities 2022-02-01 2023-01-31 NI662917 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 NI662917 bus:FullAccounts 2022-02-01 2023-01-31 NI662917 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 NI662917 bus:RegisteredOffice 2022-02-01 2023-01-31 NI662917 bus:Director2 2022-02-01 2023-01-31 NI662917 bus:Director2 1 2022-02-01 2023-01-31 NI662917 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 NI662917 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 NI662917 core:ComputerEquipment 2022-02-01 2023-01-31 NI662917 core:FurnitureFittings 2022-02-01 2023-01-31 NI662917 core:LandBuildings core:LongLeaseholdAssets 2022-02-01 2023-01-31 NI662917 core:LeaseholdImprovements 2022-02-01 2023-01-31 NI662917 core:MotorVehicles 2022-02-01 2023-01-31 NI662917 core:OfficeEquipment 2022-02-01 2023-01-31 NI662917 core:PlantMachinery 2022-02-01 2023-01-31 NI662917 core:Vehicles 2022-02-01 2023-01-31 NI662917 countries:NorthernIreland 2022-02-01 2023-01-31 NI662917 2022-01-31 NI662917 bus:Director2 1 2022-01-31 NI662917 core:FurnitureFittings 2022-01-31 NI662917 core:LandBuildings core:LongLeaseholdAssets 2022-01-31 NI662917 core:MotorVehicles 2022-01-31 NI662917 core:OfficeEquipment 2022-01-31 NI662917 core:PlantMachinery 2022-01-31 NI662917 2021-02-01 2022-01-31 NI662917 2022-01-31 NI662917 bus:OrdinaryShareClass1 2022-01-31 NI662917 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-01-31 NI662917 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-01-31 NI662917 core:CurrentFinancialInstruments 2022-01-31 NI662917 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 NI662917 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 NI662917 core:FurnitureFittings 2022-01-31 NI662917 core:LandBuildings core:LongLeaseholdAssets 2022-01-31 NI662917 core:MotorVehicles 2022-01-31 NI662917 core:OfficeEquipment 2022-01-31 NI662917 core:PlantMachinery 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI662917

Start Solar Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Start Solar Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Start Solar Ltd

(Registration number: NI662917)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

353,460

165,463

Current assets

 

Stocks

5

1,055,784

294,926

Debtors

6

534,750

173,869

Cash at bank and in hand

 

302,737

261,541

 

1,893,271

730,336

Creditors: Amounts falling due within one year

7

(1,399,333)

(764,965)

Net current assets/(liabilities)

 

493,938

(34,629)

Total assets less current liabilities

 

847,398

130,834

Creditors: Amounts falling due after more than one year

7

(222,445)

(89,420)

Provisions for liabilities

(85,121)

(16,769)

Net assets

 

539,832

24,645

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

539,732

24,545

Shareholders' funds

 

539,832

24,645

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Start Solar Ltd

(Registration number: NI662917)
Balance Sheet as at 31 January 2023

Approved and authorised by the director on 18 October 2023
 

.........................................
Andrew James McKee
Director

 

Start Solar Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland, registered number NI662917.

The address of its registered office is:
9 Rathdown Close
Lisburn
BT28 2RB
Northern Ireland

The presentation currency is £ Sterling.
The level of rounding is to the nearest £.

These financial statements were authorised for issue by the director on 18 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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 rate on the date when the fair value is re-measured.

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

 

Start Solar Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Motor Vehicles

25% Reducing balance

Leasehold Improvements

10% Straight Line

Computer Equipment

33 % Straight Line

Pant and Machinery

15 % Straight Line

Fixtures and Fittings

15 % Straight Line

 

Start Solar Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Start Solar Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.Where the company transfers substantially all the risks and rewards of ownership, the arrangement is classified as a finance lease and a receivable is recognised at an amount equal to the net investment in the lease. Recognition of finance income is based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the finance 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2022 - 11).

 

Start Solar Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Improvement to property
£

Computer equipment
£

Plant and machinery
£

Fixtures & fittings
£

Cost or valuation

At 1 February 2022

13,989

8,953

7,500

6,510

Additions

-

9,720

21,306

8,925

Disposals

-

-

-

-

At 31 January 2023

13,989

18,673

28,806

15,435

Depreciation

At 1 February 2022

1,399

3,694

375

1,267

Charge for the year

1,399

4,524

1,937

1,707

Eliminated on disposal

-

-

-

-

At 31 January 2023

2,798

8,218

2,312

2,974

Carrying amount

At 31 January 2023

11,191

10,455

26,494

12,461

At 31 January 2022

12,590

5,260

7,125

5,243

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

153,090

190,042

Additions

231,358

271,309

Disposals

(13,500)

(13,500)

At 31 January 2023

370,948

447,851

Depreciation

At 1 February 2022

17,844

24,579

Charge for the year

61,628

71,195

Eliminated on disposal

(1,383)

(1,383)

At 31 January 2023

78,089

94,391

Carrying amount

At 31 January 2023

292,859

353,460

At 31 January 2022

135,245

165,463

 

Start Solar Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Stocks

2023
£

2022
£

Work in progress

442,598

-

Other inventories

613,186

294,926

1,055,784

294,926

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

232,571

44,220

Amounts owed by related parties

10

143,751

-

Prepayments

 

72,000

-

Other debtors

 

86,428

129,649

   

534,750

173,869

 

Start Solar Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

64,601

23,134

Trade creditors

 

389,251

77,489

Amounts owed to related parties

10

34,502

-

Taxation and social security

 

115,225

65,775

Accruals and deferred income

 

479,090

-

Other creditors

 

316,664

598,567

 

1,399,333

764,965

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

222,445

89,420

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

222,445

89,420

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

64,601

23,134

 

Start Solar Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Allotted, Called up and fully paid of £1 each

100

100

100

100

         

10

Related party transactions

Included in debtors is £143,751 which is due from Start Solar G.B. Ltd, a related party due to common directors and shareholders.

Included in creditors is £34,502 (2022: -£116,198) which is due to Start Solar Ireland Ltd, a related party due to common directors and shareholders

Transactions with the director

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Andrew James McKee

(776)

(71,566)

53,263

(19,079)

         
       

 

The above loan is unsecured and repayable on demand.