Company Registration No. 05013016 (England and Wales)
Solalights Limited
Unaudited accounts
for the year ended 31 March 2023
Solalights Limited
Unaudited accounts
Contents
Solalights Limited
Company Information
for the year ended 31 March 2023
Directors
Mr A J Palin
Mr M J Parker
Company Number
05013016 (England and Wales)
Registered Office
Unit 13
Victoria Industrial Estate
Victoria Road
London
W3 6UU
Accountants
Blackwell Bate Ltd
Brunel Court
122 Fore Street
Saltash
Cornwall
PL12 6JW
Solalights Limited
Statement of financial position
as at 31 March 2023
Tangible assets
537,932
487,090
Cash at bank and in hand
175,306
158,106
Creditors: amounts falling due within one year
(224,024)
(182,430)
Net current assets
78,695
122,494
Total assets less current liabilities
616,627
609,584
Creditors: amounts falling due after more than one year
(208,066)
(214,041)
Provisions for liabilities
Deferred tax
(98,873)
(88,481)
Net assets
309,688
307,062
Called up share capital
100
100
Profit and loss account
309,588
306,962
Shareholders' funds
309,688
307,062
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by
Mr A J Palin
Director
Company Registration No. 05013016
Solalights Limited
Notes to the Accounts
for the year ended 31 March 2023
Solalights Limited is a private company, limited by shares, registered in England and Wales, registration number 05013016. The registered office is Unit 13, Victoria Industrial Estate, Victoria Road, London, W3 6UU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Solalights Limited
Notes to the Accounts
for the year ended 31 March 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
20,128
1,123,244
91,196
30,979
1,265,547
Additions
-
186,059
-
2,151
188,210
At 31 March 2023
20,128
1,309,303
91,196
33,130
1,453,757
At 1 April 2022
-
687,833
61,129
29,495
778,457
Charge for the year
-
128,433
7,517
1,418
137,368
At 31 March 2023
-
816,266
68,646
30,913
915,825
At 31 March 2023
20,128
493,037
22,550
2,217
537,932
At 31 March 2022
20,128
435,411
30,067
1,484
487,090
Amounts falling due within one year
Trade debtors
127,413
135,133
Solalights Limited
Notes to the Accounts
for the year ended 31 March 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
42,143
44,424
Obligations under finance leases and hire purchase contracts
120,853
78,013
Trade creditors
10,155
31,753
Taxes and social security
39,539
19,928
Other creditors
10,546
8,312
Loans from directors
788
-
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
147,417
115,930
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Average number of employees
During the year the average number of employees was 12 (2022: 10).