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Company Registration No. 05013016 (England and Wales)
Solalights Limited Unaudited accounts for the year ended 31 March 2023
Solalights Limited Unaudited accounts Contents
Page
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Solalights Limited Company Information for the year ended 31 March 2023
Directors
Mr A J Palin Mr M J Parker
Secretary
Mr A J Palin
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
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Solalights Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
537,932 
487,090 
Current assets
Debtors
127,413 
146,818 
Cash at bank and in hand
175,306 
158,106 
302,719 
304,924 
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 
Capital and reserves
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
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Solalights Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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:
Plant & machinery
25%
Motor vehicles
25%
Computer equipment
33%
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.
Current Tax
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 taxation
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.
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Solalights Limited Notes to the Accounts for the year ended 31 March 2023
Government grants
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.
Pension costs
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.
Leased assets
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.
4
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 
Depreciation
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 
Net book value
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 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
127,413 
135,133 
Other debtors
- 
11,685 
127,413 
146,818 
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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 
- 
224,024 
182,430 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
60,649 
98,111 
Obligations under finance leases and hire purchase contracts
147,417 
115,930 
208,066 
214,041 
8
Average number of employees
During the year the average number of employees was 12 (2022: 10).
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