Company registration number 08786530 (England and Wales)
SOLID FINANCIAL SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
SOLID FINANCIAL SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SOLID FINANCIAL SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,505
4,987
Investments
4
58,231
61,183
61,736
66,170
Current assets
Debtors
5
4,159
3,883
Cash at bank and in hand
34,840
23,205
38,999
27,088
Creditors: amounts falling due within one year
6
(11,169)
(10,564)
Net current assets
27,830
16,524
Total assets less current liabilities
89,566
82,694
Provisions for liabilities
(675)
(948)
Net assets
88,891
81,746
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
88,889
81,744
Total equity
88,891
81,746
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 November 2023
Mr N G Niven
Director
Company registration number 08786530 (England and Wales)
SOLID FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Solid Financial Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Widdicombe Avenue, Canford Cliffs, Poole, Dorset, BH14 9QW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
3 year straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.6
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SOLID FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
4,518
2,399
6,917
Additions
222
222
At 31 March 2023
4,740
2,399
7,139
Depreciation and impairment
At 1 April 2022
1,130
800
1,930
Depreciation charged in the year
904
800
1,704
At 31 March 2023
2,034
1,600
3,634
Carrying amount
At 31 March 2023
2,706
799
3,505
At 31 March 2022
3,388
1,599
4,987
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
58,231
61,183
SOLID FINANCIAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
61,183
Additions
8,126
Valuation changes
(4,913)
Disposals
(6,165)
At 31 March 2023
58,231
Carrying amount
At 31 March 2023
58,231
At 31 March 2022
61,183
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,159
3,883
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
10,164
8,060
Other creditors
1,005
2,504
11,169
10,564