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REGISTERED NUMBER: 03525534 (England and Wales)














Solcom Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023






Solcom Limited (Registered number: 03525534)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Solcom Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: K Chessell
C J Martin
J A Cooling



SECRETARY:



REGISTERED OFFICE: Solcom House
79 George Street
Ryde
Isle of Wight
PO33 2JF



REGISTERED NUMBER: 03525534 (England and Wales)



ACCOUNTANTS: Barter Durgan
Chartered Accountants
10 Victoria Road South
Southsea
Hampshire
PO5 2DA



BANKERS: HSBC Bank
118 Commercial Road
Portsmouth
Hampshire
PO1 1EP

Solcom Limited (Registered number: 03525534)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,976 8,566

CURRENT ASSETS
Stocks 283,599 206,971
Debtors 5 539,094 479,771
Cash at bank and in hand 1,642,531 1,546,778
2,465,224 2,233,520
CREDITORS
Amounts falling due within one year 6 1,418,240 1,322,036
NET CURRENT ASSETS 1,046,984 911,484
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,053,960

920,050

CAPITAL AND RESERVES
Called up share capital 147,800 147,800
Capital redemption reserve 30,750 30,750
Retained earnings 875,410 741,500
SHAREHOLDERS' FUNDS 1,053,960 920,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Solcom Limited (Registered number: 03525534)

Balance Sheet - continued
30 June 2023


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 13 November 2023 and were signed on its behalf by:





K Chessell - Director


Solcom Limited (Registered number: 03525534)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Solcom Limited 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 13 ) .

Solcom Limited (Registered number: 03525534)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 July 2022 19,755 18,536 17,248 55,539
Additions - - 2,451 2,451
At 30 June 2023 19,755 18,536 19,699 57,990
DEPRECIATION
At 1 July 2022 19,755 14,472 12,746 46,973
Charge for year - 1,336 2,705 4,041
At 30 June 2023 19,755 15,808 15,451 51,014
NET BOOK VALUE
At 30 June 2023 - 2,728 4,248 6,976
At 30 June 2022 - 4,064 4,502 8,566

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 502,635 455,749
Prepayments 36,459 24,022
539,094 479,771

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 12,106 32,739
Taxation 2,003 -
Social security and other taxes 78,416 102,721
VAT 80,395 54,936
Payment on account 1,205,094 1,079,845
Accrued expenses 40,226 51,795
1,418,240 1,322,036

Solcom Limited (Registered number: 03525534)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. RELATED PARTY DISCLOSURES

Controlling parties

The company does not have a controlling party.

Related party transactions and balances

The property occupied by Solcom Limited is owned by a pension scheme operated on behalf of certain directors. The rent paid for the year ended 30 June 2023 was £15,000 (2022 : £15,000)