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Solus Testing Limited
Unaudited financial statements
31 August 2023
Company Registration Number 03833426
Solus Testing Limited
Financial statements
year ended 31 August 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Solus Testing Limited
Balance sheet
31 August 2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
222,844
233,726
---------
---------
222,845
233,727
Current assets
Stocks
8,920
9,311
Debtors
6
316,290
326,015
Cash at bank and in hand
138,585
92,738
---------
---------
463,795
428,064
Creditors: amounts falling due within one year
7
( 264,154)
( 191,750)
---------
---------
Net current assets
199,641
236,314
---------
---------
Total assets less current liabilities
422,486
470,041
Creditors: amounts falling due after more than one year
8
( 23,164)
( 34,830)
Provisions
( 22,949)
( 24,939)
---------
---------
Net assets
376,373
410,272
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
376,273
410,172
---------
---------
Shareholders funds
376,373
410,272
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account and directors' report have not been delivered.
Solus Testing Limited
Balance sheet (continued)
31 August 2023
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
Mr M Prior
Mr. Burnham
Director
Director
Company registration number: 03833426
Solus Testing Limited
Notes to the financial statements
year ended 31 August 2023
1. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2. Accounting policies
2.1 Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
2.3 Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and 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 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.
2.4 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
2.5 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
2.6 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
2.7 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
2.8 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 24 ).
4. Intangible assets
Goodwill
Cost
At 1 Sep 2022 and 31 Aug 2023
1
----
Amortisation
At 1 Sep 2022 and 31 Aug 2023
----
Carrying amount
At 31 August 2023
1
----
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
Cost
At 1 September 2022
100,200
447,091
22,794
59,961
630,046
Additions
9,811
2,329
12,140
Disposals
( 14,282)
( 14,282)
---------
---------
--------
--------
---------
At 31 August 2023
100,200
442,620
25,123
59,961
627,904
---------
---------
--------
--------
---------
Depreciation
At 1 September 2022
331,519
13,298
51,503
396,320
Charge for the year
18,058
1,629
2,115
21,802
Disposals
( 13,062)
( 13,062)
---------
---------
--------
--------
---------
At 31 August 2023
336,515
14,927
53,618
405,060
---------
---------
--------
--------
---------
Carrying amount
At 31 August 2023
100,200
106,105
10,196
6,343
222,844
---------
---------
--------
--------
---------
At 31 August 2022
100,200
115,572
9,496
8,458
233,726
---------
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
308,532
318,505
Other debtors
7,758
7,510
---------
---------
316,290
326,015
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
9,076
Trade creditors
57,650
27,239
Corporation tax
22,087
10,372
Social security and other taxes
52,639
63,685
Other creditors
121,778
81,378
---------
---------
264,154
191,750
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,164
34,830
--------
--------
9. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 1, Crags Industrial Park, Morven Street, Creswell, Worksop, S80 4AJ.