SolarSaves Direct Limited 14096475 false 2022-05-10 2023-08-31 2023-08-31 The principal activity of the company is the installation of solar panels. Digita Accounts Production Advanced 6.30.9574.0 true true true 14096475 2022-05-10 2023-08-31 14096475 2023-08-31 14096475 bus:OrdinaryShareClass1 2023-08-31 14096475 core:CurrentFinancialInstruments 2023-08-31 14096475 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 14096475 core:FurnitureFittings 2023-08-31 14096475 core:MotorVehicles 2023-08-31 14096475 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-08-31 14096475 core:ParentEntities 2023-08-31 14096475 bus:SmallEntities 2022-05-10 2023-08-31 14096475 bus:Audited 2022-05-10 2023-08-31 14096475 bus:FullAccounts 2022-05-10 2023-08-31 14096475 bus:SmallCompaniesRegimeForAccounts 2022-05-10 2023-08-31 14096475 bus:RegisteredOffice 2022-05-10 2023-08-31 14096475 bus:Director1 2022-05-10 2023-08-31 14096475 bus:Director3 2022-05-10 2023-08-31 14096475 bus:OrdinaryShareClass1 2022-05-10 2023-08-31 14096475 bus:PrivateLimitedCompanyLtd 2022-05-10 2023-08-31 14096475 core:FurnitureFittings 2022-05-10 2023-08-31 14096475 core:MotorVehicles 2022-05-10 2023-08-31 14096475 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-05-10 2023-08-31 14096475 core:ParentEntities 2022-05-10 2023-08-31 14096475 1 2022-05-10 2023-08-31 14096475 countries:AllCountries 2022-05-10 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14096475

SolarSaves Direct Limited

Filleted Financial Statements

for the Period from 10 May 2022 to 31 August 2023

 

SolarSaves Direct Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

SolarSaves Direct Limited

Company Information

Directors

Mr Steven Taylor

Mr Darren Lee Coates

Registered office

Unit 3 Davey Road
Fields End Business Park
Goldthorpe
Rotherham
South Yorkshire
S63 0JF

Auditors

Hardwicks Accountants Limited
Rotherham
South Yorkshire
S66 1EH

 

SolarSaves Direct Limited

(Registration number: 14096475)
Balance Sheet as at 31 August 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

152,392

Current assets

 

Stocks

5

229,589

Debtors

6

117,170

Cash at bank and in hand

 

107,041

 

453,800

Creditors: Amounts falling due within one year

7

(967,633)

Net current liabilities

 

(513,833)

Total assets less current liabilities

 

(361,441)

Provisions for liabilities

(37,465)

Net liabilities

 

(398,906)

Capital and reserves

 

Called up share capital

8

100

Retained earnings

(399,006)

Shareholders' deficit

 

(398,906)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 February 2024 and signed on its behalf by:
 

.........................................
Mr Steven Taylor
Director

 

SolarSaves Direct Limited

Notes to the Financial Statements for the Period from 10 May 2022 to 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 3 Davey Road
Fields End Business Park
Goldthorpe
Rotherham
South Yorkshire
S63 0JF

These financial statements were authorised for issue by the Board on 1 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

SolarSaves Direct Limited

Notes to the Financial Statements for the Period from 10 May 2022 to 31 August 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 1 February 2024 was Nicholas Hardwick, who signed for and on behalf of Hardwicks Accountants Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Straight line basis

Motor Vehicles

25% Straight line basis

 

SolarSaves Direct Limited

Notes to the Financial Statements for the Period from 10 May 2022 to 31 August 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

SolarSaves Direct Limited

Notes to the Financial Statements for the Period from 10 May 2022 to 31 August 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 13.

 

SolarSaves Direct Limited

Notes to the Financial Statements for the Period from 10 May 2022 to 31 August 2023

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

Additions

32,608

171,238

203,846

At 31 August 2023

32,608

171,238

203,846

Depreciation

Charge for the period

9,704

41,750

51,454

At 31 August 2023

9,704

41,750

51,454

Carrying amount

At 31 August 2023

22,904

129,488

152,392

5

Stocks

2023
£

Other inventories

229,589

6

Debtors

2023
£

Trade debtors

50,413

Other debtors

53,443

Prepayments

13,314

117,170

 

SolarSaves Direct Limited

Notes to the Financial Statements for the Period from 10 May 2022 to 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Trade creditors

 

46,932

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

844,246

Taxation and social security

 

2,953

Accruals and deferred income

 

5,450

Other creditors

 

68,052

 

967,633

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary of £1 each

100

100

     

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

Solarframe and Solarframe Direct Limited - Group Companies
 

Loans from related parties

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

Advanced

117,904

726,342

844,246

At end of period

117,904

726,342

844,246

 

SolarSaves Direct Limited

Notes to the Financial Statements for the Period from 10 May 2022 to 31 August 2023

10

Parent and ultimate parent undertaking

The company's immediate parent is Solarframe Holdings Limited, incorporated in Engalnd & Wales.