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Registered number: 13484542










SOLLER FIFTEEN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

 
SOLLER FIFTEEN LIMITED
REGISTERED NUMBER: 13484542

BALANCE SHEET
AS AT 30 SEPTEMBER 2022

30 September 2022
Note
£

Fixed assets
  

Investments
 4 
9,418

  
9,418

Current assets
  

Debtors: amounts falling due within one year
 5 
798,455

Cash at bank and in hand
 6 
111

  
798,566

Creditors: amounts falling due within one year
 7 
(811,018)

Net current liabilities
  
 
 
(12,452)

Total assets less current liabilities
  
(3,034)

  

Net liabilities
  
(3,034)


Capital and reserves
  

Called up share capital 
 8 
150

Profit and loss account
  
(3,184)

  
(3,034)


Page 1

 
SOLLER FIFTEEN LIMITED
REGISTERED NUMBER: 13484542
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N Treadaway
Director

Date: 2 February 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SOLLER FIFTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

1.


General information

Soller Fifteen Limited is a private company, limited by shares, incorporated in England and Wales, registration number 13484542. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been prepared in pounds sterling, the functional currency, rounded to the nearest £1.
The company was incorporated on 30 June 2021 and began trading on this date. These are the first set of financial statements that have been prepared by the company and cover the period 30 June 2021 to 30 September 2022.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current liabilities of £12,452 and net liabilities of £3,034 as at the balance sheet date.
The directors have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The directors have made this assessment for a period of at least twelve months from the date of the approval of these financial statements. The directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company's ability to continue as a going concern. The directors, therefore, continue to adopt the going concern basis in preparing these financial statements.
The shareholders have confirmed their willingness and ability to support the company for at least twelve months from the date of approval of the financial statements.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SOLLER FIFTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Page 4

 
SOLLER FIFTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 1.



4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


Additions
9,418



At 30 September 2022

9,418




Page 5

 
SOLLER FIFTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

5.


Debtors

30 September 2022
£


Amounts owed by group undertakings
798,455

798,455


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


6.


Cash and cash equivalents

30 September 2022
£

Cash at bank and in hand
111

111



7.


Creditors: Amounts falling due within one year

30 September 2022
£

Trade creditors
1,140

Amounts owed to related undertakings
30,638

Other creditors
777,365

Accruals and deferred income
1,875

811,018


Amounts owed to related undertakings are unsecured, interest free and repayable on demand.

Page 6

 
SOLLER FIFTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

8.


Share capital

30 September 2022
£
Allotted, called up and fully paid


1,500 Ordinary shares of £0.10 each
150


On 30 June 2021, on incorporation, the company issued 1,000 shares at par with a nominal value of £0.10 each.
On 26 May 2022, the company issued 500 shares at par with a nominal value of £0.10 each.


9.


Related party transactions

During the period, a director, N Treadaway, made advances to and incurred expenditure of £436,398 on behalf of the company. At the period end £436,398 was owed to the director and is included in other creditors. The balance is unsecured, interest free and repayable on demand.

At the balance sheet date, there was an amount due to Soller Capital Management Limited of £10,600. The amount is unsecured, interest free and repayable on demand. The director of Soller Fifteen Limited is also a director of Soller Capital Management Limited.

At the balance sheet date, there was an amount due to The Soller Group Limited of £19,988. The amount is unsecured, interest free and repayable on demand. The director of Soller Fifteen Limited is also a director of The Soller Group Limited.

At the balance sheet date, there was an amount due to Soller Development Management Limited of £50. The amount is unsecured, interest free and repayable on demand. The director of Soller Fifteen Limited is also a director of Soller Development Management Limited.

At the balance sheet date, there was an amount due to the company from Soller Luxembourg Limited of £798,455. The amount is unsecured, interest free and repayable on demand. Soller Luxembourg Limited is a subsidiary undertaking of Soller Fifteen Limited.

 
Page 7