12 8 February 2024 false false false false false false false false false true false false true true true true No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04108507 2022-07-01 2023-06-30 04108507 2023-06-30 04108507 2022-06-30 04108507 2021-06-01 2022-06-30 04108507 2022-06-30 04108507 core:LandBuildings core:ShortLeaseholdAssets 2022-07-01 2023-06-30 04108507 core:FurnitureFittings 2022-07-01 2023-06-30 04108507 core:MotorVehicles 2022-07-01 2023-06-30 04108507 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 04108507 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 04108507 bus:Director5 2022-07-01 2023-06-30 04108507 bus:Director9 2022-07-01 2023-06-30 04108507 core:WithinOneYear 2023-06-30 04108507 core:WithinOneYear 2022-06-30 04108507 core:LandBuildings core:ShortLeaseholdAssets 2022-06-30 04108507 core:FurnitureFittings 2022-06-30 04108507 core:MotorVehicles 2022-06-30 04108507 core:LandBuildings core:ShortLeaseholdAssets 2023-06-30 04108507 core:FurnitureFittings 2023-06-30 04108507 core:MotorVehicles 2023-06-30 04108507 core:UKTax 2022-07-01 2023-06-30 04108507 core:UKTax 2021-06-01 2022-06-30 04108507 core:ShareCapital 2023-06-30 04108507 core:ShareCapital 2022-06-30 04108507 core:RetainedEarningsAccumulatedLosses 2023-06-30 04108507 core:RetainedEarningsAccumulatedLosses 2022-06-30 04108507 core:BetweenOneFiveYears 2023-06-30 04108507 core:BetweenOneFiveYears 2022-06-30 04108507 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 04108507 core:AcceleratedTaxDepreciationDeferredTax 2022-06-30 04108507 core:TaxLossesCarry-forwardsDeferredTax 2022-06-30 04108507 core:RetirementBenefitObligationsDeferredTax 2023-06-30 04108507 core:RetirementBenefitObligationsDeferredTax 2022-06-30 04108507 core:LandBuildings core:ShortLeaseholdAssets 2022-06-30 04108507 core:FurnitureFittings 2022-06-30 04108507 core:MotorVehicles 2022-06-30 04108507 bus:Director9 2023-06-30 04108507 bus:SmallEntities 2022-07-01 2023-06-30 04108507 bus:Audited 2022-07-01 2023-06-30 04108507 bus:FullAccounts 2022-07-01 2023-06-30 04108507 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04108507 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04108507 bus:OrdinaryShareClass1 2023-06-30 04108507 bus:OrdinaryShareClass1 2022-06-30 04108507 bus:OrdinaryShareClass2 2023-06-30 04108507 bus:OrdinaryShareClass2 2022-06-30 04108507 bus:AllOrdinaryShares 2023-06-30 04108507 bus:AllOrdinaryShares 2022-06-30
COMPANY REGISTRATION NUMBER: 04108507
Solar Technology International Limited
Filleted Financial Statements
30 June 2023
Solar Technology International Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
6
17,399
Tangible assets
7
64,030
46,003
--------
--------
64,030
63,402
Current assets
Stocks
738,121
906,338
Debtors
8
1,158,218
1,040,991
Cash at bank and in hand
70,479
120,457
------------
------------
1,966,818
2,067,786
Creditors: amounts falling due within one year
9
1,028,303
621,556
------------
------------
Net current assets
938,515
1,446,230
------------
------------
Total assets less current liabilities
1,002,545
1,509,632
Provisions
11,147
1,134
------------
------------
Net assets
991,398
1,508,498
------------
------------
Capital and reserves
Called up share capital
12
111
111
Profit and loss account
991,287
1,508,387
---------
------------
Shareholders funds
991,398
1,508,498
---------
------------
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Solar Technology International Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
M Simmons
Director
Company registration number: 04108507
Solar Technology International Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6 Station Drive, Bredon, Tewkesbury, Gloucestershire, GL20 7HH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
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. The prior year the financial year end has been changed from the 31st of May to the 30th of June in order to align the year end with other group companies. The current year is therefore presented for a 12 month period compared to a 13 month period in the prior year. Therefore the figures presented may not be entirely comparable.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Revenue recognition
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised on completion or manufacture and onward delivery to a customer. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Computer software
-
3 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold property
-
20% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Tax on (loss)/profit
Major components of tax expense/(income)
Period from
Year to
1 Jun 21 to
30 Jun 23
30 Jun 22
£
£
Current tax:
UK current tax income
( 170)
Deferred tax:
Origination and reversal of timing differences
10,013
( 1,696)
--------
-------
Tax on (loss)/profit
10,013
( 1,866)
--------
-------
Reconciliation of tax expense/(income)
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
Year to
1 Jun 21 to
30 Jun 23
30 Jun 22
£
£
(Loss)/profit on ordinary activities before taxation
( 507,087)
1,032
---------
-------
(Loss)/profit on ordinary activities by rate of tax
( 96,347)
196
Adjustment to tax charge in respect of prior periods
6,333
( 170)
Effect of expenses not deductible for tax purposes
62
Effect of capital allowances and depreciation
1,565
( 1,954)
Unused tax losses
98,462
---------
-------
Tax on (loss)/profit
10,013
( 1,866)
---------
-------
6. Intangible assets
Computer software
£
Cost
At 1 July 2022 and 30 June 2023
56,932
--------
Amortisation
At 1 July 2022
39,533
Charge for the year
17,399
--------
At 30 June 2023
56,932
--------
Carrying amount
At 30 June 2023
--------
At 30 June 2022
17,399
--------
7. Tangible assets
Leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
39,983
60,580
36,679
137,242
Additions
9,053
31,648
40,701
Disposals
( 15,171)
( 26,128)
( 41,299)
--------
--------
--------
---------
At 30 June 2023
33,865
66,100
36,679
136,644
--------
--------
--------
---------
Depreciation
At 1 July 2022
33,447
29,419
28,373
91,239
Charge for the year
2,659
17,939
2,076
22,674
Disposals
( 15,171)
( 26,128)
( 41,299)
--------
--------
--------
---------
At 30 June 2023
20,935
21,230
30,449
72,614
--------
--------
--------
---------
Carrying amount
At 30 June 2023
12,930
44,870
6,230
64,030
--------
--------
--------
---------
At 30 June 2022
6,536
31,161
8,306
46,003
--------
--------
--------
---------
8. Debtors
2023
2022
£
£
Trade debtors
478,136
382,939
Amounts owed by group undertakings
361,486
308,956
Prepayments and accrued income
313,157
349,096
Directors loan account
4,042
Other debtors
1,397
------------
------------
1,158,218
1,040,991
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
89,838
177,203
Amounts owed to group undertakings
511,155
313,729
Accruals and deferred income
317,946
77,749
Corporation tax
1,364
Social security and other taxes
106,582
46,638
Other creditors
1,418
6,237
------------
---------
1,028,303
621,556
------------
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
11,147
1,134
--------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
11,046
7,621
Unused tax losses
( 6,333)
Pension plan obligations
101
( 154)
--------
-------
11,147
1,134
--------
-------
11. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
6,156
----
-------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 0.01 each
10,000
100
10,000
100
Ordinary B shares of £ 0.01 each
1,110
11
1,110
11
--------
----
--------
----
11,110
111
11,110
111
--------
----
--------
----
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
62,397
63,017
Later than 1 year and not later than 5 years
46,097
108,310
---------
---------
108,494
171,327
---------
---------
14. Summary audit opinion
The auditor's report for the year dated 8 February 2024 was unqualified .
The senior statutory auditor was Philippa Miller-Hawkes BA CA , for and on behalf of BSN Associates Limited .
15. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P Simmons
4,042
4,042
----
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P Simmons
----
----
----
16. Controlling party
The parent undertaking is Simmonsigns Limited which owns 100% of the share capital of Solar Technology International Limited . The registered office address is Stafford Park 5, Telford, Shropshire, United Kingdom, TF3 3AS. The ultimate parent company and largest group to consolidate these financial statements is Salop Holdings Limited. This company is not under the control of any one person. The registered office address is Stafford Park 5, Telford, Shropshire, United Kingdom, TF3 3AS.