REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
SOLACE GLOBAL LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
SOLACE GLOBAL LIMITED |
SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 2 |
SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728) |
BALANCE SHEET |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 8 |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | Statutory information |
Solace Global Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07695728. The registered office and business address is Second Floor, Twin Sails House, 34-40 West Quay Road, Poole, Dorset, BH15 1JF. |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiaries comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts. |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
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 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Foreign exchange forward contracts are recognised in the balance sheet as a financial instrument at fair value and any fair value adjustment is made through the profit and loss account. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Investments |
Fixed asset listed investments are stated at fair value. Any unrealised surplus on revaluation is taken to the Statement of Total Comprehensive Income. |
SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | Accounting policies - continued |
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Fixed asset investments |
Shares in | Interest |
group | in | Listed |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 1 June 2022 | 1,519,010 |
Disposals | ( |
) | (50 | ) |
Revaluations | 1 |
At 31 May 2023 | 1,518,961 |
Net book value |
At 31 May 2023 | 1,518,961 |
At 31 May 2022 | 1,519,010 |
Cost or valuation at 31 May 2023 is represented by: |
Shares in | Interest |
group | in | Listed |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
Valuation in 2015 | - | - | 228,421 | 228,421 |
Valuation in 2016 | - | - | 39,007 | 39,007 |
Valuation in 2017 | - | - | 105,392 | 105,392 |
Valuation in 2018 | - | - | (363,942 | ) | (363,942 | ) |
Valuation in 2019 | - | - | 736 | 736 |
Valuation in 2020 | - | (72,801 | ) | (46 | ) | (72,847 | ) |
Valuation in 2021 | - | - | (55 | ) | (55 | ) |
Valuation in 2022 | - | - | (53 | ) | (53 | ) |
Valuation in 2023 | - | - | 1 | 1 |
Cost | 1,509,500 | 72,801 | - | 1,582,301 |
1,509,500 | - | 9,461 | 1,518,961 |
The listed investments were valued on an open market basis on 31 May 2023 by Clarke & Partners Wealth Management . |
SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 349,757 | - |
VAT |
Prepayments and accrued income |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Tax |
Other creditors |
Directors' current accounts | - | 576 |
Accruals and deferred income |
7. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
8. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 2,365 | 2,365 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Charge to revaluation reserve |
Balance at 31 May 2023 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 103 | 103 |
SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
10. | Reserves |
Revaluation |
reserve |
£ |
At 1 June 2022 |
Revaluation in year | 2 |
At 31 May 2023 |
11. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
12. | Ultimate controlling party |
The Company is under the control of the Director, by virtue of their 100% holding of the issued voting share capital of the Company. |