REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
SOLACE GLOBAL MARITIME LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
SOLACE GLOBAL MARITIME LIMITED |
SOLACE GLOBAL MARITIME LIMITED (REGISTERED NUMBER: 07262248) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 2 |
SOLACE GLOBAL MARITIME LIMITED (REGISTERED NUMBER: 07262248) |
BALANCE SHEET |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
Provisions for liabilities | 9 | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 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 MARITIME LIMITED (REGISTERED NUMBER: 07262248) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | Statutory information |
Solace Global Maritime Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07262248. 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 contain information about Solace Global Maritime Limited as an individual company. The company is a wholly owned subsidiary and the parent company has taken the option under S398 of the Companies Act 2006 not to prepare consolidated financial statements. |
Turnover |
Turnover represents amounts receivable, excluding value added tax, in respect of services provided in the ordinary course of business. Turnover is recognised when the service has been provided to the customer. |
Tangible fixed assets |
Motor vehicles | - |
Weaponry | - |
Fixtures and fittings | - |
Boats | - |
Computer equipment | - |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
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. |
SOLACE GLOBAL MARITIME LIMITED (REGISTERED NUMBER: 07262248) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | Accounting policies - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
Software and website development costs |
Costs of software and website development are capitalised if the relationship between the expenditure |
and the future economic benefits is sufficiently certain. |
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. | Tangible fixed assets |
Fixtures |
Motor | and |
vehicles | Weaponry | fittings |
£ | £ | £ |
Cost |
At 1 June 2022 |
Additions |
Disposals |
At 31 May 2023 |
Depreciation |
At 1 June 2022 |
Charge for year |
Eliminated on disposal |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
SOLACE GLOBAL MARITIME LIMITED (REGISTERED NUMBER: 07262248) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
4. | Tangible fixed assets - continued |
Computer |
Boats | equipment | Totals |
£ | £ | £ |
Cost |
At 1 June 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2023 |
Depreciation |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
Accrued income relates to amounts recoverable on contracts |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
HMRC EFRB settlement | 299,126 | 264,098 |
Social security and other taxes |
VAT | 25,678 | - |
Other creditors |
Accruals |
SOLACE GLOBAL MARITIME LIMITED (REGISTERED NUMBER: 07262248) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
HMRC EFRB settlement | 408,209 | 707,335 |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 15,085 | - |
Deferred |
tax |
£ |
Charge to Income statement during year |
Balance at 31 May 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2,000 | 2,000 |
11. | Ultimate controlling party |
The company is under the control of its director Mr D Peach who manages the day to day operations of the company. Mr D Peach is the sole shareholder of the parent company Solace Global Limited, would hold ultimate control should he exercise his rights by virtue of his shareholding in the voting share capital of the holding company. |
12. | Ultimate parent company |
Solace Global Limited is the parent company and it's registered office is Second Floor, Twin Sails House, 34-40 West Quay Road, Poole, Dorset, BH15 1JF. |