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REGISTERED NUMBER: 07262248 (England and Wales)











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 60,338 50,306

Current assets
Debtors 5 2,600,161 1,525,181
Cash at bank and in hand 354,842 224,027
2,955,003 1,749,208
Creditors
Amounts falling due within one year 6 2,188,551 817,592
Net current assets 766,452 931,616
Total assets less current liabilities 826,790 981,922

Creditors
Amounts falling due after more than one year 7 (408,209 ) (707,335 )

Provisions for liabilities 9 (15,085 ) -
Net assets 403,496 274,587

Capital and reserves
Called up share capital 10 2,000 2,000
Retained earnings 401,496 272,587
Shareholders' funds 403,496 274,587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 6 February 2024 and were signed by:



Mr D Peach - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Motor vehicles - 20% on cost
Weaponry - 20% on cost
Fixtures and fittings - 50% on cost and 20% on cost
Boats - 20% on cost
Computer equipment - 20% on cost

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 10 (2022 - 9 ) .

4. Tangible fixed assets
Fixtures
Motor and
vehicles Weaponry fittings
£    £    £   
Cost
At 1 June 2022 - 26,473 56,219
Additions 25,967 - 6,332
Disposals - - -
At 31 May 2023 25,967 26,473 62,551
Depreciation
At 1 June 2022 - 26,473 51,640
Charge for year 4,335 - 2,690
Eliminated on disposal - - -
At 31 May 2023 4,335 26,473 54,330
Net book value
At 31 May 2023 21,632 - 8,221
At 31 May 2022 - - 4,579

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 76,212 16,000 174,904
Additions - - 32,299
Disposals - (16,000 ) (16,000 )
At 31 May 2023 76,212 - 191,203
Depreciation
At 1 June 2022 30,485 16,000 124,598
Charge for year 15,242 - 22,267
Eliminated on disposal - (16,000 ) (16,000 )
At 31 May 2023 45,727 - 130,865
Net book value
At 31 May 2023 30,485 - 60,338
At 31 May 2022 45,727 - 50,306

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 802,894 14,783
Other debtors 1,756,458 1,466,077
VAT - 1,051
Prepayments 40,809 43,270
2,600,161 1,525,181

Accrued income relates to amounts recoverable on contracts

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 238,463 26,600
Amounts owed to group undertakings 1,362,594 463,237
Tax 2,158 -
HMRC EFRB settlement 299,126 264,098
Social security and other taxes 18,718 15,966
VAT 25,678 -
Other creditors 4,083 3,144
Accruals 237,731 44,547
2,188,551 817,592

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 7,143 8,572
Between one and five years - 7,143
7,143 15,715

9. Provisions for liabilities
2023 2022
£    £   
Deferred tax 15,085 -

Deferred
tax
£   
Charge to Income statement during year 15,085
Balance at 31 May 2023 15,085

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,000 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.