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Registration number: 03415375

Solution 7 Limited

Filleted Financial Statements

for the Year Ended 31 August 2023

 

Solution 7 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Solution 7 Limited

Company Information

Director

Simon John Miles

Registered office

Magdalen Centre
1 Robert Robinson Avenue
Oxford
Oxfordshire
OX4 4GA

Auditors

Wenn Townsend
Chartered Accountants and Statutory Auditor
30 St Giles'
Oxford
OX1 3LE

 

Solution 7 Limited

(Registration number: 03415375)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,045

54,868

Current assets

 

Debtors

5

748,090

386,915

Cash at bank and in hand

 

15,326,977

11,196,032

 

16,075,067

11,582,947

Creditors: Amounts falling due within one year

6

(4,141,872)

(3,285,561)

Net current assets

 

11,933,195

8,297,386

Net assets

 

11,961,240

8,352,254

Capital and reserves

 

Called up share capital

7

2

2

Capital redemption reserve

4

4

Retained earnings

11,961,234

8,352,248

Shareholders' funds

 

11,961,240

8,352,254

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 April 2024
 

.........................................
Simon John Miles
Director

 

Solution 7 Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Magdalen Centre
1 Robert Robinson Avenue
Oxford
Oxfordshire
OX4 4GA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in pounds sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 April 2024 was Mr Benjamin Hayes BSc FCA, who signed for and on behalf of Wenn Townsend.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable, net of sales/value added tax, for the sale of goods and provision of services in the ordinary course of the company’s activities.

 

Solution 7 Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, on a straight line basis over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

12 months

Office equipment

3 years

Fixtures and fittings

3 years

Vehicles

3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Solution 7 Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 10).

 

Solution 7 Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

5,117

108,004

56,090

169,211

At 31 August 2023

5,117

108,004

56,090

169,211

Depreciation

At 1 September 2022

5,117

99,878

9,348

114,343

Charge for the year

-

8,126

18,697

26,823

At 31 August 2023

5,117

108,004

28,045

141,166

Carrying amount

At 31 August 2023

-

-

28,045

28,045

At 31 August 2022

-

8,126

46,742

54,868

5

Debtors

2023
£

2022
£

Trade debtors

437,677

366,657

Prepayments and accrued income

307,178

20,258

Other debtors

3,235

-

748,090

386,915

 

Solution 7 Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

21,227

27,273

Deferred income

3,523,240

2,685,130

Income tax liability

497,216

468,073

Taxation and social security

55,253

66,819

Accruals

36,438

38,266

Other creditors

8,498

-

4,141,872

3,285,561

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.10 each

20

2.00

20

2.00

         

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £7,350.00 (2022 - £7,350.00) per ordinary share

 

147,000

 

147,000

         

9

Related party transactions

As at 31st August 2023, the director owed £3,235 (2022: £nil) to the company. This is an interest-free loan, repayable upon demand.