REGISTERED NUMBER: |
SOLFAR PROPERTY SOLUTIONS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 19 JULY 2022 TO 31 JULY 2023 |
REGISTERED NUMBER: |
SOLFAR PROPERTY SOLUTIONS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 19 JULY 2022 TO 31 JULY 2023 |
SOLFAR PROPERTY SOLUTIONS LTD (REGISTERED NUMBER: 14243503) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 19 JULY 2022 TO 31 JULY 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
SOLFAR PROPERTY SOLUTIONS LTD (REGISTERED NUMBER: 14243503) |
BALANCE SHEET |
31 JULY 2023 |
Notes | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
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 Profit & Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SOLFAR PROPERTY SOLUTIONS LTD (REGISTERED NUMBER: 14243503) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 19 JULY 2022 TO 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Solfar Property Solutions Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The director has a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty. |
Turnover |
Turnover is derived from commission on deal packaging and is recognised upon delivery to the customer. Turnover is also measured at the fair value of rental income received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
SOLFAR PROPERTY SOLUTIONS LTD (REGISTERED NUMBER: 14243503) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 19 JULY 2022 TO 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 |
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 period 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other creditors |
6. | RELATED PARTY DISCLOSURES |
Homely Delight Limited |
A company in which Mr J Solitro is a director. |
Amount due from the related party at the balance sheet date totalled £2,332. |
No interest is payable on the loan and there are no agreed repayment terms. |
Jon Sol Investments Limited |
A company in which Mr J Solitro is a director. |
Amount owed to related party at the balance sheet date totalled £1,700. |
. |
No interest is payable on the loan and there are no agreed repayment terms. |
SOLFAR PROPERTY SOLUTIONS LTD (REGISTERED NUMBER: 14243503) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 19 JULY 2022 TO 31 JULY 2023 |
7. | ULTIMATE CONTROLLING PARTY |
From 12 October 2022, the ultimate parent company of Solfar Property Solutions Limited is Jon Sol Group Limited which was incorporated in England and Wales. |
The registered office of the ultimate parent company is the same as that of Solfar Property Solutions Limited as shown on the Company Information page. |
The parent company, Jon Sol Group Limited, has not prepared group accounts as it is exempted from the requirement to do so by Section 398 of the Companies Act 2006. The company meets the qualifying conditions for a small sized group as laid down in section 398 of the Act. |