Solvein Limited 02421604 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is growing cereal crops Digita Accounts Production Advanced 6.30.9574.0 true 02421604 2022-02-01 2023-01-31 02421604 2023-01-31 02421604 bus:OrdinaryShareClass1 2023-01-31 02421604 bus:OrdinaryShareClass2 2023-01-31 02421604 bus:OrdinaryShareClass3 2023-01-31 02421604 bus:OrdinaryShareClass4 2023-01-31 02421604 bus:Revised 2023-01-31 02421604 core:CurrentFinancialInstruments 2023-01-31 02421604 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 02421604 bus:SmallEntities 2022-02-01 2023-01-31 02421604 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 02421604 bus:FullAccounts 2022-02-01 2023-01-31 02421604 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 02421604 bus:RegisteredOffice 2022-02-01 2023-01-31 02421604 bus:Director1 2022-02-01 2023-01-31 02421604 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 02421604 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 02421604 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 02421604 bus:OrdinaryShareClass4 2022-02-01 2023-01-31 02421604 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 02421604 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 02421604 core:MotorVehicles 2022-02-01 2023-01-31 02421604 core:OfficeEquipment 2022-02-01 2023-01-31 02421604 core:PlantMachinery 2022-02-01 2023-01-31 02421604 countries:EnglandWales 2022-02-01 2023-01-31 02421604 2021-02-01 2022-01-31 02421604 2022-01-31 02421604 bus:OrdinaryShareClass1 2022-01-31 02421604 bus:OrdinaryShareClass2 2022-01-31 02421604 bus:OrdinaryShareClass3 2022-01-31 02421604 bus:OrdinaryShareClass4 2022-01-31 02421604 core:CurrentFinancialInstruments 2022-01-31 02421604 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 02421604 core:RevaluationReserve 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02421604

Solvein Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Solvein Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Solvein Limited

(Registration number: 02421604)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

314,761

327,227

Cash at bank and in hand

 

10,626

15,970

 

325,387

343,197

Creditors: Amounts falling due within one year

5

(6,699)

(9,393)

Net assets

 

318,688

333,804

Capital and reserves

 

Called up share capital

6

112,880

112,880

Share premium reserve

137,107

137,107

Capital redemption reserve

705,728

705,728

Retained earnings

(637,027)

(621,911)

Shareholders' funds

 

318,688

333,804

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 January 2024 and signed on its behalf by:
 

.........................................
Mr J F Budgett
Director

 

Solvein Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Park Farm
Akeman Street
Kirtlington
Kidlington
OX5 3JQ

These financial statements were authorised for issue by the Board on 17 January 2024.

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.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Solvein Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% reducing balance

Fixtures and fittings

25% reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Solvein Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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 and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

313,222

324,022

Other debtors

 

1,539

3,205

 

314,761

327,227

 

Solvein Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

558

1,186

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,700

2,700

Taxation and social security

 

-

1,539

Accruals and deferred income

 

1,850

1,850

Other creditors

 

1,591

2,118

 

6,699

9,393

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £1 each

39,960

39,960

39,960

39,960

B Ordinary of £1 each

36,381

36,381

36,381

36,381

C Ordinary of £1 each

36,539

36,539

36,539

36,539

Ordinary of £1 each

-

-

-

-

 

112,880

112,880

112,880

112,880

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(2,307,130)

(2,307,130)