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REGISTERED NUMBER: 07695728 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

SOLACE GLOBAL LIMITED

SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Balance sheet 1

Notes to the financial statements 2


SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Investments 4 1,518,961 1,519,010

Current assets
Debtors 5 2,408,937 1,778,935
Cash at bank 1,158,417 850,436
3,567,354 2,629,371
Creditors
Amounts falling due within one year 6 696,060 3,684
Net current assets 2,871,294 2,625,687
Total assets less current liabilities 4,390,255 4,144,697

Provisions for liabilities 8 2,365 2,365
Net assets 4,387,890 4,142,332

Capital and reserves
Called up share capital 9 103 103
Revaluation reserve 10 7,097 7,095
Retained earnings 4,380,690 4,135,134
Shareholders' funds 4,387,890 4,142,332

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 LIMITED (REGISTERED NUMBER: 07695728)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. Statutory information

Solace Global Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07695728. 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiaries comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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 year 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.

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.

Investments
Fixed asset listed investments are stated at fair value. Any unrealised surplus on revaluation is taken to the Statement of Total Comprehensive Income.

SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. Accounting policies - continued

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 1 (2022 - 1 ) .

4. Fixed asset investments
Shares in Interest
group in Listed
undertakings associate investments Totals
£    £    £    £   
Cost or valuation
At 1 June 2022 1,509,500 50 9,460 1,519,010
Disposals - (50 ) - (50 )
Revaluations - - 1 1
At 31 May 2023 1,509,500 - 9,461 1,518,961
Net book value
At 31 May 2023 1,509,500 - 9,461 1,518,961
At 31 May 2022 1,509,500 50 9,460 1,519,010

Cost or valuation at 31 May 2023 is represented by:

Shares in Interest
group in Listed
undertakings associate investments Totals
£    £    £    £   
Valuation in 2015 - - 228,421 228,421
Valuation in 2016 - - 39,007 39,007
Valuation in 2017 - - 105,392 105,392
Valuation in 2018 - - (363,942 ) (363,942 )
Valuation in 2019 - - 736 736
Valuation in 2020 - (72,801 ) (46 ) (72,847 )
Valuation in 2021 - - (55 ) (55 )
Valuation in 2022 - - (53 ) (53 )
Valuation in 2023 - - 1 1
Cost 1,509,500 72,801 - 1,582,301
1,509,500 - 9,461 1,518,961

The listed investments were valued on an open market basis on 31 May 2023 by Clarke & Partners Wealth Management .

SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. Debtors: amounts falling due within one year
2023 2022
£    £   
Amounts owed by group undertakings 1,362,594 754,237
Other debtors 694,945 1,023,032
Directors' current accounts 349,757 -
VAT 82 388
Prepayments and accrued income 1,559 1,278
2,408,937 1,778,935

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Tax 2,791 -
Other creditors 689,791 -
Directors' current accounts - 576
Accruals and deferred income 3,478 3,108
696,060 3,684

7. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 10,000 20,000
Between one and five years - 10,000
10,000 30,000

8. Provisions for liabilities
2023 2022
£    £   
Deferred tax 2,365 2,365

Deferred
tax
£   
Balance at 1 June 2022 2,365
Charge to revaluation reserve
Balance at 31 May 2023 2,365

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
103 Ordinary £1 103 103

SOLACE GLOBAL LIMITED (REGISTERED NUMBER: 07695728)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


10. Reserves
Revaluation
reserve
£   
At 1 June 2022 7,095
Revaluation in year 2

At 31 May 2023 7,097

11. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr D Peach
Balance outstanding at start of year - 1,174,223
Amounts advanced 349,757 -
Amounts repaid - (1,174,223 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 349,757 -

12. Ultimate controlling party

The Company is under the control of the Director, by virtue of their 100% holding of the issued voting share capital of the Company.