Registered number
04543980
Solo Capital Homes Limited
Filleted Accounts
31 August 2023
Solo Capital Homes Limited
Registered number: 04543980
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 53,182 9,521
Investments 5 100 100
53,282 9,621
Current assets
Stocks 9,688,878 9,357,071
Debtors 6 3,689,913 3,701,113
Cash at bank and in hand 434,087 1,066,768
13,812,878 14,124,952
Creditors: amounts falling due within one year 7 (4,439,002) (4,528,946)
Net current assets 9,373,876 9,596,006
Total assets less current liabilities 9,427,158 9,605,627
Creditors: amounts falling due after more than one year 8 (8,618,555) (8,872,303)
Provisions for liabilities (12,000) -
Net assets 796,603 733,324
Capital and reserves
Called up share capital 2 2
Profit and loss account 796,601 733,322
Shareholders' funds 796,603 733,324
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J D Stanley
Director
Approved by the board on 22 February 2024
Solo Capital Homes Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents income from the sale of properties, rent receivable for the year and other fees receivable. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale and rental of property and from the rendering of services. Turnover from the sale of property is recognised when the significant risks and rewards of ownership of the property has been transferred to the buyer. Rental income is recognised in relation to the period to whcih the rent relates. Turnover from the rendering of services is recognised by reference to the date of provision of the service.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
3 Turnover analysis 2023 2022
£ £
Turnover for the year comprises:
Rental income and sale of properties 1,558,963 1,618,913
1,558,963 1,618,913
4 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 September 2022 52,367
Additions 65,978
At 31 August 2023 118,345
Depreciation
At 1 September 2022 42,846
At 31 August 2023 65,163
Net book value
At 31 August 2023 53,182
At 31 August 2022 9,521
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 September 2022 100
At 31 August 2023 100
6 Debtors 2023 2022
£ £
Trade debtors 11,084 18,273
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,373,430 1,373,430
Other debtors 2,305,399 2,309,410
3,689,913 3,701,113
7 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 23,238 -
Trade creditors 27,969 28,374
Corporation tax 13,279 53,543
Other taxes and social security costs - 2,889
Other creditors 4,374,516 4,444,140
4,439,002 4,528,946
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,618,555 8,872,303
9 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 8,618,555 8,872,303
The bank borrowings are secured against the assets of the company and are repayable between one and five years from the balance sheet date.
10 Related party transactions 2023 2022
£ £
D J Stanley
D J Stanley is a director of the company and has made loans to the company which are interest free and not subject to any formal repayment terms. During the year the company has repaid part of the loan.
The amount due to D J Stanley at the year end was: 187,129 307,129
Solo Capital Homes (LH) Limited
Solo Capital Homes (LH) Limited is a wholly owned subsidiary to whom the company transferred certain assets upon the demerger of the group in the prior year.
Amount due from/(to) related party 1,373,430 1,373,430
Pathtown Limited
Pathtown Limited is a former fellow group company which, following the demerger, is now instead under common ownership with the company.
Amount due from/(to) related party 2,200,504 2,150,505
Solo (Surrey) Limited
Solo (Surrey) Limited is a former fellow subsidiary which, following the demerger, is instead under common ownership with the company.
Amount due from/(to) related party - 13,000
11 Controlling party
The Company is a wholly owned subsidiary of Solo Capital Homes Holdings Limited, which is registered in England & Wales. The directors consider that there is no ultimate controlling party.
12 Other information
Solo Capital Homes Limited is a private company limited by shares and incorporated in England. Its registered office is:
26/28 Great Portland Street
London
W1W 8QT
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