Caseware UK (AP4) 2022.0.179 2022.0.179 2022-09-302022-09-30false0true1Property development2021-10-20falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13691006 2021-10-19 13691006 2021-10-20 2022-09-30 13691006 2020-10-01 2021-10-19 13691006 2022-09-30 13691006 c:Director1 2021-10-20 2022-09-30 13691006 d:FreeholdInvestmentProperty 2021-10-20 2022-09-30 13691006 d:FreeholdInvestmentProperty 2022-09-30 13691006 d:CurrentFinancialInstruments 2022-09-30 13691006 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 13691006 d:ShareCapital 2022-09-30 13691006 d:RetainedEarningsAccumulatedLosses 2022-09-30 13691006 c:OrdinaryShareClass1 2021-10-20 2022-09-30 13691006 c:OrdinaryShareClass1 2022-09-30 13691006 c:FRS102 2021-10-20 2022-09-30 13691006 c:AuditExempt-NoAccountantsReport 2021-10-20 2022-09-30 13691006 c:FullAccounts 2021-10-20 2022-09-30 13691006 c:PrivateLimitedCompanyLtd 2021-10-20 2022-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13691006










SOLLER SIXTEEN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

 
SOLLER SIXTEEN LIMITED
REGISTERED NUMBER: 13691006

BALANCE SHEET
AS AT 30 SEPTEMBER 2022

30 September 2022
Note
£

Fixed assets
  

Investment property
 4 
1,015,909

  
1,015,909

Current assets
  

Debtors: amounts falling due within one year
 5 
57,620

Cash at bank and in hand
 6 
450

  
58,070

Creditors: amounts falling due within one year
 7 
(1,213,483)

Net current liabilities
  
 
 
(1,155,413)

Total assets less current liabilities
  
(139,504)

  

Net liabilities
  
(139,504)


Capital and reserves
  

Called up share capital 
 8 
100

Profit and loss account
  
(139,604)

  
(139,504)


Page 1

 
SOLLER SIXTEEN LIMITED
REGISTERED NUMBER: 13691006
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



N Treadaway
Director

Date: 2 April 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SOLLER SIXTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

1.


General information

Soller Sixteen Limited is a private company, limited by shares, incorporated in England and Wales, registration number 13691006. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been prepared in pounds sterling, the functional currency, rounded to the nearest £1.
The company was incorporated on 20 October 2021 and began trading on this date. These are the first set of financial statements that have been prepared by the company and cover the period 20 October 2021 to 30 September 2022. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current liabilities of £1,155,413 and net liabilities of £139,504 as at the balance sheet date.
The directors have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The directors have made this assessment for a period of at least twelve months from the date of the approval of these financial statements. The directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company's ability to continue as a going concern. The directors, therefore, continue to adopt the going concern basis in preparing these financial statements.
The shareholders have confirmed their willingness and ability to support the company for at least twelve months from the date of approval of the financial statements.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
SOLLER SIXTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly
Page 4

 
SOLLER SIXTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)

traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 5

 
SOLLER SIXTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the period was 1.


4.


Investment property


Investment property

£



Cost or valuation


Additions at cost
1,015,909



At 30 September 2022
1,015,909

Investment property was valued at cost as at 30 September 2022. This cost was deemed an appropriate representation of market value by the directors as at the period end.







5.


Debtors

2022
£


Amounts owed by related entities
57,520

Unpaid share capital
100

57,620


Amounts owed by related entities are unsecured, interest free and repayable on demand.


6.


Cash and cash equivalents

2022
£

Cash at bank and in hand
450

450


Page 6

 
SOLLER SIXTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
£

Trade creditors
28,200

Amounts owed to related entities
761,000

Other creditors
384,879

Accruals and deferred income
39,404

1,213,483


Amounts owed to related entities are unsecured and repayable on demand. Balances accrue interest at a commercial rate.
Other creditors includes shareholder loans which accrue interest at a commercial rate.


8.


Share capital

2022
£
Allotted, called up and fully paid


100,000 Ordinary shares of £0.001 each
100


On 20 October 2021, on incorporation, the company issued 100,000 shares at par with a nominal value of £0.001 each.


9.


Related party transactions

At the period end £110,704 was owed to the director, N Treadaway and is included within other creditors. The balance is unsecured and repayable on demand. The balance accrues interest at a commercial rate.
At the balance sheet date, there was an amount due to The Soller Group Limited of £761,000. The amount is unsecured and repayable on demand. The balance accrues interest at a commercial rate. The director of Soller Sixteen Limited is also a director of The Soller Group Limited.
At the balance sheet date, there was an amount due to the company from Soller Capital Management Limited of £57,520. The amount is unsecured, interest free and repayable on demand. The director of Soller Sixteen Limited is also a director of Soller Capital Management Limited.

 
Page 7