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REGISTERED NUMBER: 12599245 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Period

1 June 2022 to 31 October 2023

for

Solar Fabrications Holdings Limited

Solar Fabrications Holdings Limited (Registered number: 12599245)






Contents of the Financial Statements
for the Period 1 June 2022 to 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Solar Fabrications Holdings Limited

Company Information
for the Period 1 June 2022 to 31 October 2023







DIRECTORS: C P Lewis
C E Hempseed
G E Jones





REGISTERED OFFICE: Common Road
Huthwaite
Sutton-In-Ashfield
NG17 6AD





REGISTERED NUMBER: 12599245 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

Solar Fabrications Holdings Limited (Registered number: 12599245)

Strategic Report
for the Period 1 June 2022 to 31 October 2023

The directors present their strategic report for the period 1 June 2022 to 31 October 2023.

REVIEW OF BUSINESS
The company acts as an intermediate holding company, with Tenby Holdings Limited as the ultimate holding company for the group.

Solar Fabrications Holdings Limited primarily acts as a company that incurs the group's central costs and salaries, and appropriately recharges them to the trading subsidiaries.

The strategic position of the business is best described in the strategic report of Tenby Holdings Limited, which is reproduced below:

The Tenby Holdings Group had a successful period, with turnover rising to £27,020,348 (2022: £13,236,163) and profit before tax of £2,520,925 (2022: £191,026).

Tenby Holdings Limited is the ultimate holding company for Solar Fabrications Holdings Limited which in turn is the holding company for four subsidiary companies, three of which act as trading companies with principal operations within the glazing industry. As a company, Tenby has seen an increase in profitability with the sale of significant assets. The realisation of the value of these assets has improved the balance sheet and strengthened the Group in preparation for growth and expansion.

Performance of the subsidiaries within the Solar Fabrications group can be summarised as follows:

Solar Calibre Doors Limited

The company is a manufacturer of GRP and timber doors for the trade, new build and local authority markets. The difficult trading environment in 2023 has affected the company's volume and margins, resulting in a pre-tax loss for the period of £208,477 (2022: £280,466 loss).

Actions taken by management during 2024 has resulted in an improved financial performance, and the business is now at a breakeven position, with new work being won.

Solar Norvik Limited

The company is an installer of the Group's window and door components into the new build housing sector. The company has achieved growth through delivering excellent service, quality and flexibility to the developer customers. Reputation is building positively with referrals and repeat business contributing to sustained growth.

Turnover increased to £6,784,566 (2022: £2,897,361). Pre-tax profits were £31,303 (2022: £87,033).

It is intended during 2024 to consolidate on the turnover gains of 2023, continue to provide high service levels, and achieve a sustainable level of profitability. This is proving to be successful, with a greater concentration on the company cashflow and margins.

Market conditions are set to improve with the newly elected government pledging to build more homes.

Taylor Manufacturing Limited

The company is a manufacturer of window and door products for the trade and new build markets. Its main operation has become to produce products for Solar Norvik Limited and therefore sales revenue is derived from this sector. Revenue is also derived from the production of window and door products for a partner business. However, since this work is mostly trade it has been adversely affected by a downturn in the market. The company cannot directly influence this element of the business and as such it presents a risk. The impact of Solar Norvik's considerable growth has led to a significant increase in turnover for Taylor Manufacturing Limited, despite the downturn of sales to our partner business in the trade market.

In order to ensure the continued growth of Taylor Manufacturing the company is seeking additional sales and diversifying into other market sectors. This activity as well as an improvement in the market conditions will help the company in the medium-term.


Solar Fabrications Holdings Limited (Registered number: 12599245)

Strategic Report
for the Period 1 June 2022 to 31 October 2023

PRINCIPAL RISKS AND UNCERTAINTIES
A risk management process is fundamental to the Group, with major risks identified and mitigated.

The major risks and uncertainties for the group are:-

- Effectiveness of the Supply Chain
The group is dependent on a relatively small number of suppliers for key materials in the manufacture of certain products. Should there, for any reason, be an interruption in supply, production of the group's products could be delayed. The group endeavours not to rely on specific supply chains.

- Increased Raw Material and Utility prices that cannot be recovered from the customers
Prices are carefully monitored, and alternative sources maintained, to ensure pricing remains competitive.

- Current Conflicts around the World
These can lead to supply shortages, increased transport cost, and higher material prices, which in turn lead to lower customer demand.

- UK Economic Market Conditions
The Group is dependent on the UK market, which entered into recession at the end of 2023. Conditions remain challenging in 2024 for the construction Industry, which is an important market for the Group's products.

KEY PERFORMANCE INDICATORS
Tenby Holdings Limited consolidated performance is reported as:

2023 2022

Turnover £27,020,348 £13,236,163
Profit before tax £2,520,925 £191,026
Group cash balances £1,396,791 £520,608


The Group is committed to:

- Paying its supply chain on time, with suppliers paid on or before their due dates
- High service levels to its customers.

These commitments are closely monitored.

ON BEHALF OF THE BOARD:





C P Lewis - Director


29 July 2024

Solar Fabrications Holdings Limited (Registered number: 12599245)

Report of the Directors
for the Period 1 June 2022 to 31 October 2023

The directors present their report with the financial statements of the company for the period 1 June 2022 to 31 October 2023.

DIVIDENDS
No dividends will be distributed for the period ended 31 October 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

C P Lewis
C E Hempseed
G E Jones

DISCLOSURE IN THE STRATEGIC REPORT
The director has prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report. The report includes an explanation of the company's financial risk management policies.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





C P Lewis - Director


29 July 2024

Report of the Independent Auditors to the Members of
Solar Fabrications Holdings Limited

Opinion
We have audited the financial statements of Solar Fabrications Holdings Limited (the 'company') for the period ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its loss for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Solar Fabrications Holdings Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims.

In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matter
The comparative year financial statements were not subject to audit on the grounds that the group and company qualified as small at that time.

Report of the Independent Auditors to the Members of
Solar Fabrications Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Newman LLB BFP FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

29 July 2024

Solar Fabrications Holdings Limited (Registered number: 12599245)

Statement of Comprehensive
Income
for the Period 1 June 2022 to 31 October 2023

Period Year Ended
1.6.22 to 31.10.23 31.5.22
Notes £    £    £    £   

TURNOVER 3 1,073,124 567,302

Cost of sales 24,258 147,672
GROSS PROFIT 1,048,866 419,630

Distribution costs 227,677 74,626
Administrative expenses 969,543 245,508
1,197,220 320,134
(148,354 ) 99,496

Other operating income 148,290 -
OPERATING (LOSS)/PROFIT and
(LOSS)/PROFIT BEFORE TAXATION (64 ) 99,496

Tax on (loss)/profit 6 8,059 19,476
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(8,123

)

80,020

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

(8,123

)

80,020

Solar Fabrications Holdings Limited (Registered number: 12599245)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - 593,160
Tangible assets 8 32,237 49,036
Investments 9 1,201 1,201
33,438 643,397

CURRENT ASSETS
Stocks 10 - 183,296
Debtors 11 3,722,696 1,475,407
Cash at bank 164,322 40,193
3,887,018 1,698,896
CREDITORS
Amounts falling due within one year 12 3,790,117 2,211,890
NET CURRENT ASSETS/(LIABILITIES) 96,901 (512,994 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

130,339

130,403

PROVISIONS FOR LIABILITIES 14 8,059 -
NET ASSETS 122,280 130,403

CAPITAL AND RESERVES
Called up share capital 15 1,000 1,000
Retained earnings 16 121,280 129,403
SHAREHOLDERS' FUNDS 122,280 130,403

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





C P Lewis - Director


Solar Fabrications Holdings Limited (Registered number: 12599245)

Statement of Changes in Equity
for the Period 1 June 2022 to 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2021 1,000 49,383 50,383

Changes in equity
Total comprehensive income - 80,020 80,020
Balance at 31 May 2022 1,000 129,403 130,403

Changes in equity
Total comprehensive income - (8,123 ) (8,123 )
Balance at 31 October 2023 1,000 121,280 122,280

Solar Fabrications Holdings Limited (Registered number: 12599245)

Cash Flow Statement
for the Period 1 June 2022 to 31 October 2023

Period
1.6.22
to Year Ended
31.10.23 31.5.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (565,699 ) 25,945
Tax paid (30,890 ) 4,018
Net cash from operating activities (596,589 ) 29,963

Cash flows from investing activities
Purchase of tangible fixed assets (11,565 ) (1,582 )
Purchase of fixed asset investments - (1 )
Sale of intangible fixed assets 741,450 -
Sale of tangible fixed assets 833 -
Net cash from investing activities 730,718 (1,583 )

Cash flows from financing activities
Amount withdrawn by directors (10,000 ) -
Net cash from financing activities (10,000 ) -

Increase in cash and cash equivalents 124,129 28,380
Cash and cash equivalents at beginning
of period

2

40,193

11,813

Cash and cash equivalents at end of
period

2

164,322

40,193

Solar Fabrications Holdings Limited (Registered number: 12599245)

Notes to the Cash Flow Statement
for the Period 1 June 2022 to 31 October 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.6.22
to Year Ended
31.10.23 31.5.22
£    £   
(Loss)/profit before taxation (64 ) 99,496
Depreciation charges 26,989 92,394
Profit on disposal of fixed assets (147,748 ) -
(120,823 ) 191,890
Decrease in stocks 183,296 38,180
Increase in trade and other debtors (2,237,289 ) (1,160,125 )
Increase in trade and other creditors 1,609,117 956,000
Cash generated from operations (565,699 ) 25,945

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 October 2023
31.10.23 1.6.22
£    £   
Cash and cash equivalents 164,322 40,193
Year ended 31 May 2022
31.5.22 1.6.21
£    £   
Cash and cash equivalents 40,193 11,813


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank 40,193 124,129 164,322
40,193 124,129 164,322
Total 40,193 124,129 164,322

Solar Fabrications Holdings Limited (Registered number: 12599245)

Notes to the Financial Statements
for the Period 1 June 2022 to 31 October 2023

1. STATUTORY INFORMATION

Solar Fabrications Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £.

The statutory accounts for the year ended 31 May 2022 were not subject to audit because the company at this time was a subsidiary within a small group.

Preparation of consolidated financial statements
The financial statements contain information about Solar Fabrications Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Tenby Holdings Limited, C/O Acuity Law Limited 3 Assembly Square, Britannia Quay, Cardiff, United Kingdom, CF10 4PL.

Critical accounting judgements and key sources of estimation uncertainty
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. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Stock valuations and recoverability of trading assets - these involve judgements as to pricing and the extent to which provisions are required to account for the risk of irrecoverability or obsolescence.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Motor vehicles - Straight line over 5 - 10 years
Computer equipment - Straight line over 3 years

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Solar Fabrications Holdings Limited (Registered number: 12599245)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 October 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instrument transactions 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 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 Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1.6.22
to Year Ended
31.10.23 31.5.22
£    £   
Sale of goods 1,073,124 567,302
1,073,124 567,302

Solar Fabrications Holdings Limited (Registered number: 12599245)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 October 2023

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

Period
1.6.22
to Year Ended
31.10.23 31.5.22
£    £   
United Kingdom 1,073,124 567,302
1,073,124 567,302

4. EMPLOYEES AND DIRECTORS
Period
1.6.22
to Year Ended
31.10.23 31.5.22
£    £   
Wages and salaries 847,410 442,497
Social security costs 98,622 47,160
Other pension costs 18,150 6,945
964,182 496,602

The average number of employees during the period was as follows:
Period
1.6.22
to Year Ended
31.10.23 31.5.22

Maintenance and admin 15 10

Period
1.6.22
to Year Ended
31.10.23 31.5.22
£    £   
Directors' remuneration 229,166 81,667
Directors' pension contributions to money purchase schemes 7,933 3,267

Information regarding the highest paid director for the period ended 31 October 2023 is as follows:
Period
1.6.22
to
31.10.23
£   

Highest paid director disclosures have not been provided because remuneration falls below the reporting threshold on a pro rata basis.

Solar Fabrications Holdings Limited (Registered number: 12599245)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 October 2023

5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

Period
1.6.22
to Year Ended
31.10.23 31.5.22
£    £   
Other operating leases 15,795 13,855
Depreciation - owned assets 26,989 18,249
Profit on disposal of fixed assets (147,748 ) -
Goodwill amortisation - 74,145

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the period was as follows:
Period
1.6.22
to Year Ended
31.10.23 31.5.22
£    £   
Current tax:
UK corporation tax - 26,976

Deferred tax 8,059 (7,500 )
Tax on (loss)/profit 8,059 19,476

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.6.22
to Year Ended
31.10.23 31.5.22
£    £   
(Loss)/profit before tax (64 ) 99,496
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
22.008% (2022 - 19%)

(14

)

18,904

Effects of:
Expenses not deductible for tax purposes 14,092 17,620
Capital allowances in excess of depreciation (2,691 ) (9,548 )
Utilisation of tax losses 21,129 -
Profit on disposal of assets (32,516 ) -
Deferred taxation 8,059 (7,500 )
Total tax charge 8,059 19,476

Solar Fabrications Holdings Limited (Registered number: 12599245)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 October 2023

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022 741,450
Disposals (741,450 )
At 31 October 2023 -
AMORTISATION
At 1 June 2022 148,290
Eliminated on disposal (148,290 )
At 31 October 2023 -
NET BOOK VALUE
At 31 October 2023 -
At 31 May 2022 593,160

8. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 - - 76,760 76,760
Additions 2,182 3,000 6,383 11,565
Disposals - (1,500 ) - (1,500 )
At 31 October 2023 2,182 1,500 83,143 86,825
DEPRECIATION
At 1 June 2022 - - 27,724 27,724
Charge for period 788 563 25,638 26,989
Eliminated on disposal - (125 ) - (125 )
At 31 October 2023 788 438 53,362 54,588
NET BOOK VALUE
At 31 October 2023 1,394 1,062 29,781 32,237
At 31 May 2022 - - 49,036 49,036

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2022
and 31 October 2023 1,201
NET BOOK VALUE
At 31 October 2023 1,201
At 31 May 2022 1,201

10. STOCKS
2023 2022
£    £   
Raw materials - 183,296

Solar Fabrications Holdings Limited (Registered number: 12599245)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 October 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 42,840 442,951
Amounts owed by group undertakings 2,772,467 141,532
Other debtors 100 85,954
Directors' loan accounts 10,000 -
Prepayments 897,289 804,970
3,722,696 1,475,407

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 84,976 1
Amounts owed to group undertakings 2,499,236 858,002
Tax 104 30,994
Social security and other taxes 20,223 23,371
VAT 173,929 112,190
Other creditors 1,006,416 966,091
Accruals and deferred income 5,233 221,241
3,790,117 2,211,890

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 507,500 507,500
Between one and five years 253,750 1,015,000
761,250 1,522,500

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 8,059 -

Deferred
tax
£   
Charge to Statement of Comprehensive Income during period 8,059
Balance at 31 October 2023 8,059

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary shares £1 1,000 1,000

16. RESERVES

Called up share capital - represents the nominal value of shares that have been issued.

Profit and loss account (retained earnings) - represents cumulative profits and losses net of dividends and other adjustments.

Solar Fabrications Holdings Limited (Registered number: 12599245)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 31 October 2023

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
G E Jones
Balance outstanding at start of period - -
Amounts advanced 10,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 10,000 -

18. RELATED PARTY DISCLOSURES

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.

19. ULTIMATE CONTROLLING PARTY

The controlling party is Tenby Holdings Limited.

The ultimate controlling party is C P Lewis.