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Registration number: 07185252

Solarfilm Sales Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Solarfilm Sales Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Solarfilm Sales Limited

Company Information

Directors

Mr Andrew Hardman

Mrs Valerie Anne Hardman

Registered office

Unit 14 Coppull Enterprise Centre
Mill Lane
Coppull
Chorley
Lancashire
PR7 5BW

Accountants

Harrison Salmon Associates Limited
Chartered Accountants
Suite 21 Chorley Business & Technology Centre
East Terrace
Euxton Lane
Chorley
Lancashire
PR7 6TE

 

Solarfilm Sales Limited

(Registration number: 07185252)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,420

2,815

Investment property

5

571,666

571,666

 

576,086

574,481

Current assets

 

Stocks

6

1,000

3,000

Debtors

7

127,345

127,633

Cash at bank and in hand

 

36,399

57,055

 

164,744

187,688

Creditors: Amounts falling due within one year

8

2,666

(2,663)

Net current assets

 

167,410

185,025

Total assets less current liabilities

 

743,496

759,506

Provisions for liabilities

(840)

(535)

Net assets

 

742,656

758,971

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

905,795

905,795

Retained earnings

(163,239)

(146,924)

Shareholders' funds

 

742,656

758,971

For the financial year ending 31 March 2024 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 26 July 2024 and signed on its behalf by:
 

 

Solarfilm Sales Limited

(Registration number: 07185252)
Balance Sheet as at 31 March 2024

.........................................
Mr Andrew Hardman
Director

.........................................
Mrs Valerie Anne Hardman
Director

 

Solarfilm Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Unit 14 Coppull Enterprise Centre
Mill Lane
Coppull
Chorley
Lancashire
PR7 5BW
England

The principal place of business is:
Unit 14 Coppull Enterprise Centre
Mill Lane
Coppull
Chorley
Lancashire
PR7 5BW
England

These financial statements were authorised for issue by the Board on 26 July 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.

Going concern

The potential impacts of the Coronavirus pandemic have been considered, and the directors belive that the company's approach to mitigating their risks, including control of overheads and accessing financial support measures employed by the government in response to the pandemic, will help to reduce the financial impact. On this basis the director considers that it remains appropriate to prepare the accounts on a going concern basis.

 

Solarfilm Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Government grants

Government grants relating to the support provided for the Coronavirus pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are recognised.

Tax

The tax expense for the period comprises deferred 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.

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

Furniture, fittings, tools and equipment

20% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Solarfilm Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Solarfilm Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

15,599

15,599

Additions

2,710

2,710

At 31 March 2024

18,309

18,309

Depreciation

At 1 April 2023

12,784

12,784

Charge for the year

1,105

1,105

At 31 March 2024

13,889

13,889

Carrying amount

At 31 March 2024

4,420

4,420

At 31 March 2023

2,815

2,815

5

Investment properties

2024
£

At 1 April

571,666

At 31 March

571,666

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

1,000

3,000

7

Debtors

 

Solarfilm Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Other debtors

126,991

126,993

Prepayments

354

640

127,345

127,633

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

463

463

Accruals and deferred income

2,233

2,200

Other creditors

(5,362)

-

(2,666)

2,663

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Related party transactions

 

Solarfilm Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

41,749

Summary of transactions with other related parties

During the year the company operated a loan account with its Directors. The loan is interest free and repayable on demand. During the year the Directors withdrew funds of £13,000 During this time the Directors also introduced funds of £13,000. At the balance sheet date the Company was owed £98,610 (2023 £98,610) by its Directors, which is contained in other debtors.