Registered number
06947151
Solaris Photonics Ltd
Filleted Accounts
31 December 2023
Solaris Photonics Ltd
Registered number: 06947151
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 11,321 17,462
Tangible assets 4 351 471
11,672 17,933
Current assets
Debtors 5 68,753 130,615
Cash at bank and in hand 4,139 26,582
72,892 157,197
Creditors: amounts falling due within one year 6 (192,565) (190,585)
Net current liabilities (119,673) (33,388)
Total assets less current liabilities (108,001) (15,455)
Creditors: amounts falling due after more than one year 7 (13,100) (14,317)
Net liabilities (121,101) (29,772)
Capital and reserves
Called up share capital 1,308 1,308
Share premium 862,701 860,201
Profit and loss account (985,110) (891,281)
Shareholders' funds (121,101) (29,772)
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.
Dr Arnaldo Galbiati
Director
Approved by the board on 12 August 2024
Solaris Photonics Ltd
Notes to the Accounts
for the year ended 31 December 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 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 of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, fittings, tools and equipment over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 61,409
At 31 December 2023 61,409
Amortisation
At 1 January 2023 43,947
Provided during the year 6,141
At 31 December 2023 50,088
Net book value
At 31 December 2023 11,321
At 31 December 2022 17,462
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 63,701
At 31 December 2023 63,701
Depreciation
At 1 January 2023 63,230
Charge for the year 120
At 31 December 2023 63,350
Net book value
At 31 December 2023 351
At 31 December 2022 471
5 Debtors 2023 2022
£ £
Deferred tax asset 65,672 127,534
Other debtors 3,081 3,081
68,753 130,615
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,291 1,291
Taxation and social security costs 4,573 2,594
Other creditors 186,701 186,700
192,565 190,585
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,628 8,403
Director's account 6,472 5,914
13,100 14,317
8 Controlling party
The utlimate controlling party during the period; Dr Arnaldo Galbiati
Dr Arnaldo Galbiati holds 36.5% of the issued share capital and is deemed the ultimate controlling party.
9 Other information
Solaris Photonics Ltd is a private company limited by shares and incorporated in England. Its registered office is:
St Johns Innovation Centre
Cowley Road
Cambridge
CB4 0WS
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