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COMPANY REGISTRATION NUMBER: 03219165
Solar Sunshades Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Solar Sunshades Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Solar Sunshades Limited
Officers and Professional Advisers
The board of directors
H Davies
B Davies
Registered office
North Road
Bridgend Industrial Estate
Bridgend
CF31 3TO
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Solar Sunshades Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Solar Sunshades Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
19 September 2024
Solar Sunshades Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
5,000
5,000
Tangible assets
6
227,942
283,589
Investments
7
10,000
10,000
---------
---------
242,942
298,589
Current assets
Stocks
8
120,185
107,567
Debtors
9
197,278
211,543
Cash at bank and in hand
120,725
185,827
---------
---------
438,188
504,937
Creditors: amounts falling due within one year
10
325,587
496,116
---------
---------
Net current assets
112,601
8,821
---------
---------
Total assets less current liabilities
355,543
307,410
Creditors: amounts falling due after more than one year
11
149,785
83,107
Provisions
51,806
53,882
---------
---------
Net assets
153,952
170,421
---------
---------
Capital and reserves
Called up share capital
12
150,000
150,000
Profit and loss account
13
3,952
20,421
---------
---------
Shareholders funds
153,952
170,421
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Solar Sunshades Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
B Davies
Director
Company registration number: 03219165
Solar Sunshades Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is North Road, Bridgend Industrial Estate, Bridgend, CF31 3TO.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the current balance sheet position and the future operating profits. The company continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
over the lease term
Plant and machinery
-
between 5 and ten years
Motor vehicles
-
over the lease term
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 30 ).
5. Intangible assets
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
33,850
5,000
38,850
--------
-------
--------
Amortisation
At 1 January 2023 and 31 December 2023
33,850
33,850
--------
-------
--------
Carrying amount
At 31 December 2023
5,000
5,000
--------
-------
--------
At 31 December 2022
5,000
5,000
--------
-------
--------
6. Tangible assets
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
50,170
452,550
215,607
718,327
Additions
900
33,029
33,929
Disposals
( 19,045)
( 17,992)
( 37,037)
Transfers
3,456
(3,456)
--------
---------
---------
---------
At 31 December 2023
54,526
463,078
197,615
715,219
--------
---------
---------
---------
Depreciation
At 1 January 2023
26,309
329,901
78,528
434,738
Charge for the year
4,694
44,192
34,832
83,718
Disposals
( 18,188)
( 12,992)
( 31,180)
Transfers
2,806
(2,805)
1
--------
---------
---------
---------
At 31 December 2023
33,809
353,100
100,368
487,277
--------
---------
---------
---------
Carrying amount
At 31 December 2023
20,717
109,978
97,247
227,942
--------
---------
---------
---------
At 31 December 2022
23,861
122,649
137,079
283,589
--------
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
91,969
--------
At 31 December 2022
127,896
---------
7. Investments
Shares in group
£
Cost
At 1 January 2023 and 31 December 2023
10,000
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
10,000
--------
At 31 December 2022
10,000
--------
8. Stocks
2023
2022
£
£
Raw materials and consumables
120,185
107,567
---------
---------
9. Debtors
2023
2022
£
£
Trade debtors
82,405
76,301
Amounts owed by group undertakings
76,738
76,738
Other debtors
38,135
58,504
---------
---------
197,278
211,543
---------
---------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,145
9,894
Trade creditors
165,129
346,391
Social security and other taxes
53,583
47,571
Other creditors
96,730
92,260
---------
---------
325,587
496,116
---------
---------
Included within trade creditors are amounts owed to group undertakings of £72 (2022: £95,317). The liability is free of interest and is repayable on demand.
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,806
24,947
Amounts owed to group undertakings
107,117
Other creditors
27,862
58,160
---------
--------
149,785
83,107
---------
--------
Amounts owed to group undertakings of £107,117 (2022: £nil) are due to the parent company Solar Group Holdings Limited. The amounts are free of interest and are not likely to be recalled on demand.
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
150,000
150,000
150,000
150,000
---------
---------
---------
---------
13. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
14. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
38,549
38,000
Later than 1 year and not later than 5 years
57,000
--------
--------
38,549
95,000
--------
--------
15. Directors' advances, credit and guarantees
Included within other debtors are balances of £1,568 (2022: £1,353) due from the directors. There are no fixed terms of repayment or interest charged.
16. Related party transactions
During the year the company received sales and management fee income of £644,662 (2022: £534,413) from Light Control Systems (UK) Limited, a company under common control. At the year end the company was owed £40,220 (2022: £40,470) in respect of these charges. The company has taken exemptions under Section 33 of FRS102 to disclose related party transactions with wholly owned members of a group.
17. Ultimate controlling party
The company is controlled by Solar Group Holdings Limited who owns 100% of the called up share capital. The ultimate controlling party is H Davies .