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COMPANY REGISTRATION NUMBER: 11721513
Solar Group Holdings Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Solar Group Holdings 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 Group Holdings Limited
Officers and Professional Advisers
The board of directors
H Davies
B Davies
Registered office
North Road
Bridgend Industrial Estate
Bridgend
CF31 3TP
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Solar Group Holdings Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Solar Group Holdings 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 Group Holdings Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
5
1,331,389
1,331,389
Current assets
Debtors
6
120,485
109,584
Cash at bank and in hand
75,413
124,715
---------
---------
195,898
234,299
Creditors: amounts falling due within one year
7
200,537
218,445
---------
---------
Net current (liabilities)/assets
( 4,639)
15,854
------------
------------
Total assets less current liabilities
1,326,750
1,347,243
Creditors: amounts falling due after more than one year
8
275,027
317,669
------------
------------
Net assets
1,051,723
1,029,574
------------
------------
Capital and reserves
Called up share capital
9
650,000
650,000
Profit and loss account
10
401,723
379,574
------------
------------
Shareholders funds
1,051,723
1,029,574
------------
------------
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 Group Holdings 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: 11721513
Solar Group Holdings 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 3TP.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
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.
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 3 (2022: 3 ).
5. Investments
Shares in group
£
Cost
At 1 January 2023 and 31 December 2023
1,331,389
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
1,331,389
------------
At 31 December 2022
1,331,389
------------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Solar Sunshades Limited
Ordinary
100
Light Control Systems (UK) Limited
Ordinary
52
6. Debtors
2023
2022
£
£
Trade debtors
4,400
99,817
Amounts owed by group undertakings
107,117
Other debtors
8,968
9,767
---------
---------
120,485
109,584
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Amounts owed by group undertakings
107,117
---------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
44,733
46,825
Amounts owed to group undertakings
76,739
76,739
Social security and other taxes
22,928
40,428
Other creditors
56,137
54,453
---------
---------
200,537
218,445
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
275,027
317,669
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £96,094 (2022: £130,368) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Security Bank loans are secured by a debenture comprising fixed and floating charges over all assets and undertaking of Solar Group Holdings Limited and its subsidiary undertaking Solar Sunshades Limited. A group cross guarantee in favour of the Bank from Solar Group Holdings Ltd and Solar Sunshades Limited.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
487,500
487,500
487,500
487,500
Ordinary B shares of £ 1 each
65,000
65,000
65,000
65,000
Ordinary C shares of £ 1 each
65,000
65,000
65,000
65,000
Ordinary D shares of £ 1 each
32,500
32,500
32,500
32,500
---------
---------
---------
---------
650,000
650,000
650,000
650,000
---------
---------
---------
---------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Directors' advances, credit and guarantees
The director, H Davies , has provided personal guarantees for the bank loans, limited to £500,000.
12. Related party transactions
During the year the company received management fee income of £35,750 (2022: £33,000) from Light Control Systems (UK) Limited, a company under control. At the year end the company was owed £4,400 (2022: £4,500) 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.
13. Controlling party
The ultimate controlling party is H Davies who owns 75% of the called up share capital.