Company registration number 08153771 (England and Wales)
SOLARCROWN COMMERCIAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SOLARCROWN COMMERCIAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
SOLARCROWN COMMERCIAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,617
1,993
Tangible assets
4
41,106
9,877
42,723
11,870
Current assets
Stocks
89,285
24,032
Debtors
5
866,986
975,889
Cash at bank and in hand
266,068
178,277
1,222,339
1,178,198
Creditors: amounts falling due within one year
6
(724,434)
(988,209)
Net current assets
497,905
189,989
Total assets less current liabilities
540,628
201,859
Creditors: amounts falling due after more than one year
7
(113,333)
(193,333)
Provisions for liabilities
9
(12,934)
(10,000)
Net assets/(liabilities)
414,361
(1,474)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
11
414,261
(1,574)
Total equity
414,361
(1,474)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 May 2024 and are signed on its behalf by:
R Ashcroft
Director
Company registration number 08153771 (England and Wales)
SOLARCROWN COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Solarcrown Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Unit 2, Solarcrown Commercial, Sandwash Business Park, Sandwash Close, Rainford, St Helens, WA11 8LY.

1.1
Reporting period

The current year reporting period is 12 months. The prior year reporting period covers 14 months from 1 November 2021 to 31 December 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Mikhail Hotels & Leisure Holdings Limited. These consolidated financial statements are available from its registered office, 583 The Bold Hotel, Lord Street, Southport, PR9 0BE.

1.3
Going concern

The director has confirmed his continued financial support of the company.true

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

SOLARCROWN COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

Customer deposits received in advance of installation work to be completed are held within separate client accounts operated by the company and recognised separately as amounts still receivable with a corresponding liability recognised to repay to the customer until installation has been completed.

1.5
Intangible fixed assets - goodwill

Goodwill representing the shortfall of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over not more than four years as in the opinion of the directors this represents the period over which the goodwill is effective.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Logo and website
10% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
25% straight line and 25% reducing balance
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SOLARCROWN COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

SOLARCROWN COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
SOLARCROWN COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
Logo and website
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
(375,945)
8,975
(366,970)
Amortisation and impairment
At 1 January 2023
(375,945)
6,982
(368,963)
Amortisation charged for the year
-
0
376
376
At 31 December 2023
(375,945)
7,358
(368,587)
Carrying amount
At 31 December 2023
-
0
1,617
1,617
At 31 December 2022
-
0
1,993
1,993
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
5,160
17,951
46,242
69,353
Additions
-
0
685
43,239
43,924
At 31 December 2023
5,160
18,636
89,481
113,277
Depreciation and impairment
At 1 January 2023
5,160
14,993
39,323
59,476
Depreciation charged in the year
-
0
1,507
11,188
12,695
At 31 December 2023
5,160
16,500
50,511
72,171
Carrying amount
At 31 December 2023
-
0
2,136
38,970
41,106
At 31 December 2022
-
0
2,958
6,919
9,877
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
487,179
468,817
Other debtors
250,565
336,680
Prepayments and accrued income
129,242
170,392
866,986
975,889
SOLARCROWN COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8
80,000
80,000
Trade creditors
277,037
370,159
Amounts owed to group undertakings
201,195
132,000
Corporation tax
1,360
-
0
Other taxation and social security
100,016
74,237
Other creditors
11,099
10,112
Accruals and deferred income
53,727
321,701
724,434
988,209

Bank loans are secured by fixed and floating charges over all property of the company.

7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
113,333
193,333

Bank loans are secured by fixed and floating charges over all property of the company.

8
Loans and overdrafts
2023
2022
£
£
Bank loans
193,333
273,333
Payable within one year
80,000
80,000
Payable after one year
113,333
193,333

The long-term loans are secured by fixed and floating charges over all property held by the company.

The bank loan amounting to £193,333 (2022 - £273,333) is repayable over 6 years. The loan attracts interest at 2.49%.

9
Provisions for liabilities
2023
2022
£
£
Warranty provision
10,000
10,000
Deferred tax liabilities
2,934
-
0
12,934
10,000
SOLARCROWN COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
75
75
75
75
Ordinary B Shares of £1 each
25
25
25
25
100
100
100
100

A shares and B shares shall be non-redeemable and rank equally in terms of voting rights - one vote for each share, rights to participate in all approved dividend distributions for that class of share and rights to participate in any capital distribution on sale or winding up unless expressly stated otherwise.

11
Profit and loss reserves

Profit and loss reserve represents earnings net of distributions to owners.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Stephen Grayson ACA FCCA
Statutory Auditor:
UHY Hacker Young Manchester LLP
Date of audit report:
24 May 2024
13
Related party transactions

The company has taken advantage of the provisions within FRS 102 paragraph 33.1A from disclosing transactions with entities which are a wholly owned part of the group.

 

Included within creditors at the year end is an amount of £83,722 (2022: £132,000) owed to entities related by common control.

14
Parent company

The immediate and ultimate parent company is Mikhail Hotels and Leisure Holdings Limited, a company registered in England and Wales. Copies of the financial statements of the immediate parent undertaking can be obtained from Mikhail Hotels and Leisure Holdings Limited, 583 The Bold Hotel, Lord Street, Southport, PR9 6HY.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Smallest group
2023-12-312023-01-01false24 May 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedK C CurrieR Ashcroftfalsefalse081537712023-01-012023-12-31081537712023-12-31081537712022-12-3108153771core:NetGoodwill2023-12-3108153771core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3108153771core:NetGoodwill2022-12-3108153771core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3108153771core:PlantMachinery2023-12-3108153771core:FurnitureFittings2023-12-3108153771core:MotorVehicles2023-12-3108153771core:PlantMachinery2022-12-3108153771core:FurnitureFittings2022-12-3108153771core:MotorVehicles2022-12-3108153771core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108153771core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108153771core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3108153771core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3108153771core:CurrentFinancialInstruments2023-12-3108153771core:CurrentFinancialInstruments2022-12-3108153771core:ShareCapital2023-12-3108153771core:ShareCapital2022-12-3108153771core:RetainedEarningsAccumulatedLosses2023-12-3108153771core:RetainedEarningsAccumulatedLosses2022-12-3108153771core:ShareCapitalOrdinaryShares2023-12-3108153771core:ShareCapitalOrdinaryShares2022-12-3108153771bus:Director22023-01-012023-12-3108153771core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108153771core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108153771core:PlantMachinery2023-01-012023-12-3108153771core:FurnitureFittings2023-01-012023-12-3108153771core:MotorVehicles2023-01-012023-12-31081537712021-11-012022-12-3108153771core:NetGoodwill2022-12-3108153771core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-31081537712022-12-3108153771core:NetGoodwill2023-01-012023-12-3108153771core:PlantMachinery2022-12-3108153771core:FurnitureFittings2022-12-3108153771core:MotorVehicles2022-12-3108153771core:Non-currentFinancialInstruments2023-12-3108153771core:Non-currentFinancialInstruments2022-12-3108153771bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108153771bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108153771bus:FRS1022023-01-012023-12-3108153771bus:Audited2023-01-012023-12-3108153771bus:Director12023-01-012023-12-3108153771bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP