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REGISTRAR OF COMPANIES

Registration number: 06990153

Solo Sports UK Holdings Limited

Unaudited Financial Statements

31 December 2023

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Solo Sports UK Holdings Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Solo Sports UK Holdings Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Solo Sports UK Holdings Limited for the year ended 31 December 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Solo Sports UK Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 26 September 2023. Our work has been undertaken solely to prepare for your approval the accounts of Solo Sports UK Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Solo Sports UK Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Solo Sports UK Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Solo Sports UK Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Solo Sports UK Holdings Limited. You consider that Solo Sports UK Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Solo Sports UK Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

17 September 2024

 

Solo Sports UK Holdings Limited

(Registration number: 06990153)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

5

100

100

Current assets

 

Debtors

6

1,307,431

1,165,073

Cash at bank and in hand

 

761,143

828,449

 

2,068,574

1,993,522

Creditors: Amounts falling due within one year

7

(36,582)

(35,479)

Net current assets

 

2,031,992

1,958,043

Net assets

 

2,032,092

1,958,143

Capital and reserves

 

Allotted, called up and fully paid share capital

75

75

Capital redemption reserve

75

75

Profit and loss account

2,031,942

1,957,993

Total equity

 

2,032,092

1,958,143

 

Solo Sports UK Holdings Limited

(Registration number: 06990153)
Balance Sheet as at 31 December 2023 (continued)

For the financial 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 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 17 September 2024 and signed on its behalf by:
 

.........................................

D Gunson

Director

 

Solo Sports UK Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The principal place of business is:
Solo House
Toll Bar
SEDBERGH
LA10 5HA

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Tax

The tax expense for the period comprises current 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.

 

Solo Sports UK Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

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 and office equipment

15% reducing balance and 3 years straight line

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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 the sale of goods 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Solo Sports UK Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

3,140

3,140

At 31 December 2023

3,140

3,140

Depreciation

At 1 January 2023

3,140

3,140

At 31 December 2023

3,140

3,140

Carrying amount

At 31 December 2023

-

-

 

Solo Sports UK Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 January 2023

100

At 31 December 2023

100

Provision

Carrying amount

At 31 December 2023

100

At 31 December 2022

100

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,291,795

1,165,073

Other debtors

15,636

-

1,307,431

1,165,073

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

6,979

Corporation tax liability

 

36,582

28,500

 

36,582

35,479

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

6,979

 

Solo Sports UK Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2023
£

D C Gunson

Directors loan

-

9,211

-

-

(1,393)

-

7,818

               
         

D Gunson

Directors loan

-

9,211

-

-

(1,393)

-

7,818

               
         

 

2022

At 1 January 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2022
£

D C Gunson

Directors loan

495,383

-

(495,383)

-

-

-

-

               
         

 

Directors' advances are repayable on demand.

No interest has been charged on advances to directors.