SOLAR LOOP LTD

Company Registration Number:
NI684494 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

SOLAR LOOP LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

SOLAR LOOP LTD

Balance sheet

As at 31 December 2023


Notes

2023

13 months to 31 December 2022


£

£
Fixed assets
Tangible assets:   0 0
Total fixed assets: 0 0
Current assets
Debtors: 3 227,208 674,302
Cash at bank and in hand: 194,803 204,835
Total current assets: 422,011 879,137
Creditors: amounts falling due within one year:   (421,599) (878,990)
Net current assets (liabilities): 412 147
Total assets less current liabilities: 412 147
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Total net assets (liabilities): 412 147
Capital and reserves
Called up share capital: 300 300
Profit and loss account: 112 (153)
Shareholders funds: 412 147

The notes form part of these financial statements

SOLAR LOOP LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 02 February 2024
and signed on behalf of the board by:

Name: John Smith
Status: Director

The notes form part of these financial statements

SOLAR LOOP LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost, or deemed cost, or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows Plant and Equipment 20% Straight Line

Intangible fixed assets and amortisation policy

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Valuation and information policy

Stocks Stocks are valued at the lower of cost and net realisable value. Net realisable value represents the estimated selling price less all estimated costs to completion taking into account current market conditions. Work In Progress Work in Progress is stated at cost which comprises all attributable expenses in bringing the project to its present stage of completion. Provision is made for any foreseeable losses where appropriate. Construction Contracts When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Other accounting policies

Government Grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. Tax Current tax represents the amount of tax payable or receivable in respect of the taxable profit, or loss, for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. Provisions Provisions are recognised when the company has an obligation, either legal or constructive, at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. 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 current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the profit and loss unless the provision was originally recognised as part of the cost of an asset. Legal Contingencies The status of each significant claim and legal proceeding in which the company is involved is reviewed by management on a periodic basis and the company's potential financial exposure is assessed if the potential loss of any claim or legal proceedings is considered probable, and the amount can be estimated, a liability is recognised for the estimated loss. Due to uncertainties inherent in such matters, the related provisions are based on best information available at the time. As additional information becomes available on pending claims, the potential liability is reassessed, and revisions are made to the amounts accrued where appropriate. Such revisions in the estimates of the potential liabilities could have a material impact on the results of operations and financial position of the company. Leases Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. Employee benefits When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

SOLAR LOOP LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 13 months to 31 December 2022
Average number of employees during the period 5 4

SOLAR LOOP LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Debtors

2023 13 months to 31 December 2022
££
Debtors due after more than one year: 0 0

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

SOLAR LOOP LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Loans to directors

Directors' Current Account - £300 Included in debtors amounts falling within one year

SOLAR LOOP LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Related party transactions

Solar Loop Ltd is under the control of the following parties. CHP Mechanical Services Ltd, Premier Electrical Group Limited and Solarfixni Ltd each company own more than 25% but not more than 50% of the shares in Solar Loop Ltd. Four directors, David McAteer, Brendan O'Connor, John Smyth and Thomas Walsh are noted as persons with significant control as having significant influence or control.