REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Solsoft Group Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Solsoft Group Limited |
Solsoft Group Limited (Registered number: 07768426) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Solsoft Group Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 5 Corum 2 |
Corum Office Park |
Crown Way |
Warmley |
Bristol |
BS30 8FJ |
Solsoft Group Limited (Registered number: 07768426) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Solsoft Group Limited (Registered number: 07768426) |
Balance Sheet - continued |
31 December 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Solsoft Group Limited (Registered number: 07768426) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Solsoft Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from the Financial Reporting Standard 102 1A. |
Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. It is recognised in the profit and loss account only when the company has met its contractual obligations and therefore earned the right to consideration. |
Turnover from hardware and software sales is recognised on installation. Turnover from consultancy is recognised once the service has been provided. Turnover from computer support is recognised evenly over the period of support. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed 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 is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Leasehold improvements | - 20% on cost |
Fixtures, fittings & equipment | - 33% on cost and 25% on cost |
Solsoft Group Limited (Registered number: 07768426) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Solsoft Group Limited (Registered number: 07768426) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 31 December 2023 |
AMORTISATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures, |
Leasehold | fittings |
improvements | & equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Solsoft Group Limited (Registered number: 07768426) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Included in bank loans in notes 6 and 7 is a combined balance of £128,133 (2022 - £177,733) which is unsecured and guaranteed by the government. |
9. | PENSION COMMITMENTS |
Included in the balance sheet are pensions payable of £3,449 (2022 - £3,691). The company participates in a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
10. | OTHER FINANCIAL COMMITMENTS |
The total amount of financial commitments, including finance lease agreements not included in the balance sheet is £42,655 (2022 - £51,459). |
Solsoft Group Limited (Registered number: 07768426) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |
Loans from related parties |
Key management |
Total |
2023 | £ | £ |
At start of period | 38,675 | 38,675 |
Advanced | 348,235 | 348,235 |
Repaid | (385,672 | ) | (385,672 | ) |
At end of period | 1,238 | 1,238 |
Key management |
Total |
2022 | £ | £ |
At start of period | - | - |
Advanced | 38,675 | 38,675 |
Repaid | - | - |
At end of period | 38,675 | 38,675 |
The loans from key management are interest free and repayable on demand. |
Solsoft Group Limited (Registered number: 07768426) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | RELATED PARTY DISCLOSURES - continued |
Loans to related parties |
Key management |
Total |
2023 | £ | £ |
At start of period | - | - |
Advanced | - | - |
Repaid | - | - |
At end of period | - | - |
Key management |
Total |
2022 | £ | £ |
At start of period | 150,133 | 150,133 |
Advanced | 194,764 | 194,764 |
Repaid | (344,897 | ) | (344,897 | ) |
At end of period | - | - |
The loans to key management are repayable on demand and interest is charged on loan balances owing to the company that exceed £10,000. Interest is charged at the HMRC prevailing rate. |
Solsoft Group Limited (Registered number: 07768426) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | SUMMARY OF TRANSACTIONS WITH OTHER RELATED PARTIES |
During the period the following transactions occured between Solsoft Group Limited, Cyber Tec Security Ltd, Cyber Tec Security Ltd (Jersey) and RGC (ENG) Limited: |
Purchases of £240 (2022 - £71,202) recharged from RGC (ENG) Limited, and £998 (2022 - £351) recharged to RGC (ENG) Limited. |
Solsoft Group Limited acquired a trade during the year from RGC (ENG) Limited for £2,070 (2022 - £Nil). |
Purchases of £163 (2022 - £81,081) recharged from Cyber Tec Security Ltd. |
Expenses of £21,360 (2022 - £20,680) recharged from Cyber Tec Security Ltd and £39,040 (2022 - £39,532) recharged to Cyber Tec Security Ltd. |
Purchases of £56,913 (2022 - £2,000) recharged from Cyber Tec Security Ltd (Jersey). |
Expenses of £31,932 (2022 - £Nil) recharged to Cyber Tec Security Ltd (Jersey). |
Included within other debtors is a loan balance due from RGC (ENG) Limited of £11,886 (2022 - £71,834), which is repayable on demand. |
Included within other debtors is a loan balance of £114,699 (2022 - £133,405) due from Cyber Tec Security Ltd. |
Included within trade creditors is a balance of £Nil (2022 - £5,119), and a recharge balance of £Nil (2022 - £135) due to Cyber Tec Security Ltd. |
Included within debtors is a trade debtors balance of £17 (2022 - £Nil), and a recharge balance of £Nil (2022 - £59) due from Cyber Tec Security Ltd (Jersey). |
Included within trade creditors is a balance of £Nil (2022 - £2,000) due to Cyber Tec Security Ltd (Jersey). |
M Ralston and L Ralston are directors of Solsoft Group Limited, Cyber Tec Security Ltd, Cyber Tec Security Ltd (Jersey) and RGC (ENG) Limited. |