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Registered number: 09377661









SOLARPORT SYSTEMS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
SOLARPORT SYSTEMS LIMITED
 
 
COMPANY INFORMATION


Directors
Mark Noel (appointed 1 January 2024)
Christy Tattershall (appointed 1 January 2024)
David Tattershall 
Jade Tattershall 
Liam Tattershall 
Louise Tatterhsall 




Registered number
09377661



Registered office
Unit 3 The Core
Gore Cross Business Park

Bridport

Dorset

DT6 3FH





 
SOLARPORT SYSTEMS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11 - 12
Analysis of net debt
13
Notes to the financial statements
14 - 33

 
SOLARPORT SYSTEMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
Solarport Systems Limited is the leading UK designer and manufacturer of solar mounting systems. The company delivers critical components for their projects, from high profile utility-scale solar generation to commercial and domestic installations.

Business review
 
The directors are pleased to present the review of the business for the year ended 31 January 2024 and of the position of the company at the end of the year. The intention is to portray a balanced comprehensive summary of the development and performance of the company consistent with the size of and relatively uncomplicated nature of the business against the background of any risks and uncertainties that may exist. In doing so, the directors have taken into account only such facts and circumstances of which they are aware at the date of this report.
There has been no change in the principal activity of the company.
The company operates out of two sites. The Head Quarters based in Bridport, and a manufacturing facility in Yeovil.
In the year to 31 January 2024 total revenues rose by 74% over the previous year. This was driven by an expanding market in the UK as the country strives to increase electricity generation from renewable sources, in line with the policy of striving for Net Zero by 2035, and also by the company increasing its domestic market share.

Principal risks and uncertainties
 
The main risks and uncertainties for the business relate to:
• The political risk caused by the government changing direction on driving the country towards renewable energy and achieving Net Zero within a given timeframe; and
• The volatility of material prices which form a significant part of total costs of the mounting systems.
The company undertakes regular reviews of the principal risks facing the business and, whenever possible, processes are put in place to monitor and minimise such risks.
The Directors give the highest priority to the safety and welfare of our colleagues and the public. We continue to strive a reduction in accidents and the severity of those accidents through promotion of safe working practices and awareness.
The company continues to hold relevant quality, environmental and health and safety standards of ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. 
Efforts continue across company to reduce its environmental impact. During the year, the company engaged with key partners to both standardise designs on its utility-scale products and standardise on higher material grades to facilitate reductions in the amount of steel being used. This work undertaken will reduce the level of embedded carbon in the company’s products. The company is also working with those key partners for a further decarbonisation on a global scale.

Page 1

 
SOLARPORT SYSTEMS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Financial key performance indicators
 
The key objectives of the company are to achieve growth in operating profit, through focus on Gross Margin expansion and improved cost control. The company is committed to delivering the highest standards of customer service and to continuous improvement in all aspects of the business. The relevant key financial performance indicators are turnover and operating profit.
                          2024           2023
  
Turnover               21,160,420 12,136,305
  
Operating Profit      954,155           642,443
  
 

Other key performance indicators
 
The company also considers the amount of delivered system Megawatts (MW) as a key driver of future turnover. As the market expands rapidly, individual projects are also expanding quickly. To be able to highlight an increasing installed base is critical, giving the final Key Performance Indicator as MW delivered
                    2024 2023
  
MW Delivered 450 220


This report was approved by the board and signed on its behalf.



David Tattershall
Director

Date: 27 September 2024
Page 2

 
SOLARPORT SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £704,889 (2023 - £482,171).

Interim dividends were declared equally across B Ordinary £1 shares, C Ordinary £1 shares and D Ordinary £1 shares on 20th March 2023, at £20,000 per category of share. The total distribution of dividends for the year ended 31st January 2024 is £60,000. 

Directors

The directors who served during the year were:

Mark Noel (appointed 1 January 2024)
Christy Tattershall (appointed 1 January 2024)
David Tattershall 
Jade Tattershall 
Liam Tattershall 
Louise Tatterhsall 

Future developments

The directors are optimistic that the market for solar mounting will continue to grow rapidly and that the company will share in that growth. As a result the directors are optimistic about the company’s future prospects.

Page 3

 
SOLARPORT SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsCB Reid Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





David Tattershall
Director

Date: 27 September 2024
Page 4

 
SOLARPORT SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED
 

Opinion


We have audited the financial statements of Solarport Systems Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
SOLARPORT SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SOLARPORT SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the determination of material amounts and disclosures in the financial statements such as the UK reporting framework, UK company law and UK tax legislation. Other laws and regulations that are fundamental to the operating aspects of the business include employment law and health and safety legislation.  
We assessed the risk of material misstatement in respect of non-compliance with laws and regulations as follows:
- Enquiring of management concerning actual or potential litigation or claims; and
- Reviewing legal and professional costs for evidence of any expenditure in relation to potential litigation or claims. 
We assessed the risk of material misstatement in respect of irregularities and fraud as follows:
- Enquiring of management concerning actual and potential instances of fraud, as well assessing areas in the financial statements that are at risk of material misstatement due to fraud;
- Assessing the risk of management override of controls via a review of accounting entries, estimates and the testing of journal entries;
- Seeking explanations and evidence for any significant transactions outside the normal course of business;
- Performing analytical procedures to identify any unusual relationships that may indicate risks of material misstatement due to fraud; 
- Testing revenue recognition to source documentation; and
- Maintaining professional scepticism and challenging explanations provided by management, particularly where we found evidence of internal control weaknesses.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
SOLARPORT SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLARPORT SYSTEMS LIMITED (CONTINUED)


Other matters 
 

The comparative information in the financial statements is derived from the prior year financial statements of the Company which were not audited.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mr P A Cattermole FCA (Senior statutory auditor)
  
for and on behalf of
CB Reid Limited
 
Chartered Accountants
Statutory Auditor
  
Wadebridge House
16 Wadebridge Square
Dorchester
Dorset
DT1 3AQ

27 September 2024
Page 8

 
SOLARPORT SYSTEMS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
As restated 2023
Note
£
£

  

Turnover
 4 
21,160,420
12,136,305

Cost of sales
  
(17,580,145)
(9,460,669)

Gross profit
  
3,580,275
2,675,636

Distribution costs
  
(623,908)
(431,994)

Administrative expenses
  
(2,009,037)
(1,601,199)

Other operating income
 5 
6,825
-

Operating profit
 6 
954,155
642,443

Interest payable and similar expenses
 10 
(63,145)
(43,981)

Profit before tax
  
891,010
598,462

Tax on profit
 11 
(186,121)
(116,291)

Profit after tax
  
704,889
482,171

  

  

Retained earnings at the beginning of the year
  
605,358
187,687

  
605,358
187,687

Profit for the year
  
704,889
482,171

Dividends declared and paid
  
(60,000)
(64,500)

Retained earnings at the end of the year
  
1,250,247
605,358
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 14 to 33 form part of these financial statements.

Page 9

 
SOLARPORT SYSTEMS LIMITED
REGISTERED NUMBER: 09377661

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Intangible assets
  
47,354
28,100

Tangible assets
 14 
1,147,469
989,415

  
1,194,823
1,017,515

Current assets
  

Stocks
 15 
1,398,252
4,401,672

Debtors: amounts falling due within one year
 16 
2,279,617
2,882,907

Cash at bank and in hand
 17 
411,247
1,055,712

  
4,089,116
8,340,291

Creditors: amounts falling due within one year
 18 
(3,131,983)
(7,970,000)

Net current assets
  
 
 
957,133
 
 
370,291

Total assets less current liabilities
  
2,151,956
1,387,806

Creditors: amounts falling due after more than one year
 19 
(642,499)
(591,051)

Provisions for liabilities
  

Deferred tax
 22 
(259,110)
(191,297)

  
 
 
(259,110)
 
 
(191,297)

Net assets
  
1,250,347
605,458


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
 24 
1,250,247
605,358

  
1,250,347
605,458


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


David Tattershall
Director

Date: 27 September 2024

The notes on pages 14 to 33 form part of these financial statements.

Page 10

 
SOLARPORT SYSTEMS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
704,889
482,171

Adjustments for:

Depreciation of tangible assets
156,093
89,464

Loss on disposal of tangible assets
-
380

Government grants
(6,825)
-

Interest paid
63,143
43,981

Taxation charge
186,121
116,291

Decrease/(increase) in stocks
3,003,418
(3,632,280)

Decrease/(increase) in debtors
603,290
(1,941,330)

(Decrease)/increase in creditors
(5,027,303)
5,852,102

Corporation tax received
-
43,571

Net cash generated from operating activities

(317,174)
1,054,350


Cash flows from investing activities

Purchase of intangible fixed assets
(19,254)
(28,100)

Purchase of tangible fixed assets
(314,147)
(729,439)

Government grants received
6,825
-

HP interest paid
(45,080)
(22,346)

Net cash from investing activities

(371,656)
(779,885)

Cash flows from financing activities

Repayment of loans
(55,435)
(52,217)

Repayment of/new finance leases
177,863
105,356

Dividends paid
(60,000)
(64,500)

Interest paid
(18,063)
(21,635)

Net cash used in financing activities
44,365
(32,996)

Net (decrease)/increase in cash and cash equivalents
(644,465)
241,469

Cash and cash equivalents at beginning of year
1,055,712
814,243

Cash and cash equivalents at the end of year
411,247
1,055,712


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
411,247
1,055,712

411,247
1,055,712

Page 11

 
SOLARPORT SYSTEMS LIMITED
 

The notes on pages 14 to 33 form part of these financial statements.

Page 12

 
SOLARPORT SYSTEMS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024





At 1 February 2023
Cash flows
New finance leases
At 31 January 2024
£

£

£

£

Cash at bank and in hand

1,055,712

(644,465)

-

411,247

Debt due after 1 year

(236,376)

58,904

-

(177,472)

Debt due within 1 year

(62,761)

(30,853)

-

(93,614)

Finance leases

(448,228)

131,896

(309,760)

(626,092)


308,347
(484,518)
(309,760)
(485,931)

The notes on pages 14 to 33 form part of these financial statements.
Page 13

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Solarport Systems Limited is a private company limited by shares incorporated in England and Wales.  It has a company number of 09377661 and a registered address of Unit 3 The Core, Gore Cross Business Park, Bridport, Dorset, DT6 3FH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 14

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
10
years

Page 16

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Short-term leasehold property
-
straight line over 10 years
Plant and machinery
-
straight line over 5 to 10 years
Motor vehicles
-
20% reducing balance
Fixtures and fittings
-
straight line over 7 to 10 years
Office equipment
-
straight line over 3 to 7 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 18

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 19

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgments
The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Valuation of stock
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Costs included apportioned labour and overhead in bringing the stock to its present location and condition.
Key sources of estimation uncertainty
Provision for stock
Stock is reviewed on an ongoing basis and a provision is made where the directors are of an opinion that specific items are slow moving and require write down. As at the year end the directors have no material concerns over the recoverability of the company’s stock balance in note 15.
Tangible fixed assets and depreciation
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing lives, all relevant known factors are taken into account but there is inherent uncertainty in making this assessment.
Recoverability of trade debtors
The determination of whether trade debtors should be impaired requires the estimation of the expected cash flows and the relevant age of the debtors.
Provision for warranty
The warranty expense experience of the company is monitored on a regular basis assessing the claims made against the historical delivery and value of the contract to which any warranty claim relates. At the end of the year the directors determine whether a warranty provision would be required based on the claims experience in that financial year and previous years. At the date of approving the financial statements the directors have no material concerns that a warranty provision was required based on the experience in the financial year and previous years.

Page 21

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
As restated 2023
£
£

Sale of goods
20,672,969
11,934,114

Sale of services
465,373
193,359

Other sales
22,078
8,832

21,160,420
12,136,305


Analysis of turnover by country of destination:

2024
As restated 2023
£
£

United Kingdom
21,131,749
12,136,305

Rest of Europe
28,671
-

21,160,420
12,136,305



5.


Other operating income

2024
2023
£
£

Government grants receivable
6,825
-

6,825
-



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
150,729
136,548

Page 22

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,000
-

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,617,873
917,850

Social security costs
169,209
97,218

Cost of defined contribution scheme
50,634
27,197

1,837,716
1,042,265


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production and manufacturing
14
9



Head office and administration
20
12



Directors
4
4

38
25

Page 23

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
393,760
245,913

Company contributions to defined contribution pension schemes
3,119
2,201

Amounts paid to third parties in respect of directors' services
7,008
-

403,887
248,114


During the year retirement benefits were accruing to 3 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £139,149 (2023 - £79,323).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £2,201).

Management consider the key management personnel to be the directors of the Company.


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
18,065
21,635

Finance leases and hire purchase contracts
45,080
22,346

63,145
43,981

Page 24

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Taxation


2024
As restated 2023
£
£

Corporation tax


Current tax on profits for the year
151,803
-

Adjustments in respect of previous periods
(33,495)
-


118,308
-


Total current tax
118,308
-

Deferred tax


Origination and reversal of timing differences
67,813
116,291

Total deferred tax
67,813
116,291


Tax on profit
186,121
116,291
Page 25

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24.03% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
891,010
598,462


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023 - 19%)
214,110
113,708

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,202
4,091

Capital allowances for year in excess of depreciation
2,690
(1,251)

Utilisation of tax losses
1,646
-

Adjustments to tax charge in respect of prior periods
(33,495)
10,097

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(32)
(171)

Unrelieved tax losses carried forward
-
(10,183)

Total tax charge for the year
186,121
116,291


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
60,000
64,500

60,000
64,500

Page 26

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Intangible assets




Patents

£



Cost


Prior Year Adjustment
28,100


At 1 February 2023 (as restated)
28,100


Additions
19,254



At 31 January 2024

47,354






Net book value



At 31 January 2024
47,354



At 31 January 2023 (as restated)
28,100



Page 27

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023 (as previously stated)
7,282
941,323
25,495
79,370
1,053,470


Prior Year Adjustment
19,997
27,591
-
-
47,588


At 1 February 2023 (as restated)
27,279
968,914
25,495
79,370
1,101,058


Additions
11,075
240,609
41,012
21,451
314,147



At 31 January 2024

38,354
1,209,523
66,507
100,821
1,415,205



Depreciation


At 1 February 2023
849
79,916
10,004
20,874
111,643


Charge for the year on owned assets
2,728
43,655
3,098
18,926
68,407


Charge for the year on financed assets
-
83,585
4,101
-
87,686



At 31 January 2024

3,577
207,156
17,203
39,800
267,736



Net book value



At 31 January 2024
34,777
1,002,367
49,304
61,021
1,147,469



At 31 January 2023 (as restated)
26,430
888,998
15,491
58,496
989,415




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
34,777
26,430

34,777
26,430


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


Page 28

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           14.Tangible fixed assets (continued)

2024
2023
£
£



Plant and machinery
746,043
719,628

Motor vehicles
36,911
-

782,954
719,628


15.


Stocks

2024
As restated 2023
£
£

Raw materials and consumables
676,272
4,152,059

Work in progress (goods to be sold)
721,980
249,613

1,398,252
4,401,672



16.


Debtors

2024
As restated 2023
£
£


Trade debtors
1,888,325
1,266,149

Other debtors
94,776
361,177

Prepayments and accrued income
296,516
1,255,581

2,279,617
2,882,907


Other debtors includes £90,000 (2023: £nil) held in a restricted bank account which the company has no legal ability to access until expiration of a performance bond on 31 July 2024.


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
411,247
1,055,712

411,247
1,055,712


Page 29

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Creditors: Amounts falling due within one year

2024
As restated 2023
£
£

Bank loans
58,904
55,436

Trade creditors
1,093,163
1,735,428

Corporation tax
118,308
-

Other taxation and social security
452,512
212,417

Obligations under finance lease and hire purchase contracts
161,065
93,553

Other creditors
40,404
7,325

Accruals and deferred income
1,207,627
5,865,841

3,131,983
7,970,000


The obligations under finance leases and hire purchase contracts are secured by a charge over the assets to which the liability relates.


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
177,472
236,376

Net obligations under finance leases and hire purchase contracts
465,027
354,675

642,499
591,051


Page 30

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
58,904
55,436


58,904
55,436


Amounts falling due 2-5 years

Bank loans
177,472
236,376


177,472
236,376


236,376
291,812


The company took a recovery loan of £250k in December 2021 at an interest rate of 7.3% with monthly repayments until November 2027.  It took a second recovery loan of £51k in January 2022 at an interest rate of 9.4% with monthly repayments until December 2027.  It also took a bounce back loan of £50k in September 2020 at an interest rate of 2.5% with monthly repayments until August 2026.  No security has been provided for any of these loans.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
203,149
121,482

Between 1-5 years
516,254
398,516

719,403
519,998

Page 31

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.


Deferred taxation




2024


£






At beginning of year
(191,297)


Charged to profit or loss
(67,813)



At end of year
(259,110)

The provision for deferred taxation is made up as follows:

2024
As restated 2023
£
£


Accelerated capital allowances
(261,320)
(235,091)

Tax losses carried forward
-
42,431

Pension surplus
2,210
1,363

(259,110)
(191,297)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



35 (2023 - 35) Ordinary A shares of £1.0 each
35
35
17 (2023 - 17) Ordinary B shares of £1.0 each
17
17
24 (2023 - 24) Ordinary C shares of £1.0 each
24
24
24 (2023 - 24) Ordinary D shares of £1.0 each
24
24

100

100

All shares have full rights with respect to voting, dividends and capital distributions.



24.


Reserves

Profit and loss account

The profit and loss account comprises aggregate profits of the company net of distributions via dividend payments.

Page 32

 
SOLARPORT SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

25.


Prior year adjustment

Prior year adjustments have been recognised in respect of inventory held as at 31 January 2023 being overstated by £225,296 and previously recognised expenses of £75,688 being capitalised.  The effect of the adjustments, after tax, was to decrease both profit after tax for the year ended 31 January 2023 and reserves as at 31 January 2023 by £108,418. 


26.


Contingent liabilities

On 22 December 2023, the company issued a debenture with a fixed and floating charge over its assets and liabilities to Lloyds Bank PLC.  Lloyds Bank PLC issued an import guarantee of £258k in relation to a specific contract.  The performance bond is 70% insured through UK Export Finance and the remaining £77k is covered via a ringfenced bank account (see note 16).


27.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £50,634 (2023 - £27,197).  Contributions totalling £8,838 (2023 - £5,453) were payable to the fund at the reporting date and are included in creditors.


28.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
As restated 2023
£
£


Not later than 1 year
156,884
130,750

Later than 1 year and not later than 5 years
277,812
267,230

434,696
397,980

Page 33