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Registered number: 9992899
Solace Energy Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
MACRO ACCOUNTANCY LTD
Willows Holt Yard
Willows Holt, Willows Lane,
Sibsey, Boston
Lincolnshire
PE22 0TG
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 9992899
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,177 17,570
13,177 17,570
CURRENT ASSETS
Stocks 5 10,000 10,000
Debtors 6 24,863 11,074
Cash at bank and in hand 51,372 14,830
86,235 35,904
Creditors: Amounts Falling Due Within One Year 7 (48,262 ) (29,253 )
NET CURRENT ASSETS (LIABILITIES) 37,973 6,651
TOTAL ASSETS LESS CURRENT LIABILITIES 51,150 24,221
Creditors: Amounts Falling Due After More Than One Year 8 (53,292 ) (20,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,504 ) (3,338 )
NET (LIABILITIES)/ASSETS (4,646 ) 216
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (4,746 ) 116
SHAREHOLDERS' FUNDS (4,646) 216
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Liam Joyce
Director
28/05/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Solace Energy Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 9992899 . The registered office is 2 Gilder Way, Fishtoft, Boston, Lincolnshire, PE21 0QS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
Fixtures & Fittings 25% reducing balance basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 65,542
As at 31 December 2023 65,542
Depreciation
As at 1 January 2023 47,972
Provided during the period 4,393
As at 31 December 2023 52,365
Net Book Value
As at 31 December 2023 13,177
As at 1 January 2023 17,570
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5. Stocks
2023 2022
£ £
Stock and work in progress 10,000 10,000
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 10,113 7,460
Director's loan account 14,750 3,614
24,863 11,074
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 26,750 8,000
Corporation tax 8,073 8,073
Other taxes and social security 1,720 90
VAT 5,992 8,670
Other creditors 4,737 3,620
Accruals and deferred income 990 800
48,262 29,253
The company had taken a Bounce Back Loan under Covid 19. This was unsecured and guaranteed by the government.
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 53,292 20,667
53,292 20,667
The company had taken a Bounce Back Loan under Covid 19. This was unsecured and guaranteed by the government.
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Liam Joyce 3,620 14,750 3,620 - 14,750
The above loan was repaid within 9 month of the year end.
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