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Company No: 01979660 (England and Wales)

SOLENT PROJECTS (SOUTHERN) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SOLENT PROJECTS (SOUTHERN) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SOLENT PROJECTS (SOUTHERN) LIMITED

BALANCE SHEET

As at 30 April 2024
SOLENT PROJECTS (SOUTHERN) LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,031,974 1,746,441
Investments 4 100 0
2,032,074 1,746,441
Current assets
Debtors 5 576,226 526,807
Cash at bank and in hand 230,843 783,000
807,069 1,309,807
Creditors: amounts falling due within one year 6 ( 409,194) ( 993,762)
Net current assets 397,875 316,045
Total assets less current liabilities 2,429,949 2,062,486
Creditors: amounts falling due after more than one year 7 ( 435,208) ( 428,750)
Provision for liabilities ( 6,987) ( 3,014)
Net assets 1,987,754 1,630,722
Capital and reserves
Called-up share capital 8 201 101
Profit and loss account 1,987,553 1,630,621
Total shareholders' funds 1,987,754 1,630,722

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Solent Projects (Southern) Limited (registered number: 01979660) were approved and authorised for issue by the Board of Directors on 29 October 2024. They were signed on its behalf by:

Mr P G Lister
Director
SOLENT PROJECTS (SOUTHERN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SOLENT PROJECTS (SOUTHERN) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Solent Projects (Southern) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, Dorst, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 May 2023 1,730,576 41,127 24,994 1,796,697
Additions 461,443 0 26,427 487,870
Disposals ( 196,817) 0 0 ( 196,817)
At 30 April 2024 1,995,202 41,127 51,421 2,087,750
Accumulated depreciation
At 01 May 2023 0 31,126 19,130 50,256
Charge for the financial year 0 1,500 4,020 5,520
At 30 April 2024 0 32,626 23,150 55,776
Net book value
At 30 April 2024 1,995,202 8,501 28,271 2,031,974
At 30 April 2023 1,730,576 10,001 5,864 1,746,441

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 0 0
Additions 100 100
At 30 April 2024 100 100
Carrying value at 30 April 2024 100 100
Carrying value at 30 April 2023 0 0

Investments in shares

The following were investments in shares of the Company:

Name of entity Registered office Principal activity Class of
shares
Ownership
30.04.2024
Held
Terard Ltd Towngate House, 2-8 Parkstone Road, Poole, Dorset, United Kingdom, BH15 2PW Property investment. Ordimary 100.00% Direct

5. Debtors

2024 2023
£ £
Other debtors 576,226 526,807

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 100,000 800,000
Corporation tax 25,870 2,677
Obligations under finance leases and hire purchase contracts (secured) 2,500 0
Other creditors 280,824 191,085
409,194 993,762

Creditors include bank loans and overdrafts and obligations under finance leases and hire purchase contracts which are secured of £102,500 (2023 - £800,000).

Assets purchased under hire purchase contracts are secured by the asset to which the contract relates to.
Bank loans have a fixed and floating charge over the assets of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 428,750 428,750
Obligations under finance leases and hire purchase contracts (secured) 6,458 0
435,208 428,750

Creditors include bank loans and hire purchase contracts which are secured of £435,208 (2023 - £428,750).

Assets purchased under hire purchase contracts are secured by the asset to which the contract relates to.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each (2023: 100 shares of £ 1.00 each) 200 100
1 Ordinary A share of £ 1.00 1 1
201 101