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Filleted

Registration number: 05755780

Solar Wheel Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Solar Wheel Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Solar Wheel Limited

Company Information

Director

Mr R L Bazalgette

Company secretary

Ms J Turgel

Registered office

Fforest Farm
Brechfa
Carmarthenshire
SA32 7BL

 

Solar Wheel Limited

(Registration number: 05755780)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

100,000

100,000

Tangible assets

6

217,464

120,696

Investments

7

45,000

45,000

 

362,464

265,696

Current assets

 

Stocks

8

10,000

10,000

Debtors

9

159,475

291,673

Cash at bank and in hand

 

143,365

44,474

 

312,840

346,147

Creditors: Amounts falling due within one year

10

(182,905)

(102,715)

Net current assets

 

129,935

243,432

Total assets less current liabilities

 

492,399

509,128

Creditors: Amounts falling due after more than one year

10

(158,902)

(250,680)

Net assets

 

333,497

258,448

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

333,397

258,348

Total equity

 

333,497

258,448

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Solar Wheel Limited

(Registration number: 05755780)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 21 November 2024
 

.........................................
Mr R L Bazalgette
Director

   
     
 

Solar Wheel Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Fforest Farm
Brechfa
Carmarthenshire
SA32 7BL

These financial statements were authorised for issue by the director on 21 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets

Tangible 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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

33.33% reducing balance basis

 

Solar Wheel Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible fixed assets (including purchased goodwill and patents) are not amortised as it is the belief of the directors that the asset has not been impaired during the period.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Solar Wheel Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Solar Wheel Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 13).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

38,335

41,897

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

100,000

100,000

At 31 March 2024

100,000

100,000

Amortisation

Carrying amount

At 31 March 2024

100,000

100,000

At 31 March 2023

100,000

100,000

 

Solar Wheel Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

118,615

-

261,968

380,583

Additions

67,467

3,628

64,009

135,104

At 31 March 2024

186,082

3,628

325,977

515,687

Depreciation

At 1 April 2023

37,367

-

222,520

259,887

Charge for the year

27,820

654

9,862

38,336

At 31 March 2024

65,187

654

232,382

298,223

Carrying amount

At 31 March 2024

120,895

2,974

93,595

217,464

At 31 March 2023

81,248

-

39,448

120,696

7

Investments

2024
£

2023
£

Other investments

45,000

45,000

8

Stocks

2024
£

2023
£

Other inventories

10,000

10,000

9

Debtors

2024
£

2023
£

Trade debtors

149,136

291,673

Other debtors

10,339

-

159,475

291,673

 

Solar Wheel Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

11

11,689

-

Trade creditors

 

97,059

45,916

Taxation and social security

 

26,183

16,129

Outstanding defined contribution pension costs

 

1,333

1,635

Other creditors

 

46,641

39,035

 

182,905

102,715

Due after one year

 

Loans and borrowings

11

158,902

250,680

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

158,902

250,680

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

78,702

138,080

HP and finance lease liabilities

5,200

7,600

Other borrowings

75,000

105,000

158,902

250,680

2024
£

2023
£

Current loans and borrowings

Bank borrowings

11,689

-

 

Solar Wheel Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr R L Bazalgette

Interest free loan repayable on demand

(105,000)

30,000

(75,000)

       
     

 

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr R L Bazalgette

Interest free loan repayable on demand

(40,000)

(65,000)

(105,000)