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Registration number: 08424611

Solo Int Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Solo Int Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Solo Int Property Limited

Company Information

Directors

Mrs C Bateman

P Bateman

Registered office

181 Kings Acre Road
Hereford
Herefordshire
HR4 0SP

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Solo Int Property Limited

(Registration number: 08424611)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

51,806

51,992

Investment property

5

2,795,616

2,776,155

 

2,847,422

2,828,147

Current assets

 

Debtors

6

154,716

1,329

Cash at bank and in hand

 

9,662

3,146

 

164,378

4,475

Creditors: Amounts falling due within one year

7

(1,785,167)

(1,807,434)

Net current liabilities

 

(1,620,789)

(1,802,959)

Total assets less current liabilities

 

1,226,633

1,025,188

Creditors: Amounts falling due after more than one year

7

(257,348)

(255,327)

Provisions for liabilities

(137,551)

(107,895)

Net assets

 

831,734

661,966

Capital and reserves

 

Called up share capital

8

102

102

Retained earnings

831,632

661,864

Shareholders' funds

 

831,734

661,966

 

Solo Int Property Limited

(Registration number: 08424611)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................
Mrs C Bateman
Director

.........................................
P Bateman
Director

 

Solo Int Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
181 Kings Acre Road
Hereford
Herefordshire
HR4 0SP
United Kingdom

These financial statements were authorised for issue by the Board 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

 

Solo Int Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipments

20% reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Solo Int Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Short leasehold land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

51,583

930

52,513

At 29 February 2024

51,583

930

52,513

Depreciation

At 1 March 2023

-

521

521

Charge for the year

-

186

186

At 29 February 2024

-

707

707

Carrying amount

At 29 February 2024

51,583

223

51,806

At 28 February 2023

51,583

409

51,992

Included within the net book value of land and buildings above is £51,583 (2023 - £51,583) in respect of short leasehold land and buildings.
 

5

Investment properties

2024
£

At 1 March

2,776,155

Disposals

(155,000)

Fair value adjustments

174,461

At 29 February

2,795,616

The investment property has been valued at fair value by the directors of the company. They are seasoned property investors with understanding of the market they work in.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Other debtors

153,070

-

Prepayments

1,646

1,329

154,716

1,329

 

Solo Int Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

23,817

15,097

Accruals and deferred income

1,679

15,429

Other creditors

1,759,671

1,776,908

1,785,167

1,807,434

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

257,348

255,327

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

102

102

102

102

       
 

Solo Int Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

257,348

255,327

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mrs C Bateman

Directors' loan account

(1,776,678)

53,575

(36,338)

(1,759,441)

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mrs C Bateman

Directors' loan account

(1,777,591)

50,370

(49,457)

(1,776,678)