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Registration number: 3074306

Solocomb Limited

trading as Solo Comb Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Solocomb Limited

trading as Solo Comb Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Solocomb Limited

trading as Solo Comb Limited

(Registration number: 3074306)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,950

2

Current assets

 

Stocks

5

20,788

55,265

Debtors

6

63,421

32,108

Cash at bank and in hand

 

82,000

64,722

 

166,209

152,095

Creditors: Amounts falling due within one year

7

(20,995)

(19,075)

Net current assets

 

145,214

133,020

Net assets

 

147,164

133,022

Capital and reserves

 

Called up share capital

8

94

94

Share premium reserve

46,755

46,755

Retained earnings

100,315

86,173

Shareholders' funds

 

147,164

133,022

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.

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 12 November 2024 and signed on its behalf by:
 

 

Solocomb Limited

trading as Solo Comb Limited

(Registration number: 3074306)
Balance Sheet as at 31 March 2024

.........................................
J Granito
Director

 

Solocomb Limited

trading as Solo Comb Limited

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

1

General information

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

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1

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 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.

 

Solocomb Limited

trading as Solo Comb Limited

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

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.

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

Fixtures and fittings

25% reducing balance

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.

Trade 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. 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.

 

Solocomb Limited

trading as Solo Comb Limited

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

Trade 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 .

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 3 (2023 - 3).

 

Solocomb Limited

trading as Solo Comb Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

14,465

14,465

Additions

2,597

2,597

At 31 March 2024

17,062

17,062

Depreciation

At 1 April 2023

14,463

14,463

Charge for the year

649

649

At 31 March 2024

15,112

15,112

Carrying amount

At 31 March 2024

1,950

1,950

At 31 March 2023

2

2

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

20,788

55,265

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

57,421

32,108

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

6,000

-

 

63,421

32,108

 

Solocomb Limited

trading as Solo Comb Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,170

916

Taxation and social security

16,959

15,459

Accruals and deferred income

2,516

2,350

Other creditors

350

350

20,995

19,075

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.10 each

940

94

940

94

       

9

Related party transactions

Summary of transactions with other related parties

Shareholder
 

Loans to related parties

2024

Other related parties
£

Total
£

Advanced

8,800

8,800

Repaid

(2,800)

(2,800)

At end of period

6,000

6,000

Terms of loans to related parties

 

Solocomb Limited

trading as Solo Comb Limited

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

A loan of £8,800 was advanced to a shareholder of the company, with £2,800 repaid in the year. The balance of the outstanding loan was repaid in November 2024. The loan is interest free and repayable on demand.