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Registration number: 06965536

Navitas Solar Installations Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Navitas Solar Installations Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 10

 

Navitas Solar Installations Limited

Company Information

Directors

M Wilson

M Woods

R Piddington

Registered office

Unit 29
Rotherham Close
Norwood Industrial Estate
Killamarsh
Rotherham
S21 2JU

Accountants

Wickersham Limited
Eckington Business Centre 1
62 Market Street
Eckington
Sheffield
S21 4JH

 

Navitas Solar Installations Limited

Directors' Report for the Year Ended 31 July 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors of the company

The directors who held office during the year were as follows:

M Wilson

T Piddington (Resigned 26 January 2024)

M Woods

R Piddington

Principal activity

The principal activity of the company is the installation of domestic and commercial solar electricity systems

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 2 December 2024 and signed on its behalf by:
 

.........................................
M Wilson
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Navitas Solar Installations Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Navitas Solar Installations Limited for the year ended 31 July 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Navitas Solar Installations Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Navitas Solar Installations Limited and state those matters that we have agreed to state to the Board of Directors of Navitas Solar Installations Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Navitas Solar Installations Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Navitas Solar Installations Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Navitas Solar Installations Limited. You consider that Navitas Solar Installations Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Navitas Solar Installations Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Wickersham Limited
Eckington Business Centre 1
62 Market Street
Eckington
Sheffield
S21 4JH

2 December 2024

 

Navitas Solar Installations Limited

(Registration number: 06965536)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

166,502

106,081

Current assets

 

Stocks

5

29,540

12,330

Debtors

6

212,062

280,571

Cash at bank and in hand

 

27,015

70,001

 

268,617

362,902

Creditors: Amounts falling due within one year

7

(240,617)

(311,531)

Net current assets

 

28,000

51,371

Total assets less current liabilities

 

194,502

157,452

Provisions for liabilities

(21,068)

(7,842)

Net assets

 

173,434

149,610

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

173,334

149,510

Shareholders' funds

 

173,434

149,610

 

Navitas Solar Installations Limited

(Registration number: 06965536)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 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 2 December 2024 and signed on its behalf by:
 

.........................................
M Wilson
Director

 

Navitas Solar Installations Limited

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

1

General information

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

The address of its registered office is:
Unit 29
Rotherham Close
Norwood Industrial Estate
Killamarsh
Rotherham
S21 2JU

These financial statements were authorised for issue by the Board on 2 December 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 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.

 

Navitas Solar Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

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

Motor vehicles

25% reducing balance

Office equipment

15% 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. 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.

 

Navitas Solar Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Navitas Solar Installations Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

21,245

126,668

147,913

Additions

4,791

90,940

95,731

At 31 July 2024

26,036

217,608

243,644

Depreciation

At 1 August 2023

11,454

30,378

41,832

Charge for the year

2,188

33,122

35,310

At 31 July 2024

13,642

63,500

77,142

Carrying amount

At 31 July 2024

12,394

154,108

166,502

At 31 July 2023

9,791

96,290

106,081

5

Stocks

2024
£

2023
£

Other inventories

29,540

12,330

6

Debtors

Current

2024
£

2023
£

Trade debtors

158,659

236,011

Prepayments

3,622

-

Other debtors

49,781

44,560

 

212,062

280,571

 

Navitas Solar Installations Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

227,985

256,685

Taxation and social security

9,239

32,177

Accruals and deferred income

2,160

2,160

Other creditors

1,233

20,509

240,617

311,531

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

61,114

70,655

Contributions paid to money purchase schemes

40,000

40,000

101,114

110,655