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REGISTERED NUMBER: 02226621 (England and Wales)















Sollett Bros Limited

Unaudited Financial Statements for the Year Ended 31st March 2024






Sollett Bros Limited (Registered number: 02226621)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sollett Bros Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: Ms S Sollett
Mr J P Sollett





SECRETARY: Ms S Sollett





REGISTERED OFFICE: Empire Garage
High Street
Boosbeck
CLEVELAND
TS12 3AG





REGISTERED NUMBER: 02226621 (England and Wales)





ACCOUNTANTS: Draycott & Kirk LLP
Chartered Accountants
Cleveland House
92 Westgate
Guisborough
Cleveland
TS14 6AP

Sollett Bros Limited (Registered number: 02226621)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 470,264 335,821

CURRENT ASSETS
Stocks 60,000 64,000
Debtors 5 65,344 141,643
Cash at bank and in hand 89,921 181,094
215,265 386,737
CREDITORS
Amounts falling due within one year 6 227,970 262,089
NET CURRENT (LIABILITIES)/ASSETS (12,705 ) 124,648
TOTAL ASSETS LESS CURRENT
LIABILITIES

457,559

460,469

CREDITORS
Amounts falling due after more than one year 7 (12,500 ) (20,500 )

PROVISIONS FOR LIABILITIES (11,000 ) (11,000 )
NET ASSETS 434,059 428,969

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 434,057 428,967
SHAREHOLDERS' FUNDS 434,059 428,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sollett Bros Limited (Registered number: 02226621)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th December 2024 and were signed on its behalf by:





Ms S Sollett - Director


Sollett Bros Limited (Registered number: 02226621)

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

1. STATUTORY INFORMATION

Sollett Bros Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Sollett Bros Limited (Registered number: 02226621)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023 333,531 209,560 543,091
Additions 150,000 14,062 164,062
Disposals - (17,609 ) (17,609 )
At 31st March 2024 483,531 206,013 689,544
DEPRECIATION
At 1st April 2023 63,364 143,906 207,270
Charge for year 6,541 16,851 23,392
Eliminated on disposal - (11,382 ) (11,382 )
At 31st March 2024 69,905 149,375 219,280
NET BOOK VALUE
At 31st March 2024 413,626 56,638 470,264
At 31st March 2023 270,167 65,654 335,821

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,420 64,204
Other debtors 29,924 77,439
65,344 141,643

Sollett Bros Limited (Registered number: 02226621)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 12,000
Trade creditors 59,319 29,133
Taxation and social security 6,075 16,998
Other creditors 152,576 203,958
227,970 262,089

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 12,500 20,500

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 22,500 32,500

The bank loan is secured on the freehold property of the company.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs S Sollett.