Registered number
07331782
Visolar Limited
Unaudited Filleted Accounts
31 July 2024
Visolar Limited
Registered number: 07331782
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 95,040 102,960
Current assets
Debtors 4 89,532 83,978
Cash at bank and in hand 99 3,647
89,631 87,625
Creditors: amounts falling due within one year 5 (164,786) (168,309)
Net current liabilities (75,155) (80,684)
Total assets less current liabilities 19,885 22,276
Provisions for liabilities (3,964) (4,418)
Net assets 15,921 17,858
Capital and reserves
Allotted called up and fully paid share capital 100 100
Profit and loss account 15,821 17,758
Shareholders' funds 15,921 17,858
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E A Lumley
Director
Approved by the board on 30 November 2024
Visolar Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 25 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 198,000
At 31 July 2024 198,000
Depreciation
At 1 August 2023 95,040
Charge for the year 7,920
At 31 July 2024 102,960
Net book value
At 31 July 2024 95,040
At 31 July 2023 102,960
4 Debtors 2024 2023
£ £
Other debtors 89,532 83,978
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,184 2,184
Taxation and social security costs 1,952 5,900
Other creditors 160,650 160,225
164,786 168,309
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
E A Lumley
Interest free with no fixed terms for repayment 62,868 11,500 (7,280) 67,088
62,868 11,500 (7,280) 67,088
7 Related party transactions
Included in other loans is a loan from Viscount Environmental Limited. E A Lumley is a director and shareholder. No interest is charged and there are no fixed terms for repayment. The balance of other loans is to Simba Homes Limited, a company in which E A Lumley is a director and major shareholder. No interest is charged and there are no fixed terms for repayment.
8 Other information
Visolar Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cavendish House
St Andrews Court
Leeds
LS3 1JY
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