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Sol & Co Limited
 
Abridged Financial Statements
 
for the financial year ended 30 April 2024



Sol & Co Limited
Company Registration Number: 14124478
ABRIDGED BALANCE SHEET
as at 30 April 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 5 18,397 -
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Current Assets
Debtors 1,969,647 748,113
Cash and cash equivalents 1,201,061 28,579
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3,170,708 776,692
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Creditors: amounts falling due within one year (1,898,299) (753,509)
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Net Current Assets 1,272,409 23,183
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Total Assets less Current Liabilities 1,290,806 23,183
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Capital and Reserves
Called up share capital 100 100
Retained earnings 1,290,706 23,083
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Equity attributable to owners of the company 1,290,806 23,183
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 23 October 2024 and signed on its behalf by
           
           
________________________________          
Michael O'Leary          
Director          
           
           
________________________________
Paul O'Mahony
Director
           



Sol & Co Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 30 April 2024

   
1. General Information
 
Sol & Co Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 14124478. The registered office of the company is First Floor, 5 Half Moon Street, London, W1J 7AZ which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 April 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of golf course construction works carried out, exclusive of trade discounts and value added tax.
 
Construction contracts
Work in progress
Work in progress comprises works carried out, not yet certified and is stated at the lower of cost and net realisable value.

Golf course construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amounts of revenue are included in creditors.

Where it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recovered.

Where third party certificates are not available, the "percentage of completion method" is used to determine the appropriate amounts to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 12.5% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by Crowley Young.
The Auditor's Report was signed by Fintan Crowley (Senior Statutory Auditor) for and on behalf of Crowley Young on 23rd October 2024.
 
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 2, (2023 - 2).
 
  2024 2023
  Number Number
 
Management 2 2
  ═════════ ═════════
       
5. Tangible assets
  Plant and Total
  machinery  
     
  £ £
Cost
At 1 May 2023 - -
Additions 21,025 21,025
  ───────── ─────────
At 30 April 2024 21,025 21,025
  ───────── ─────────
Depreciation
At 1 May 2023 - -
Charge for the financial year 2,628 2,628
  ───────── ─────────
At 30 April 2024 2,628 2,628
  ───────── ─────────
Net book value
At 30 April 2024 18,397 18,397
  ═════════ ═════════
       
6. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 April 2024.
   
7. Parent and ultimate parent company
 
The company regards Sol Golf & Associates Limited as its parent company.
 
The companys ultimate parent undertaking is Vista Millbrook Limited.
 
The parent of the largest group in which the results are consolidated is Vista Millbrook Limited.
Vista Millbrook Limited is registered in Ireland.
 
   
8. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.