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Registered number: 11954973
Solent Drylining Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 11954973
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 208
- 208
CURRENT ASSETS
Stocks 5 8,878 -
Debtors 6 1,287,362 974,603
Cash at bank and in hand 66,229 225,336
1,362,469 1,199,939
Creditors: Amounts Falling Due Within One Year 7 (602,205 ) (453,259 )
NET CURRENT ASSETS (LIABILITIES) 760,264 746,680
TOTAL ASSETS LESS CURRENT LIABILITIES 760,264 746,888
PROVISIONS FOR LIABILITIES
Deferred Taxation - (50 )
NET ASSETS 760,264 746,838
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 760,164 746,738
SHAREHOLDERS' FUNDS 760,264 746,838
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A Ingram
Director
31 January 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 May 2022 100 619,708 619,808
Profit for the year and total comprehensive income - 219,030 219,030
Dividends paid - (92,000) (92,000)
As at 30 April 2023 and 1 May 2023 100 746,738 746,838
Profit for the year and total comprehensive income - 143,426 143,426
Dividends paid - (130,000) (130,000)
As at 30 April 2024 100 760,164 760,264
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Page 4
Notes to the Financial Statements
1. General Information
Solent Drylining Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11954973 . The registered office is 51 Upmill Close, West End, Southampton, Hampshire, SO30 3HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Computer Equipment 33.3% on cost
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 May 2023 627
As at 30 April 2024 627
Depreciation
As at 1 May 2023 419
Provided during the period 208
As at 30 April 2024 627
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 208
5. Stocks
2024 2023
£ £
Materials 8,878 -
Page 5
Page 6
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 357,096 381,636
Amounts recoverable on contracts 65,978 60,717
Other debtors 864,288 532,250
1,287,362 974,603
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 90,168 84,070
Amounts owed to participating interests 50,296 -
Other creditors 351,651 175,534
Taxation and social security 110,090 193,655
602,205 453,259
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
Solent Properties (Southern) Limited
Included within other debtors is an amount owed by Solent Properties (Southern) Ltd totalling £114,098 (2023: £29,070) a company in which the directors are 100% shareholders.
Solent Plastering Limited
Included within other creditors is an amount owed to Solent Plastering Limited totalling £115,736 (2023: £85,829) a company in which the directors are 100% shareholders.
Kate Manship
Included within other creditors is an amount owed to Ms K Manship totalling £25,339 (2023: £Nil) a 25% shareholder of the company.
Eve Ingram
Included within other creditors is an amount owed to Mrs E Ingram totalling £24,957 (2023: £Nil) a 25% shareholder of the company.
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