REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Salus Investment Solutions Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Salus Investment Solutions Ltd |
Salus Investment Solutions Ltd (Registered number: SC731620) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
Salus Investment Solutions Ltd |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Maxwell House |
Liverpool Innovation Park |
Liverpool |
Merseyside |
L7 9NJ |
Salus Investment Solutions Ltd (Registered number: SC731620) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his 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. |
Salus Investment Solutions Ltd (Registered number: SC731620) |
Balance Sheet - continued |
31 May 2024 |
The financial statements were approved by the director and authorised for issue on |
Salus Investment Solutions Ltd (Registered number: SC731620) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Salus Investment Solutions Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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 are prepared on a going concern basis under the historical cost convention. |
Significant judgements and estimates |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
Fair value of investment property |
The fair value of investment property is assessed at each reporting date. The company will appoint a person with suitable qualifications and experience to value the property. The key factors considered when valuing the investment property are the condition of the property, market demand and comparability with similar properties in the local area. |
Turnover and revenue recognition |
Turnover represents net rents received, exclusive of value added tax. |
Rents are recognised as revenue in the period of occupation to which the rent relates. |
Deposits are recognised as revenue in the period in which the tenant agrees to forfeit the deposit. |
Investment property |
Investment properties are initially recognised at cost and subsequently carried at fair value. Investment properties are revalued annually with any surplus or deficit going through profit and loss. No depreciation is provided in respect of investment properties. |
Salus Investment Solutions Ltd (Registered number: SC731620) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties. |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument. |
(i) Cash and cash equivalents |
These comprise cash at bank and other short-term deposits. |
(ii) Loans |
Basic loans are initially measured at transaction price and subsequently carried at amortised cost using the effective interest method. |
Current tax |
Current tax is the amount of tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised on all timing differences at the balance sheet date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future tax profits. |
Deferred tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Salus Investment Solutions Ltd (Registered number: SC731620) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Investment property is comprised of one property, acquired on 7 March 2023 for £139,580. The property's value was assessed as at the balance sheet date by an estate agent who deemed there to be no change in the value. |
There are no restrictions on the realisability of investment property or on the remittance of income and proceeds of disposal. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Amounts owed to associates | 110,000 | 110,000 |
Taxation and social security |
Other creditors |
7. | OFF-BALANCE SHEET ARRANGEMENTS |
The company has no off-balance sheet arrangements. |
8. | RELATED PARTY DISCLOSURES |
At the balance sheet date £110,000 was owed to Salus Safety Solutions Limited. A related party due to having the same director and shareholder. (2023: £110,000). |
Salus Investment Solutions Ltd (Registered number: SC731620) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Salus Investment Solutions Ltd |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Salus Investment Solutions Ltd for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Salus Investment Solutions Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Salus Investment Solutions Ltd and state those matters that we have agreed to state to the director of Salus Investment Solutions Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Salus Investment Solutions Ltd and its director for our work or for this report. |
It is your duty to ensure that Salus Investment Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Salus Investment Solutions Ltd. You consider that Salus Investment Solutions Ltd 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 financial statements of Salus Investment Solutions Ltd. 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 financial statements. |
Chartered Accountants |
Maxwell House |
Liverpool Innovation Park |
Liverpool |
Merseyside |
L7 9NJ |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Salus Investment Solutions Ltd |