REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
SOLACE GLOBAL RISK LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
SOLACE GLOBAL RISK LIMITED |
SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 3 |
SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities |
Provisions for liabilities | 11 |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings |
Shareholders' funds |
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. |
SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579) |
BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the director and authorised for issue on |
SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | Statutory information |
Solace Global Risk Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07176579. The registered office and business address is Second Floor, Twin Sails House, 34-40 West Quay Road, Poole, Dorset, BH15 1JF. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiaries comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts. |
Turnover |
Turnover represents amounts receivable, excluding value added tax, in respect of services provided in the ordinary course of business. Turnover is recognised when the service has been provided to the customer. |
Development costs |
Development expenditure on an individual project are recognised as an intangible asset when the company can demonstrate: |
- The technical feasibility of completing the intangible asset so that the asset will be available for use or sale |
- Its intention to complete and its ability to use or sell the asset |
- How the asset will generate future economic benefits |
- The availability of resources to complete the asset |
- The ability to measure reliably the expenditure during development |
- The ability to use the intangible asset generated |
Where the Directors are satisfied as to the technical, commercial and financial viability of individual projects, the identifiable expenditure is deferred and amortised over the period during which the company is expected to benefit. This period is expected to be five years. |
Where development expenditure does not meet all of the above criteria for recognition as an intangible asset, it is written off in the year in which it is incurred. |
Tangible fixed assets |
Short leasehold | - |
Tracking platform | - |
Office equipment | - |
Plant and machinery | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | Accounting policies - continued |
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 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. |
Research and development |
Expenditure on research is written off in the year in which it is incurred. The accounting treatment of development expenditure is detailed under "Intangible assets - development costs". |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
At 1 June 2023 |
and 31 May 2024 |
Amortisation |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
5. | Tangible fixed assets |
Short | Tracking | Office |
leasehold | platform | equipment |
£ | £ | £ |
Cost |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
Depreciation |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | Tangible fixed assets - continued |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 May 2024 |
Depreciation |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
6. | Fixed asset investments |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Cost |
At 1 June 2023 |
and 31 May 2024 | 857 |
Net book value |
At 31 May 2024 | 857 |
At 31 May 2023 | 857 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Pensions creditor | 7,191 | 6,879 |
Other creditors |
Accruals and deferred income |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | Secured debts |
All monies due to, or to become due to, Solace Global Limited are secured by way of fixed and floating charges, dated 13 August 2020, over the assets of the company. |
All monies due to, or to become due to, Solace Global Maritime Limited are secured by way of fixed and floating charges, dated 13 August 2020, over the assets of the company. |
11. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 15,473 | 6,977 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Charge to Income statement during year |
Balance at 31 May 2024 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
13. | Ultimate controlling party |
The company is under the ultimate control of the director, Mr D Peach, who owns 100% of the issued share capital. |
14. | Share-based payment transactions |
On 16 September 2020, the company granted enterprise management incentive share options to 3 key employees. Further enterprise management incentive share options were granted to another 3 key employees on 8 May 2024. |
All the options may only vest on the date on which an 'Exit' occurs. An 'Exit' is defined in the option agreement as either a share sale, or an asset sale, or a listing. |
The options have been granted with no maximum term. However, once an option holder leaves employment with the company and subject to the provisions relating to a termination of employment in the option agreement, they may then be prohibited from exercising their option. |
On exercise, all options are to be settled in full by the issue of equity in the company in the form of Ordinary shares. No restrictions will be attached to these shares. |
Enterprise management incentive scheme option transactions in the year at 31 May 2024 were as follows: |
At 1 June 2023 | Granted in the year | Forfeited in the year | Exercised during the year | At 31 May 2024 | Exercisable at 31 May 2024 |
Number | 18 | 8 | - | - | 26 | - |
Weighted average exercise price (£) | 1 | 3,273 | - | - | 756 | - |
At 31 May 2024, the director does not consider it probable that an 'Exit' will occur within the service period of employment of the option holders. As such, the share-based payment recognition conditions in FRS 102.26.3 to 102.26.6 have not been satisfied and no equity instruments have been recognised in the financial statements of the company. On this basis, the share-based payment transactions do not have any effect on the company's profit or loss, nor its financial position. |