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REGISTERED NUMBER: 08830710 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

SOLACE GLOBAL CYBER LTD

SOLACE GLOBAL CYBER LTD (REGISTERED NUMBER: 08830710)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Balance sheet 1

Notes to the financial statements 2


SOLACE GLOBAL CYBER LTD (REGISTERED NUMBER: 08830710)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 333,297 91,572

Current assets
Debtors 5 1,626,468 735,356
Cash at bank 672,671 169,699
2,299,139 905,055
Creditors
Amounts falling due within one year 6 1,478,360 992,435
Net current assets/(liabilities) 820,779 (87,380 )
Total assets less current liabilities 1,154,076 4,192

Provisions for liabilities 7 54,002 -
Net assets 1,100,074 4,192

Capital and reserves
Called up share capital 8 9,800 2,550
Retained earnings 1,090,274 1,642
Shareholders' funds 1,100,074 4,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





Mr D Peach - Director


SOLACE GLOBAL CYBER LTD (REGISTERED NUMBER: 08830710)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. Statutory information

Solace Global Cyber Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 08830710. 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
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 have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable, excluding value added tax, in respect of hardware and software sales in the ordinary course of business. Hardware and resaleble software turnover is recognised at the point of sale to the customer. Software services provided are recognised as turnover over the life of the service contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

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.

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.

SOLACE GLOBAL CYBER LTD (REGISTERED NUMBER: 08830710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. Accounting policies - continued

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 30 (2023 - 16 ) .

4. Tangible fixed assets
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 June 2023 10,200 1,980 - 96,506 108,686
Additions 50,000 - 86,000 158,998 294,998
Disposals (10,200 ) - - (21,078 ) (31,278 )
At 31 May 2024 50,000 1,980 86,000 234,426 372,406
Depreciation
At 1 June 2023 3,570 132 - 13,412 17,114
Charge for year 4,420 396 1,433 28,180 34,429
Eliminated on disposal (4,760 ) - - (7,674 ) (12,434 )
At 31 May 2024 3,230 528 1,433 33,918 39,109
Net book value
At 31 May 2024 46,770 1,452 84,567 200,508 333,297
At 31 May 2023 6,630 1,848 - 83,094 91,572

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 728,898 313,660
Other debtors 822,454 265,633
Tax - 44,008
Prepayments and accrued income 75,116 112,055
1,626,468 735,356

SOLACE GLOBAL CYBER LTD (REGISTERED NUMBER: 08830710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 212,624 110,124
Tax 202,375 -
Social security and other taxes 86,924 36,269
VAT 182,934 54,050
Other creditors 358,500 643,005
Accruals and deferred income 435,003 148,987
1,478,360 992,435

7. Provisions for liabilities
2024 2023
£    £   
Deferred tax 54,002 -

Deferred
tax
£   
Charge to Income statement during year 54,002
Balance at 31 May 2024 54,002

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
9,800 Ordinary £1 9,800 2,550

7,250 Ordinary shares of £1 were issued during the year for cash of £ 7,250 .

9. Ultimate controlling party

None of the shareholders of the company hold a majority interest and therefore no individual is deemed to exercise ultimate control.

SOLACE GLOBAL CYBER LTD (REGISTERED NUMBER: 08830710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


10. Share-based payment transactions

On 17 April 2023, the company granted 5,242 enterprise management incentive share options to 6 key employees and a further 19 share options carrying the same rights and restrictions to a third party. It also granted a further 2,050 share options to another third party on the same date. On 1 March 2024, a further 519 enterprise management incentive share options were granted to a further employee.

Of these options, 7,450 vest immediately, whilst 380 may only vest on the date on which an 'Exit' occurs if the proceeds of such exit exceeds an amount set out in the option scheme rules. An 'Exit' is defined in the option agreement as either a share sale, or an asset sale, or a listing.

All options have been granted with no maximum term. However, 5,780 options have been granted with the proviso that if the 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.

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

EMI options5,242519-(5,200)561200

Other options2,069--(2,050)19-


Weighted average exercise price (£)


1



12



-



1



11



1

The fair value of the exercisable equity instruments granted in the year was measured by valuing the call price on the EMI options using the Black Scholes Option Pricing Model. As there is no observable market nor any recent transactions in the share options, this valuation method is considered to be the most appropriate to comply with the requirements of FRS102 s26.11.

During the year, exercisable share options were valued at £nil on the grant date using the method above. Therefore no expense or increase in equity for instruments exercisable at 31 May 2024 has been recognised in the financial statements of the company.

At 31 May 2024, the director does not consider it probable that an 'Exit' will occur within the service period of 'employment - as defined in the scheme rules - of the option holders. As such, for the 380 share options with vesting conditions relating to an 'Exit', 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, these share-based payment transactions do not have any effect on the company's profit or loss, nor its financial position.