Company Registration No. 05816689 (England and Wales)
Solar Gates UK Ltd
Unaudited accounts
for the year ended 31 May 2024
Solar Gates UK Ltd
Unaudited accounts
Contents
Solar Gates UK Ltd
Company Information
for the year ended 31 May 2024
Directors
Mr Neil Sampson
Mr Christopher Long
Mr Steven Billot
Company Number
05816689 (England and Wales)
Registered Office
The Packhouse
Heath Road
Boughton Monchelsea
Maidstone
ME17 4JB
Accountants
Rustrick Accountants Limited
380A New Hythe lane
Larkfield
Maidstone
Kent
ME20 6RZ
Solar Gates UK Ltd
Statement of financial position
as at 31 May 2024
Tangible assets
388,501
262,126
Inventories
485,121
381,052
Cash at bank and in hand
250,841
201,005
Creditors: amounts falling due within one year
(346,594)
(609,340)
Net current assets
735,607
689,384
Total assets less current liabilities
1,124,108
951,510
Creditors: amounts falling due after more than one year
(10,000)
(21,063)
Provisions for liabilities
Deferred tax
(97,125)
(65,531)
Net assets
1,016,983
864,916
Called up share capital
100
100
Profit and loss account
1,016,883
864,816
Shareholders' funds
1,016,983
864,916
For the year ending 31 May 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by
Mr Neil Sampson
Director
Company Registration No. 05816689
Solar Gates UK Ltd
Notes to the Accounts
for the year ended 31 May 2024
Solar Gates UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 05816689. The registered office is The Packhouse, Heath Road, Boughton Monchelsea, Maidstone, ME17 4JB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over period of lease
Plant & machinery
15% reducing balance/20% straight line/33% straight line
Motor vehicles
15% reducing balance/25% straight line
Fixtures & fittings
15% reducing balance/33% straight line
Computer equipment
15% reducing balance/33% straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Work-in-progress is valued at average selling price.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Solar Gates UK Ltd
Notes to the Accounts
for the year ended 31 May 2024
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2023
3,688
232,786
168,831
12,925
418,230
Additions
-
137,303
154,082
34,241
325,626
Disposals
-
(61,819)
(130,753)
-
(192,572)
At 31 May 2024
3,688
308,270
192,160
47,166
551,284
At 1 June 2023
2,765
90,295
60,156
2,888
156,104
Charge for the year
185
53,968
33,350
1,649
89,152
On disposals
-
(29,656)
(52,817)
-
(82,473)
At 31 May 2024
2,950
114,607
40,689
4,537
162,783
At 31 May 2024
738
193,663
151,471
42,629
388,501
At 31 May 2023
923
142,491
108,675
10,037
262,126
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
9,347
10,999
Work in progress
72,000
102,750
Finished goods
413,121
278,302
Solar Gates UK Ltd
Notes to the Accounts
for the year ended 31 May 2024
Amounts falling due within one year
Trade debtors
215,501
643,684
Accrued income and prepayments
89,217
33,487
Other debtors
41,521
39,496
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
1,063
6,375
Trade creditors
132,361
170,232
Taxes and social security
67,872
239,654
Other creditors
3,207
37,146
Loans from directors
5,726
-
Deferred income
91,928
84,929
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
1,063
9
Deferred taxation
2024
2023
Accelerated capital allowances
97,125
65,531
Provision at start of year
65,531
53,419
Charged to the profit and loss account
31,594
12,112
Provision at end of year
97,125
65,531
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Solar Gates UK Ltd
Notes to the Accounts
for the year ended 31 May 2024
11
Capital commitments
2024
2023
Amounts contracted but not provided for in the accounts
14,700
-
12
Operating lease commitments
2024
2023
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
40,750
40,750
Later than one year and not later than five years
67,917
108,667
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan
9,549
-
15,275
(5,726)
14
Transactions with related parties
The company has paid £21,863 on behalf of the shareholders in respect of professional fees. As of 31/05/2024 the balance outstanding is £21,863.
15
Average number of employees
During the year the average number of employees was 20 (2023: 20).