Company Registration No. 08220940 (England and Wales)
SRL SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
12 Bessemer Court
Hownsgill Industrial Park
Knitsley Lane
Consett
Co Durham
DH8 7BL
SRL SOLUTIONS LTD
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SRL SOLUTIONS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,242
21,411
Current assets
Debtors
6
2,601
10,405
Cash at bank and in hand
26,860
44,136
29,461
54,541
Creditors: amounts falling due within one year
4
(18,141)
(18,455)
Net current assets
11,320
36,086
Total assets less current liabilities
28,562
57,497
Creditors: amounts falling due after more than one year
5
-
0
(4,964)
Provisions for liabilities
(3,276)
(3,926)
Net assets
25,286
48,607
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
25,186
48,507
Total equity
25,286
48,607

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SRL SOLUTIONS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mrs N Locke
Director
Company registration number 08220940 (England and Wales)
SRL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

SRL Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 61 Bluebell Close, Gateshead, Tyne & Wear, NE9 6RH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of consideration received or receivable for consultancy services rendered and is shown net of VAT.

 

Turnover is recognised when services are carried out and recognised as a debtor until consideration is received.

Turnover from the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SRL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances and loans to or from related parties, including fellow group companies. All such instruments are due within one year, and are measured, initially and subsequently at the transaction price.

 

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.

 

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SRL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases and hire purchase agreements are classified as finance leases whenever the terms of the lease or hire purchase transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

SRL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
9,037
29,495
38,532
Additions
2,235
-
0
2,235
At 31 December 2024
11,272
29,495
40,767
Depreciation and impairment
At 1 January 2024
4,216
12,905
17,121
Depreciation charged in the year
2,256
4,148
6,404
At 31 December 2024
6,472
17,053
23,525
Carrying amount
At 31 December 2024
4,800
12,442
17,242
At 31 December 2023
4,821
16,590
21,411
4
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
4,467
5,460
Corporation tax
1,871
5,814
Other taxation and social security
-
0
322
Other creditors
10,760
5,937
Accruals and deferred income
1,043
922
18,141
18,455
SRL SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
-
0
4,964
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,601
10,405
2024-12-312024-01-01falsefalsefalse25 February 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr Stuart R LockeMrs Nicola Locke082209402024-01-012024-12-31082209402024-12-31082209402023-12-3108220940core:FurnitureFittings2024-12-3108220940core:MotorVehicles2024-12-3108220940core:FurnitureFittings2023-12-3108220940core:MotorVehicles2023-12-3108220940core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3108220940core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108220940core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3108220940core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3108220940core:CurrentFinancialInstruments2024-12-3108220940core:CurrentFinancialInstruments2023-12-3108220940core:ShareCapital2024-12-3108220940core:ShareCapital2023-12-3108220940core:RetainedEarningsAccumulatedLosses2024-12-3108220940core:RetainedEarningsAccumulatedLosses2023-12-3108220940bus:Director22024-01-012024-12-3108220940core:FurnitureFittings2024-01-012024-12-3108220940core:MotorVehicles2024-01-012024-12-31082209402023-01-012023-12-3108220940core:FurnitureFittings2023-12-3108220940core:MotorVehicles2023-12-31082209402023-12-3108220940core:Non-currentFinancialInstruments2024-12-3108220940core:Non-currentFinancialInstruments2023-12-3108220940core:WithinOneYear2024-12-3108220940core:WithinOneYear2023-12-3108220940bus:PrivateLimitedCompanyLtd2024-01-012024-12-3108220940bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3108220940bus:FRS1022024-01-012024-12-3108220940bus:AuditExemptWithAccountantsReport2024-01-012024-12-3108220940bus:Director12024-01-012024-12-3108220940bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP