Sollex Products Ltd
Registered number: 07023291
Statement of Financial Position
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 494,962 476,956
Current assets
Stocks 166,982 251,289
Debtors 4 847,834 1,294,238
Cash at bank and in hand 1,139,938 651,509
2,154,754 2,197,036
Creditors: amounts falling due within one year 5 (778,630) (861,772)
Net current assets 1,376,124 1,335,264
Total assets less current liabilities 1,871,086 1,812,220
Creditors: amounts falling due after more than one year 6 (103,649) (106,048)
Provisions for liabilities (23,278) (14,270)
Net assets 1,744,159 1,691,902
Capital and reserves
Called up share capital 4 4
Profit and loss account 1,744,155 1,691,898
Shareholders' funds 1,744,159 1,691,902
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Jorja
Director
Approved by the board on 25 March 2025
Sollex Products Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No depreciation
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 401,852 42,002 138,198 582,052
Additions - 3,542 45,500 49,042
At 30 September 2024 401,852 45,544 183,698 631,094
Depreciation
At 1 October 2023 - 20,643 84,453 105,096
Charge for the year - 6,225 24,811 31,036
At 30 September 2024 - 26,868 109,264 136,132
Net book value
At 30 September 2024 401,852 18,676 74,434 494,962
At 30 September 2023 401,852 21,359 53,745 476,956
4 Debtors 2024 2023
£ £
Trade debtors 27,339 37,857
Prepayments 2,639 4,782
Accrued income - 6,677
Other debtors 817,856 1,244,922
847,834 1,294,238
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 14,281 14,281
Obligations under finance lease and hire purchase contracts 25,838 16,738
Trade creditors 15,060 32,958
Accruals 240,636 452,158
Corporation tax 318,490 195,042
Other taxes and social security costs 104,590 94,575
Other creditors 59,735 56,020
778,630 861,772
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 68,151 81,870
Obligations under finance lease and hire purchase contracts 35,498 24,178
103,649 106,048
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A Jorja
Repayable on demand 341,202 - 341,202 -
341,202 - 341,202 -
8 Other information
Sollex Products Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1, Oliver Business Park
Oliver Road
London
NW10 7JB
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