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COMPANY REGISTRATION NUMBER: 04108507
Solar Technology International Limited
Filleted Financial Statements
30 June 2024
Solar Technology International Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
48,105
64,030
Current assets
Stocks
738,330
738,121
Debtors
7
609,450
1,158,218
Cash at bank and in hand
22,204
70,479
------------
------------
1,369,984
1,966,818
Creditors: amounts falling due within one year
8
520,940
1,028,303
------------
------------
Net current assets
849,044
938,515
---------
------------
Total assets less current liabilities
897,149
1,002,545
Provisions
8,270
11,147
---------
------------
Net assets
888,879
991,398
---------
------------
Capital and reserves
Called up share capital
10
111
111
Profit and loss account
888,768
991,287
---------
---------
Shareholders funds
888,879
991,398
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
M Simmons
Director
Company registration number: 04108507
Solar Technology International Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6 Station Drive, Bredon, Tewkesbury, Gloucestershire, GL20 7HH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Revenue recognition
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised on completion or manufacture and onward delivery to a customer. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Computer software
-
3 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 12 ).
5. Intangible assets
Computer software
£
Cost
At 1 July 2023 and 30 June 2024
56,932
--------
Amortisation
At 1 July 2023 and 30 June 2024
56,932
--------
Carrying amount
At 30 June 2024
--------
At 30 June 2023
--------
6. Tangible assets
Leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
33,865
66,100
36,679
136,644
Additions
2,640
2,640
Disposals
( 3,517)
( 3,517)
--------
--------
--------
---------
At 30 June 2024
33,865
65,223
36,679
135,767
--------
--------
--------
---------
Depreciation
At 1 July 2023
20,935
21,230
30,449
72,614
Charge for the year
3,264
12,259
1,558
17,081
Disposals
( 2,033)
( 2,033)
--------
--------
--------
---------
At 30 June 2024
24,199
31,456
32,007
87,662
--------
--------
--------
---------
Carrying amount
At 30 June 2024
9,666
33,767
4,672
48,105
--------
--------
--------
---------
At 30 June 2023
12,930
44,870
6,230
64,030
--------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
405,346
478,136
Amounts owed by group undertakings
42,175
361,486
Prepayments and accrued income
160,503
313,157
Directors loan account
4,042
Other debtors
1,426
1,397
---------
------------
609,450
1,158,218
---------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
78,074
89,838
Amounts owed to group undertakings
83,051
511,155
Accruals and deferred income
227,302
317,946
Corporation tax
1,364
Social security and other taxes
128,499
106,582
Other creditors
4,014
1,418
---------
------------
520,940
1,028,303
---------
------------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
8,270
11,147
-------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
8,388
11,046
Pension plan obligations
( 118)
101
-------
--------
8,270
11,147
-------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 0.01 each
10,000
100
10,000
100
Ordinary B shares of £ 0.01 each
1,110
11
1,110
11
--------
----
--------
----
11,110
111
11,110
111
--------
----
--------
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
25,959
62,397
Later than 1 year and not later than 5 years
20,137
46,097
--------
---------
46,096
108,494
--------
---------
12. Summary audit opinion
The auditor's report dated 28 March 2025 was unqualified .
The senior statutory auditor was Philippa Miller-Hawkes BA CA , for and on behalf of BSN Associates Limited .
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P Simmons
4,042
( 4,042)
-------
----
-------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P Simmons
4,042
4,042
----
-------
----
-------
14. Controlling party
The parent undertaking is Simmonsigns Limited which owns 100% of the share capital of Solar Technology International Limited . The registered office address is Stafford Park 5, Telford, Shropshire, United Kingdom, TF3 3AS. The ultimate parent company and largest group to consolidate these financial statements is Salop Holdings Limited. This company is not under the control of any one person. The registered office address is Stafford Park 5, Telford, Shropshire, United Kingdom, TF3 3AS.