Silverfin false false 31/10/2024 01/11/2023 31/10/2024 H L Giddens 24/04/2024 R J Glew 08/10/2013 S M Holbrook 01/12/2021 T A Witherbed 08/10/2013 28 March 2025 The principal activity of the Company during the financial year was that of commercial construction and drainage repairs. 08722575 2024-10-31 08722575 bus:Director1 2024-10-31 08722575 bus:Director2 2024-10-31 08722575 bus:Director3 2024-10-31 08722575 bus:Director4 2024-10-31 08722575 2023-10-31 08722575 core:CurrentFinancialInstruments 2024-10-31 08722575 core:CurrentFinancialInstruments 2023-10-31 08722575 core:Non-currentFinancialInstruments 2024-10-31 08722575 core:Non-currentFinancialInstruments 2023-10-31 08722575 core:ShareCapital 2024-10-31 08722575 core:ShareCapital 2023-10-31 08722575 core:CapitalRedemptionReserve 2024-10-31 08722575 core:CapitalRedemptionReserve 2023-10-31 08722575 core:RetainedEarningsAccumulatedLosses 2024-10-31 08722575 core:RetainedEarningsAccumulatedLosses 2023-10-31 08722575 core:PlantMachinery 2023-10-31 08722575 core:Vehicles 2023-10-31 08722575 core:OfficeEquipment 2023-10-31 08722575 core:PlantMachinery 2024-10-31 08722575 core:Vehicles 2024-10-31 08722575 core:OfficeEquipment 2024-10-31 08722575 bus:OrdinaryShareClass1 2024-10-31 08722575 core:WithinOneYear 2024-10-31 08722575 core:WithinOneYear 2023-10-31 08722575 core:BetweenOneFiveYears 2024-10-31 08722575 core:BetweenOneFiveYears 2023-10-31 08722575 2023-11-01 2024-10-31 08722575 bus:FilletedAccounts 2023-11-01 2024-10-31 08722575 bus:SmallEntities 2023-11-01 2024-10-31 08722575 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 08722575 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 08722575 bus:Director1 2023-11-01 2024-10-31 08722575 bus:Director2 2023-11-01 2024-10-31 08722575 bus:Director3 2023-11-01 2024-10-31 08722575 bus:Director4 2023-11-01 2024-10-31 08722575 core:PlantMachinery 2023-11-01 2024-10-31 08722575 core:PlantMachinery core:TopRangeValue 2023-11-01 2024-10-31 08722575 core:Vehicles 2023-11-01 2024-10-31 08722575 core:OfficeEquipment 2023-11-01 2024-10-31 08722575 core:OfficeEquipment core:TopRangeValue 2023-11-01 2024-10-31 08722575 2022-11-01 2023-10-31 08722575 core:CurrentFinancialInstruments 2023-11-01 2024-10-31 08722575 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 08722575 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 08722575 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08722575 (England and Wales)

SOLUM SURVEYING LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

SOLUM SURVEYING LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

SOLUM SURVEYING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2024
SOLUM SURVEYING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 275,190 326,115
275,190 326,115
Current assets
Debtors 4 996,656 979,178
Cash at bank and in hand 370,588 317,488
1,367,244 1,296,666
Creditors: amounts falling due within one year 5 ( 432,675) ( 414,722)
Net current assets 934,569 881,944
Total assets less current liabilities 1,209,759 1,208,059
Creditors: amounts falling due after more than one year 6 ( 90,358) ( 121,872)
Provision for liabilities ( 67,798) ( 79,363)
Net assets 1,051,603 1,006,824
Capital and reserves
Called-up share capital 7 425 425
Capital redemption reserve 400 400
Profit and loss account 1,050,778 1,005,999
Total shareholders' funds 1,051,603 1,006,824

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Solum Surveying Limited (registered number: 08722575) were approved and authorised for issue by the Board of Directors on 28 March 2025. They were signed on its behalf by:

R J Glew
Director
SOLUM SURVEYING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
SOLUM SURVEYING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Solum Surveying Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Stables, Pines Courtyard, Stone, GL13 9LE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Change in accounting estimate

During the year to 31 October 2024, the Company changed the method of depreciating its fixed assets from a 25% reducing balance basis to a straight-line basis as this revised method better reflects the entity’s assets over their useful lives and is consistent with the entity’s replacement cycle.

The change in depreciation method is a change in accounting estimate and is accounted for in the period of the change (i.e. in the current year) and in subsequent periods.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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 assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as below.

For assets purchased on or before 31st October 2023, these are depreciated at the reducing balance rates shown below. On 1st November 2023, the company changed its depreciation policy to a straight line basis to better reflect the useful life of the assets as below.

Plant and machinery 25 % reducing balance
5 years straight line
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 37 34

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 November 2023 484,831 28,788 33,603 547,222
Additions 52,548 0 3,301 55,849
Disposals ( 73,865) 0 0 ( 73,865)
At 31 October 2024 463,514 28,788 36,904 529,206
Accumulated depreciation
At 01 November 2023 204,329 3,599 13,179 221,107
Charge for the financial year 71,318 6,297 5,450 83,065
Disposals ( 50,156) 0 0 ( 50,156)
At 31 October 2024 225,491 9,896 18,629 254,016
Net book value
At 31 October 2024 238,023 18,892 18,275 275,190
At 31 October 2023 280,502 25,189 20,424 326,115

4. Debtors

2024 2023
£ £
Trade debtors 733,076 792,619
Prepayments 259,820 172,655
Other debtors 3,760 13,904
996,656 979,178

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 46,902 44,048
Trade creditors 99,278 89,437
Accruals 47,590 12,467
Corporation tax 25,213 109,173
Other taxation and social security 149,744 107,510
Obligations under finance leases and hire purchase contracts (secured) 29,882 18,667
Other creditors 34,066 33,420
432,675 414,722

Security has been provided in respect of obligations under finance leases and hire purchase contracts against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 62,564 107,872
Obligations under finance leases and hire purchase contracts (secured) 27,794 14,000
90,358 121,872

Security has been provided in respect of obligations under finance leases and hire purchase contracts against the assets to which they relate.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
425 Ordinary shares of £ 1.00 each 425 425

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 308,156 307,079
between one and five years 141,879 354,153
450,035 661,232

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 7,919 12,253

9. Related party transactions

During the year, dividends totalling £Nil (2023: £30,005) were paid to the directors.