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COMPANY REGISTRATION NUMBER: 14238259
Solar and Storage Limited
Filleted Unaudited Financial Statements
31 July 2024
Solar and Storage Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
33,862
30,424
Current assets
Stocks
11,832
Debtors
6
110,797
204,118
Cash at bank and in hand
3,914
30,003
---------
---------
114,711
245,953
Creditors: amounts falling due within one year
7
806,805
419,743
---------
---------
Net current liabilities
692,094
173,790
---------
---------
Total assets less current liabilities
( 658,232)
( 143,366)
---------
---------
Net liabilities
( 658,232)
( 143,366)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 658,233)
( 143,367)
---------
---------
Shareholders deficit
( 658,232)
( 143,366)
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Solar and Storage Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 10 April 2025 , and are signed on behalf of the board by:
Mr J Knight
Director
Company registration number: 14238259
Solar and Storage Limited
Notes to the Financial Statements
Year ended 31 July 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 1 Dunston Place, Dunston Road, Chesterfield, S41 8NL.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. The directors considers this basis to be appropriate because of the continuing financial support provided by the company's lenders.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property
-
20% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
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.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
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 6 (2023: Nil).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Aug 2023
12,279
1,086
1,615
19,149
5,895
40,024
Additions
3,096
4,033
2,750
5,190
15,069
--------
-------
-------
--------
--------
--------
At 31 Jul 2024
15,375
5,119
1,615
21,899
11,085
55,093
--------
-------
-------
--------
--------
--------
Depreciation
At 1 Aug 2023
2,456
272
404
4,787
1,681
9,600
Charge for the year
3,075
1,212
303
4,278
2,763
11,631
--------
-------
-------
--------
--------
--------
At 31 Jul 2024
5,531
1,484
707
9,065
4,444
21,231
--------
-------
-------
--------
--------
--------
Carrying amount
At 31 Jul 2024
9,844
3,635
908
12,834
6,641
33,862
--------
-------
-------
--------
--------
--------
At 31 Jul 2023
9,823
814
1,211
14,362
4,214
30,424
--------
-------
-------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
62,196
Other debtors
110,797
141,922
---------
---------
110,797
204,118
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,979
57,974
Amounts owed to group undertakings and undertakings in which the company has a participating interest
778,331
341,481
Social security and other taxes
7,685
201
Other creditors
17,810
20,087
---------
---------
806,805
419,743
---------
---------
8. Director's advances, credits and guarantees
During the year, the company operated loan accounts with the directors. The closing balance at the year end was £14,026 in credit.