REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2024 |
for |
Sollas UK Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2024 |
for |
Sollas UK Ltd |
Sollas UK Ltd (Registered number: 02651630) |
Contents of the Financial Statements |
for the Year Ended 31st December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Sollas UK Ltd |
Company Information |
for the Year Ended 31st December 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Business Advisors |
Statutory Auditor |
3 London Square |
Cross Lanes |
Guildford |
Surrey |
GU1 1UJ |
Sollas UK Ltd (Registered number: 02651630) |
Balance Sheet |
31st December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Sollas UK Ltd (Registered number: 02651630) |
Notes to the Financial Statements |
for the Year Ended 31st December 2024 |
1. | STATUTORY INFORMATION |
Sollas UK Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
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 fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
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. |
Revenue for the rental of machines is recognised on a straight line basis over the hire period. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
Sollas UK Ltd (Registered number: 02651630) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
All financial assets and financial liabilities are initially recognised at transaction price (including transaction costs), except for financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is usually transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. When a financing transaction arises, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments which meet the conditions of being basic financial instruments are subsequently measured at amortised cost using the effective interest method. Debt instruments which have no stated rate of interest and do not constitute a financing transaction are classified as payable or receivable within one year and measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled; or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Going concern |
The company meets its day-to-day working capital requirements through its banking facilities. After reviewing the company's forecasts and projections, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore adopts the going concern basis in preparing its financial statements. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, on-demand deposits with banks and other short-term highly liquid investments. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Sollas UK Ltd (Registered number: 02651630) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Equity instruments |
Equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract which evidences a residual interest in the assets of the company after deducting all of its liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st January 2024 |
and 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
Cost or valuation at 31st December 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2020 | 54,025 | - | 54,025 |
Cost | 195,975 | 137,993 | 333,968 |
250,000 | 137,993 | 387,993 |
Sollas UK Ltd (Registered number: 02651630) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
If freehold buildings had not been revalued they would have been included at the following historical cost: |
31.12.24 | 31.12.23 |
£ | £ |
Cost | 195,975 | 195,975 |
Aggregate depreciation | (69,294 | ) | (65,218 | ) |
Value of land in freehold land and buildings | 126,681 | 130,757 |
Freehold buildings were valued on an open market basis on 22nd September 2020 by Baker Davidson Thomas . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.24 | 31.12.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Sollas UK Ltd (Registered number: 02651630) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
8. | LEASING AGREEMENTS - continued |
Non-cancellable operating | leases |
31.12.24 | 31.12.23 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The Company has granted charges over the freehold property it owns to Lloyds in return for the provision of its banking services. The Company has granted these charges in respect of current and future amounts owed to Lloyds |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary shares | £1 | 100,000 | 100,000 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st January 2024 |
Transfer | (5,332 | ) |
At 31st December 2024 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | ULTIMATE CONTROLLING PARTY |
The smallest group to consolidate these financial statements is Holdingmaatschaapij Verwchting BV, a company registered in the Netherlands. The registered office of Holdingmaatschaapij Verwchting BV is PO Box 31, 1520 AA Wormerveer, The Netherlands. |