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COMPANY REGISTRATION NUMBER: 03065075
Solon Security Limited
Filleted Unaudited Financial Statements
30 September 2024
Solon Security Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
609,726
594,792
Current assets
Stocks
1,623,241
1,512,765
Debtors
6
1,398,318
1,211,921
Cash at bank and in hand
528,242
1,229,072
------------
------------
3,549,801
3,953,758
Creditors: amounts falling due within one year
7
689,258
794,631
------------
------------
Net current assets
2,860,543
3,159,127
------------
------------
Total assets less current liabilities
3,470,269
3,753,919
Provisions
Taxation including deferred tax
8,486
7,168
------------
------------
Net assets
3,461,783
3,746,751
------------
------------
Capital and reserves
Called up share capital
700
850
Capital redemption reserve
300
150
Profit and loss account
3,460,783
3,745,751
------------
------------
Shareholders funds
3,461,783
3,746,751
------------
------------
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 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Solon Security Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
J Fearnall
Director
Company registration number: 03065075
Solon Security Limited
Notes to the Financial Statements
Year ended 30 September 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 40, Manor Industrial Estate, FLINT, Flintshire, CH6 5UY.
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.
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 represents the value of goods sold by the company during the year excluding VAT. Goods are deemed to have been sold when contracted for by the customer.
Taxation
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.
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:
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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
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 15 (2023: 15 ).
5. Tangible assets
Freehold property
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
558,236
90,056
80,795
729,087
Additions
27,000
5,097
32,097
---------
---------
--------
---------
At 30 September 2024
558,236
117,056
85,892
761,184
---------
---------
--------
---------
Depreciation
At 1 October 2023
73,796
60,499
134,295
Charge for the year
10,815
6,348
17,163
---------
---------
--------
---------
At 30 September 2024
84,611
66,847
151,458
---------
---------
--------
---------
Carrying amount
At 30 September 2024
558,236
32,445
19,045
609,726
---------
---------
--------
---------
At 30 September 2023
558,236
16,260
20,296
594,792
---------
---------
--------
---------
No depreciation is provided in respect of Freehold property as the Directors consider the residual value to be so high and the useful life so long as to make depreciation immaterial.
6. Debtors
2024
2023
£
£
Trade debtors
477,639
616,970
Other debtors
920,679
594,951
------------
------------
1,398,318
1,211,921
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
242,532
220,108
Social security and other taxes
296,833
210,675
Pensions payable
2,293
2,036
Credit Card
10,175
17,052
Other creditors
137,425
344,760
---------
---------
689,258
794,631
---------
---------
8. Directors' advances, credits and guarantees
The company did not pay the director for consultancy work in 2024 (2023 – £25,000). During the year, the director had a loan account with the company. The movements were as follows: Opening balance: £13,685 (debit) Net movement: £18,165 (credit) Closing balance: £4,500 (credit) No interest was charged on the loan, and it is repayable on demand.
9. Related party transactions
No further transactions with related parties were undertaken such as are required to be disclosed.