Solarframe Limited 06718821 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is that of the manufacture of UPVC doors, windows and conservatories. 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Registration number: 06718821

Solarframe Limited

Annual Report and Financial Statements

for the Year Ended 31 August 2024

 

Solarframe Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 28

 

Solarframe Limited

Company Information

Directors

Mr Steven Taylor

Mr Lee Marson

Registered office

Unit 3 Davey Road
Fields End Business Park
Goldthorpe
Rotherham
South Yorkshire
S63 0JF

Auditors

Brays of Wetherby Limited
Chartered Accountants
Riverview Court
Castle Gate
Wetherby
LS22 6LE

 

Solarframe Limited

Strategic Report for the Year Ended 31 August 2024

The directors present their strategic report for the year ended 31 August 2024.

Principal activity

The principal activity of the company is that of the manufacture of UPVC doors, windows and conservatories.

Fair review of the business

Despite a fall of 5% in turnover, the company increased its gross profit from 30% to 32%. The fall in turnover was due to losing one significant volume customer, and the increased gross margin was the result of pricing inflation and a reduction in inventory costs.

During the year, the business came under increasing pressure from a general increase in IT costs, rents, and staff costs (NMW increases) which impacted on administrative expenses thus resulting in the reported fall in its operating profit.

The directors are constantly reviewing the ratio of administrative expenses vs turnover, and are seeking to ensure that the position does not worsen during the trading year 2024/2025 despite what is forecast to be an uncertain and challenging economy.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

11,306,573

11,957,544

Gross Profit

£

3,650,018

3,565,783

Gross Profit

%

32

30

Profit Before Tax

£

186,745

577,544

Principal risks and uncertainties

The board has the overall responsibility for the company's risk management objectives and polices. The management team implements these as shown in the directors report.

Approved and authorised by the Board on 28 August 2025 and signed on its behalf by:
 

.........................................
Mr Steven Taylor
Director

 

Solarframe Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Steven Taylor

Mr Lee Marson

Objectives and policies

The objective of the company is to deliver an excellent product at a competitive price, thus gaining a larger market share. This requires finance from external sources such as suppliers and the companies bankers The directors consider these positions on a daily basis and make decisions based on this.

Price risk, credit risk, liquidity risk and cash flow risk

The current financial performance of the company generates the necessary profit and cash to meet it's liabilities. This position is reviewed by the directors on a monthly basis. Also considered is the cashflow position of the company as to meet its obligations on a monthly basis.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 28 August 2025 and signed on its behalf by:
 

.........................................
Mr Steven Taylor
Director

 

Solarframe Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Solarframe Limited

Independent Auditor's Report to the Members of Solarframe Limited

Opinion

We have audited the financial statements of Solarframe Limited (the 'company') for the year ended 31 August 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Solarframe Limited

Independent Auditor's Report to the Members of Solarframe Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Solarframe Limited

Independent Auditor's Report to the Members of Solarframe Limited

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

Through meetings with management, and the employees of Solarframe Limited held at their offices we have obtained an understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management, those charged with governance, and their chosen experts, around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements of the operations of the entity through enquiry and inspection;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

The inherent limitations of an audit mean there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

 

Solarframe Limited

Independent Auditor's Report to the Members of Solarframe Limited

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Jonathan Crossley (Senior Statutory Auditor)
For and on behalf of Brays of Wetherby Limited, Statutory Auditor

Riverview Court
Castle Gate
Wetherby
LS22 6LE

28 August 2025

 

Solarframe Limited

Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

3

11,306,573

11,957,544

Cost of sales

 

(7,656,556)

(8,391,761)

Gross profit

 

3,650,017

3,565,783

Administrative expenses

 

(3,403,603)

(2,936,922)

Operating profit

5

246,414

628,861

Interest payable and similar expenses

6

(59,669)

(51,318)

Profit before tax

 

186,745

577,543

Tax on profit

10

(20,740)

(113,996)

Profit for the financial year

 

166,005

463,547

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Solarframe Limited

Statement of Comprehensive Income for the Year Ended 31 August 2024

2024
£

2023
£

Profit for the year

166,005

463,547

Total comprehensive income for the year

166,005

463,547

 

Solarframe Limited

(Registration number: 06718821)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

1,264,497

1,275,756

Current assets

 

Stocks

12

1,222,689

783,065

Debtors

13

1,549,047

1,939,154

Cash at bank and in hand

 

992,652

625,708

 

3,764,388

3,347,927

Creditors: Amounts falling due within one year

15

(2,997,479)

(1,963,915)

Net current assets

 

766,909

1,384,012

Total assets less current liabilities

 

2,031,406

2,659,768

Creditors: Amounts falling due after more than one year

15

(546,851)

(607,668)

Provisions for liabilities

16

(301,014)

(296,399)

Net assets

 

1,183,541

1,755,701

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,182,541

1,754,701

Shareholders' funds

 

1,183,541

1,755,701

Approved and authorised by the Board on 28 August 2025 and signed on its behalf by:
 

.........................................
Mr Steven Taylor
Director

 

Solarframe Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Retained earnings
£

Total
£

At 1 September 2023

1,000

1,754,701

1,755,701

Profit for the year

-

166,005

166,005

Dividends

-

(738,165)

(738,165)

At 31 August 2024

1,000

1,182,541

1,183,541

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

1,000

1,391,154

1,392,154

Profit for the year

-

463,547

463,547

Dividends

-

(100,000)

(100,000)

At 31 August 2023

1,000

1,754,701

1,755,701

 

Solarframe Limited

Statement of Cash Flows for the Year Ended 31 August 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

166,005

463,547

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

324,967

404,564

Loss on disposal of tangible assets

4

30,261

1,669

Finance costs

6

59,669

51,318

Income tax expense

10

20,740

113,996

 

601,642

1,035,094

Working capital adjustments

 

(Increase)/decrease in stocks

12

(439,624)

151,949

Decrease/(increase) in trade debtors

13

423,957

(282,356)

Increase/(decrease) in trade creditors

15

1,126,158

(102,604)

Cash generated from operations

 

1,712,133

802,083

Income taxes paid

10

(116,295)

(37,393)

Net cash flow from operating activities

 

1,595,838

764,690

Cash flows from investing activities

 

Acquisitions of tangible assets

(404,006)

(222,725)

Proceeds from sale of tangible assets

 

60,037

28,999

Net cash flows from investing activities

 

(343,969)

(193,726)

Cash flows from financing activities

 

Interest paid

6

(59,669)

(51,318)

Bank loan repayments

 

(66,829)

(78,218)

Proceeds from hire purchase draw downs

 

286,416

-

Repayments to hire purchase creditors

 

(306,678)

(150,835)

Dividends paid

21

(738,165)

(100,000)

Net cash flows from financing activities

 

(884,925)

(380,371)

Net increase in cash and cash equivalents

 

366,944

190,593

Cash and cash equivalents at 1 September

 

625,708

435,115

Cash and cash equivalents at 31 August

 

992,652

625,708

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 3 Davey Road
Fields End Business Park
Goldthorpe
Rotherham
South Yorkshire
S63 0JF

These financial statements were authorised for issue by the Board on 28 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% straight line basis

Fixtures and fittings

20% straight line basis

Office equipment

33% straight line basis

Leasehold improvements

10% straight line basis

Motor vehicles

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Sale of goods

11,306,573

11,947,560

Leasing of equipment

-

9,984

11,306,573

11,957,544

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
 £

2023
 £

Gain/loss on disposal of property, plant and equipment

(30,261)

(1,669)

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

5

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

324,967

404,564

Loss on disposal of property, plant and equipment

30,261

1,669

6

Interest payable and similar expenses

2024
 £

2023
 £

Interest on obligations under finance leases and hire purchase contracts

59,669

51,318

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

2,511,950

2,559,376

Social security costs

222,564

224,143

Pension costs, defined contribution scheme

50,916

52,225

Other employee expense

64,713

38,906

2,850,143

2,874,650

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

42

49

Administration and support

5

13

Sales

8

1

Distribution

15

17

Other departments

4

3

74

83

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

96,667

132,277

Contributions paid to money purchase schemes

2,976

3,472

99,643

135,749

In respect of the highest paid director:

2024
 £

2023
 £

Remuneration

96,667

62,083

9

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

7,000

4,400


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

-

75,204

UK corporation tax adjustment to prior periods

16,125

-

16,125

75,204

Deferred taxation

Arising from origination and reversal of timing differences

4,615

38,792

Tax expense in the income statement

20,740

113,996

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

2024
£

2023
£

Profit before tax

186,745

577,543

Corporation tax at standard rate

46,686

144,386

Increase in UK and foreign current tax from adjustment for prior periods

16,125

-

Tax (decrease)/increase from effect of capital allowances and depreciation

(4,119)

44,367

Tax increase from other short-term timing differences

4,615

38,792

Tax decrease arising from group relief

(42,567)

(113,549)

Total tax charge

20,740

113,996

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

301,014

-

301,014

2023

Asset
£

Liability
£

Accelerated capital allowances

-

296,399

-

296,399

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

11

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

104,683

1,632,311

925,574

2,662,568

Additions

-

133,070

270,936

404,006

Disposals

-

(356,262)

(209,862)

(566,124)

At 31 August 2024

104,683

1,409,119

986,648

2,500,450

Depreciation

At 1 September 2023

78,026

832,807

475,979

1,386,812

Charge for the year

10,420

160,504

154,043

324,967

Eliminated on disposal

-

(323,745)

(152,081)

(475,826)

At 31 August 2024

88,446

669,566

477,941

1,235,953

Carrying amount

At 31 August 2024

16,237

739,553

508,707

1,264,497

At 31 August 2023

26,657

799,504

449,595

1,275,756

Included within the net book value of land and buildings above is £16,237 (2023 - £26,657) in respect of short leasehold land and buildings.
 

12

Stocks

2024
 £

2023
 £

Raw materials and consumables

1,144,939

706,546

Work in progress

77,750

76,519

1,222,689

783,065

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,257,417

1,092,871

Amounts owed by related parties

23

72,211

717,983

Prepayments

 

185,569

128,300

Income tax asset

10

33,850

-

   

1,549,047

1,939,154

14

Cash and cash equivalents

2024
 £

2023
 £

Cash on hand

1,733

2,510

Cash at bank

990,919

623,198

992,652

625,708

15

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

19

305,785

332,059

trade creditors

 

1,517,632

1,060,766

Amounts due to related parties

23

335,000

-

Social security and other taxes

 

376,698

310,681

Outstanding defined contribution pension costs

 

10,739

8,619

Other payables

 

382,208

84,425

Accrued expenses

 

69,417

101,045

Income tax liability

10

-

66,320

 

2,997,479

1,963,915

Due after one year

 

Loans and borrowings

19

546,851

607,668

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 September 2023

296,399

296,399

Increase (decrease) in existing provisions

4,615

4,615

At 31 August 2024

301,014

301,014

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £50,916 (2023 - £52,225).

Contributions totalling £10,739 (2023 - £8,619) were payable to the scheme at the end of the year and are included in creditors.

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       
 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

19

Loans and borrowings

2024
 £

2023
 £

Non-current loans and borrowings

Bank borrowings

-

46,875

HP and finance lease liabilities

546,851

560,793

546,851

607,668

2024
 £

2023
 £

Current loans and borrowings

Bank borrowings

46,875

66,829

HP and finance lease liabilities

258,910

265,230

305,785

332,059

Bank borrowings

Funding Crircle is denominated in GBP with a nominal interest rate of 8.9% above base rate%, and the final instalment is due 31 July 2025. The carrying amount at year end is £46,875 (2023 - £109,375).

Handelsbanken is denominated in GBP with a nominal interest rate of 2.5% above base rate%, and the final instalment is due 7 November 2023. The carrying amount at year end is £Nil (2023 - £4,329).

The loan is secured by a fixed and floating charge over the assets of the company.

The Handelsbanken loan was repaid during the year.

20

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

117,264

43,881

Later than one year and not later than five years

593,858

-

Later than five years

481,202

-

1,192,324

43,881

The amount of non-cancellable operating lease payments recognised as an expense during the year was £119,265 (2023 - £75,225).

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

21

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £738.16 (2023 - £100.00) per each Ordinary

738,165

100,000

 

 

22

Analysis of changes in net debt

At 1 September 2023
£

Cash flows
£

At 31 August 2024
£

Cash and cash equivalents

Cash

625,708

366,944

992,652

Borrowings

Long term borrowings

(607,668)

60,817

(546,851)

Short term borrowings

(332,059)

26,274

(305,785)

Intra-group debt

717,983

(980,772)

(262,789)

(221,744)

(893,681)

(1,115,425)

 

403,964

(526,737)

(122,773)

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

23

Related party transactions

Summary of transactions with parent

Solarframe Holdings Limited
 
During the year there were recharges of expenses which are managed centrally by the holding company.

 

Summary of transactions with entities with joint control or significant interest

Solarframe Direct Limited, SOL Conservatory Roofs Limited, Solarsaves Direct Limited, Yorkshire Garden Studios Limited and QVS Limited - Group Companies

Steven Taylor Investments Limited - Company with common control

 
Included within trade debtors is £344,212 (2023 - £492,384) due from Solarframe Direct Limited, £14,199 (2023 - Nil) due from QVS Limited and £9,145 (2023 - £3,737) due from Yorkshire Garden Studios Limited.

Included within trade creditors is £15,187 (2023 - £3,888) due to Solarframe Direct Limited and £60,242 (2023 - £48,299) due to Solarframe Holdings Limited.

 

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Sale of goods

4,298,788

2023

Entities with joint control or significant influence
£

Sale of goods

5,082,564

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Expenditure with and payables to related parties

2024

Parent
£

Entities with joint control or significant influence
£

Purchase of goods

-

37,917

Rendering of services

230,000

300,000

230,000

337,917

2023

Loans to related parties

2024

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

140,000

577,983

717,983

Advanced

420,000

-

420,000

Repaid

(560,000)

(505,772)

(1,065,772)

At end of period

-

72,211

72,211

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

144,476

27,983

172,459

Advanced

-

550,000

550,000

Repaid

(4,476)

-

(4,476)

At end of period

140,000

577,983

717,983

Terms of loans to related parties

The loans are provided on an interest-free basis, unsecured and repayable on demand.
 

 

Solarframe Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Loans from related parties

2024

Parent
£

Entities with joint control or significant influence
£

Total
£

Advanced

35,000

300,000

335,000

At end of period

35,000

300,000

335,000

2023

Entities with joint control or significant influence
£

Total
£

At start of period

5,000

5,000

Repaid

(5,000)

(5,000)

At end of period

-

-

24

Parent and ultimate parent undertaking

The company's immediate parent is Solarframe Holdings Limited, incorporated in England.

 

The parent of the largest group in which these financial statements are consolidated is Solarframe Holdings Limited, incorporated in England.

The address of Solarframe Holdings Limited is:
Unit 3 Davey Road
Fields End Business Park
Goldthorpe
Rotherham
South Yorkshire
S63 0JF