REGISTERED NUMBER: 03150254 (England and Wales)

Solace In Business Ltd

Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J E Eckford

R E Hyde

G V McDonald

P J Simpkins

J R Stephenson

N A Dawes

P F Hanson

N Hussain

L J Taylor

SECRETARY:

R E Hyde

REGISTERED OFFICE:

Ground Floor

2 Red Hall Court

Wakefield

West Yorkshire

WF1 2UN

REGISTERED NUMBER:

03150254 (England and Wales)

AUDITORS:

SMH Jolliffe Cork Audit Ltd

Accountants & Statutory Auditors

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

4

48,080

69,738

Investments

5

20

20

48,100

69,758

CURRENT ASSETS

Debtors

6

972,442

1,613,812

Cash at bank

338,499

40,884

1,310,941

1,654,696

CREDITORS

Amounts falling due within one year

7

827,224

1,205,630

NET CURRENT ASSETS

483,717

449,066

TOTAL ASSETS LESS CURRENT LIABILITIES

531,817

518,824

PROVISIONS FOR LIABILITIES

10

-

635

NET ASSETS

531,817

518,189

CAPITAL AND RESERVES

Called up share capital

11

19

19

Share premium

141,129

141,129

Retained earnings

390,669

377,041

SHAREHOLDERS' FUNDS

531,817

518,189

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

R E Hyde - Director

1.	STATUTORY INFORMATION

Solace In Business Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentation currency is the pound sterling £. All financial information presented has been rounded to the nearest £, unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. In preparing the accounts the directors have considered possible risks, events or conditions that might cast significant doubt on the ability of the company to continue as a going concern and therefore on the appropriate use of the going concern basis.

Regularly monitoring the operational and financial performance of the company is part of the routine activities of executive management (monthly) and the board of directors (quarterly). This includes detailed management accounts and the analysis of pipeline activity (income and margins), together with performance indicators ranging from opportunity conversion rates to customer satisfaction across all areas of activity. Financial forecasts for the period through to 31 August 2026 have, together with current reserves and cash balances, also been reviewed as part of that regular monitoring activity. Based on such reviews and related enquiries, the directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore they have continued to adopt the going concern basis in preparing its financial statements.

Related party exemption

Turnover

Turnover represents fees receivable for services provided to customers. Income is recognised to the extent that the company has obtained the right to consideration through its performance.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

20% to 33% on cost

All fixed assets are initially recorded at cost.

Investments in subsidiaries

Shares in group undertakings are held at cost less any provision for impairment.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pensions

The company operates a defined contribution scheme for employees. The annual contributions are charged to the income statement.

Leased assets and obligations

Operating leases and the annual rentals are charged to the Income Statement on a straight line basis over the lease term.

Gift aid distribution to parent charity

Profits over and above those needed to meet the company's working capital requirements are transferred to the parent charity, The Society of Local Authority Chief Executives and Senior Managers (Solace Group) Ltd, by way of a gift aid distribution. As no legal obligation exists, the distributions in respect of the current and comparative year represent amounts paid as at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

28,888

103,188

132,076

Additions

-

5,812

5,812

Disposals

-

(5,147

)

(5,147

)

At 31 March 2025

28,888

103,853

132,741

DEPRECIATION

At 1 April 2024

3,009

59,329

62,338

Charge for year

6,470

21,000

27,470

Eliminated on disposal

-

(5,147

)

(5,147

)

At 31 March 2025

9,479

75,182

84,661

NET BOOK VALUE

At 31 March 2025

19,409

28,671

48,080

At 31 March 2024

25,879

43,859

69,738

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

20

NET BOOK VALUE

At 31 March 2025

20

At 31 March 2024

20

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

SEL Business Services Limited

Registered office: Ground Floor, 2, Red Hall Court, Wakefield, England, WF1 2UN

Nature of business: Dormant

%

Class of shares:

holding

£1 Ordinary shares

100.00

2025

2024

£

£

Aggregate capital and reserves

20

20

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

750,710

1,204,654

Prepayments and accrued income

221,732

409,158

972,442

1,613,812

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

405,974

764,411

Amounts owed to group undertakings

21,411

3,195

Social security and other tax

17,460

18,054

VAT

95,642

104,931

Other creditors

6,100

8,866

Accruals and deferred income

280,637

306,173

827,224

1,205,630

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

4,657

4,657

9.	FINANCIAL INSTRUMENTS

The company has access to an approved overdraft facility of £150,000 available through National Westminster Bank Plc. The facility is covered by a debenture in the bank's standard form dated 27 August 2024, providing a floating charge over all property and assets of the company. At 31 March 2025 the unpaid balance drawn down against this facility was £nil.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

-

635

Deferred tax

£

Balance at 1 April 2024

635

Credit to Income Statement during year

(635

)

Balance at 31 March 2025

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

19

Ordinary

£1

19

19

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

13.	PENSION COMMITMENTS

The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, contributions totalling £6,100 (2024: £8,866) were payable to the fund and are included in other creditors.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Non-executive directors receive no remuneration for acting as directors of the company.

15.	RELATED PARTY DISCLOSURES