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Registered number: 11172113
SOLLER SEVEN LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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SOLLER SEVEN LIMITED
REGISTERED NUMBER: 11172113
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Investment in partnership
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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SOLLER SEVEN LIMITED
REGISTERED NUMBER: 11172113
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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SOLLER SEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Soller Seven Limited is a private company, limited by shares, incorporated in England and Wales, registration number 11172113. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements have been prepared in pounds sterling, the functional currency, rounded to the nearest £1.
The following principal accounting policies have been applied:
The company has net assets of £2,380,270 (2023 - Restated £2,900,127) at the balance sheet date.
The financial statements have been prepared on a going concern basis. The period considered by the director in his review of going concern is 12 months from the date of signature of the financial statements. The members have confirmed their willingness and ability to support the company for a period of at least 12 months from the date of signing of the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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SOLLER SEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Investment in partnership
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Amounts due from group undertakings
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Amounts due from group undertakings represent an amount due from Tennant Street Partnership. The balance is unsecured, interest free and repayable on demand.
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SOLLER SEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Other creditors include a balance due to the director of £1,056 (2023 - Restated £1,056). The balance is unsecured, interest free and repayable on demand.
Other creditors include shareholder loans and other loans of £885,404 (2023 - Restated £41,696). The loans accrue interest at 25% and 15%.
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Transactions with directors
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During the year the director, N J Treadaway, incurred expenditure of £Nil (2023 - Restated £Nil) on behalf of the company and payments were made to the director of £Nil (2023 - Restated £Nil). At the year end £1,056 (2023 - Restated £1,056) was owed to the director.
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100,000 (2023 - 100,000) Ordinary A (2023: Ordinary A) shares of £0.10 each
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93,498 (2023 - 93,498) Ordinary B shares of £0.10 each
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SOLLER SEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Share premium account
The share premium account includes funds received by the company in excess of the par value of the shares.
Other reserves
Other reserves include the accumulation of unrealised profits and losses on the investment in partnership.
Profit and loss account
The profit and loss account represents the accumulation of profits and losses incurred since incorporation.
During the year, the directors noted that the methodology of accounting for its share of investment in a partnership was inaccurate. The financial statements have been revised and prior year figures restated. The impact on net assets for the prior year was a reduction in net assets of £349,035 from £2,736,101 to £2,900,127.
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