1.
General Information
Soliquip Ltd
is a private company, limited by shares, incorporated in Scotland, registered number
SC313162
. The registered office is 15 Craigpark Place, Ellon, AB41 9FG.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Tangible Fixed Assets and Depreciation
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Assets held under finance leases are depreciated in the same way as owned assets.
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
|
2.3.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.4.
Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the company's contractual obligations are discharged.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Soliquip Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7.
Listed investments
Investments are recognised initially at cost plus transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
4.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at 1 September 2024 |
|
| Disposals |
( |
| As at 31 August 2025 |
|
| Depreciation | |
| As at 1 September 2024 |
|
| Provided during the period |
( |
| As at 31 August 2025 |
|
| Net Book Value | |
| As at 31 August 2025 |
|
| As at 1 September 2024 |
|
Soliquip Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
5.
Investments
| Listed | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 September 2024 |
|
| Additions |
|
| Disposals |
( |
| Revaluations |
|
| As at 31 August 2025 |
|
| Provision | |
| As at 1 September 2024 |
|
| As at 31 August 2025 |
|
| Net Book Value | |
| As at 31 August 2025 |
|
| As at 1 September 2024 |
|
Cost or valuation at 31 August 2025 is represented by:
|
£
|
|
|
Valuation in 2020
|
(12,088)
|
|
Valuation in 2021
|
1,262
|
|
Valuation in 2022
|
(3,504)
|
|
Valuation in 2023
|
(8,828)
|
|
Valuation in 2024
|
7,657
|
|
Valuation in 2025
|
12,658
|
|
Cost
|
46,691
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|
|
43,848
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|
6.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Corporation tax | - |
|
|
| Directors' loan accounts |
|
|
|
|
|
|
||
Soliquip Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2025
8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 September 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 August 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Clifford Sangster |
( |
|
( |
- |
( |
| Mrs Judith Sangster |
( |
|
( |
- |
( |
The above loans are interest free and have no fixed repayment terms.