REGISTERED NUMBER: |
Solace In Business Ltd |
Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Solace In Business Ltd |
Financial Statements |
for the Year Ended 31 March 2023 |
Solace In Business Ltd (Registered number: 03150254) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Solace In Business Ltd |
Company Information |
for the year ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
Solace In Business Ltd (Registered number: 03150254) |
Statement of Financial Position |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
Solace In Business Ltd (Registered number: 03150254) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Solace In Business Ltd is a |
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 |
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 2024 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 |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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 |
Improvements to short leasehold property | - |
Fixtures and fittings | - |
Computer equipment | - |
All fixed assets are initially recorded at cost. |
Investments in subsidiaries |
Shares in group undertakings are held at cost less any provision for impairment. |
Solace In Business Ltd (Registered number: 03150254) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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 |
Solace In Business Ltd (Registered number: 03150254) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to short | Fixtures |
leasehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 33 George Street, Wakefield, West Yorkshire, WF1 1LX |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Solace In Business Ltd (Registered number: 03150254) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other tax |
VAT | 146,784 | 77,297 |
Other creditors |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 5,623 | 6,343 |
Other provisions | - | 63,346 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 April 2022 |
Credit to Income Statement during year | ( |
) |
Utilised during year | ( |
) |
Unused amounts reversed during year | ( |
) |
Balance at 31 March 2023 |
Solace In Business Ltd (Registered number: 03150254) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
9. | PROVISIONS FOR LIABILITIES - continued |
Other provisions in 31 March 2022 amounting to £63,346 were in connection with the cessation of two operating leases related to land and buildings. In both instances, prior to 31 March 2022 the company issued break notices in line with the terms of the relevant lease and had therefore provided for costs relating to the cessation of those leases including related dilapidations works. These were all fully accounted for by the end of 31 March 2023. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 19 | 19 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | 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 £8,493 (2022: £8,021) were payable to the fund and are included in other creditors. |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Non-executive directors receive no remuneration for acting as directors of the company. |
14. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group. |
The company is a wholly owned subsidiary of The Society of Local Authority Chief Executives and Senior Managers (Solace Group) Ltd, a charity registered in England & Wales, whose registered office is: |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |