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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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SOLIVUS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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SOLIVUS LIMITED |
SOLIVUS LIMITED (REGISTERED NUMBER: 10076849) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SOLIVUS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Riverside House |
40-46 High Street |
Maidstone |
Kent |
ME14 1JH |
SOLIVUS LIMITED (REGISTERED NUMBER: 10076849) |
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BALANCE SHEET |
31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium |
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Shares to be issued |
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Share option reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SOLIVUS LIMITED (REGISTERED NUMBER: 10076849) |
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BALANCE SHEET - continued |
31 MARCH 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SOLIVUS LIMITED (REGISTERED NUMBER: 10076849) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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Solivus Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
SOLIVUS LIMITED (REGISTERED NUMBER: 10076849) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
Accounting standards require the directors to consider the appropriateness of going concern basis when preparing the financial statements. The directors consider that going concern basis is appropriate. |
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During the first quarter of 2022, Solivus held a crowdfunding campaign via Crowdcube alongside agreeing direct private investment. The total funds committed by Crowdcube and private investors, prior to 31 March 2022, were £2.326 million but £1.637 million of the investment was only received by the 11th of April 2022 and hence not reflected in these Accounts. The fundraising round has enabled Solivus to expand the team, across all areas, in order to be able and mature a significant sales pipeline. Furthermore, we have been able to substantially increase our product development capability in relation to the Solivus Arc, and progress it through the design for manufacture stage. |
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Our current plans will require a further fundraising campaign, which will begin in the coming months. This will provide working capital and enable Solivus to deliver installations, and remain a going concern, along with providing additional funding to strengthen the team and for future product development. |
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Finally, during the course of 2021 and 2022 Solivus has installed thin-film solar panels on its first Stadium and signed an Engineering Design Agreement (value of £275k) in relation to the first Airport, both key market verticals. Moreover, Solivus has received 580 pre-orders for the Solivus Arc, our solar product focused in the domestic market. Although only a deposit of £100 per pre-order has been received to date the value of these pre-orders once the product is ready for delivery are estimated to exceed £2.32 million. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Cash and cash equivalents |
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 no significant risk of change in value. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
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Government grants |
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Government grants relate to interest and arrangement fees paid by the Government in relation to the company's CBILs loan and are recognised in other income. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SOLIVUS LIMITED (REGISTERED NUMBER: 10076849) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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SOLIVUS LIMITED (REGISTERED NUMBER: 10076849) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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During the year, the company obtained a £500,000 Business Interruption Loan as part of the Covid-19 Government support to business during the pandemic. Interest is payable on the loan at 14.89% per annum over 2 years. The interest payable for the first 12 months is paid by the Government. The loan is due to be repaid in 12 monthly instalments commencing 12 months from the drawdown date. The loan is unsecured. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | £0.0001 | 837 | 819 |
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107,141 Ordinary shares of £0.0001 each were allotted as fully paid at a premium of £2.10 per share during the year. |
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75,000 Ordinary shares of £0.0001 each were allotted as fully paid at a premium of £1.00 per share during the year. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The company maintains an interest free loan accounts, which is repayable on demand, with the Directors of the entity. At the year end, the company owes £2,925 (2021 - £2,925) to the Directors for expenses paid on behalf of the company. The balance was fully repaid after the year end. |
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11. | POST BALANCE SHEET EVENTS |
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During the first quarter of 2022, Solivus held a crowdfunding campaign via Crowdcube alongside agreeing direct private investment. The total funds committed by Crowdcube and private investors, prior to 31 March 2022, were £2.326 million but £1.637 million of the investment was only received in the beginning of April 2022 (6th: £1,629,429 and 11th: £8,280) and hence all not reflected in these Accounts. |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is J M Parker-Swift. |
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13. | SHARE BASED PAYMENT TRANSACTIONS |
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During the year a total of 684,286 share options were granted. 584,262 of these options vested immediately and 100,024 of the options vested over a period of 1 year. The only vesting condition being that the holder is an employee during the vesting period. The options outstanding had an exercise price of £0.0001 per share. The estimated fair values of the options outstanding as at 30 April 2022 was £2.10 per option. The fair value of the options issued during the period have been determined using a Black-Scholes-Merton pricing model with the assumption of a 20% leaver rate giving a total valuation after the leaver provision of £709,586. |