Solanum Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: R0000165 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

FOR

SOLANUM HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

T Gilbert

P Gilbert

SECRETARY:

T Gilbert

REGISTERED OFFICE:

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

REGISTERED NUMBER:

R0000165 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT1 3BG

FIXED ASSETS

Tangible assets

5

604,320

604,320

Investment property

6

3,254,929

3,254,929

3,859,249

3,859,249

CURRENT ASSETS

Debtors

7

82,317

13,845

Cash at bank

150,743

114,024

233,060

127,869

CREDITORS

Amounts falling due within one year

8

314,849

346,479

NET CURRENT LIABILITIES

(81,789

)

(218,610

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,777,460

3,640,639

CREDITORS

Amounts falling due after more than one year

9

(76,204

)

(82,554

)

PROVISIONS FOR LIABILITIES

10

(125,244

)

(125,244

)

NET ASSETS

3,576,012

3,432,841

CAPITAL AND RESERVES

Called up share capital

19,750

19,750

Capital redemption reserve

250

250

Non-distributable reserve

533,933

533,933

Retained earnings

3,022,079

2,878,908

SHAREHOLDERS' FUNDS

3,576,012

3,432,841

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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 4 March 2021 and were signed on its behalf by:

T Gilbert - Director

P Gilbert - Director

1.	STATUTORY INFORMATION

Solanum Holdings Limited is a private company, limited by shares, registered in Northern Ireland. The company's registered number, registered office address and business address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

COVID-19 and the directors' consideration of going concern

This report and the accompanying financial statements relate to a period before and during the outbreak of the current COVID-19 virus and the ensuing health and financial crisis. The resulting impact of the virus on operations and measures taken by the government to contain the virus may to some degree negatively affect the company's results in the financial year 2021.The directors believe that preparing the financial statements on the going concern basis is appropriate, given the varying nature of its portfolio of property and will continue to monitor the ever-evolving situation. Based on current assessment, the fact that there are sufficient cash reserves to finance ongoing operations, the Directors believe that preparing the financial statements on the going concern basis is appropriate and no material uncertainties exist.

Due to its nature, and the large amount of uncertainty involved, it is not possible at this stage to determine the longer-term implications on the Company.

Significant judgements and estimates

In preparing these financial statements the Directors have made the following judgements:

Establish whether there are any indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets which include biological assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Depreciation is not provided for in respect of land and biological assets.

Government grants

Grants towards revenue expenditure are credited to the income and expenditure account in the period to which they relate.

Grants on capital expenditure are credited to a deferred income account and are released to revenue over the expected useful lives of the relevant assets.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Land and

Fixtures,

biological

fittings

assets

& equipment

Totals

£

£

£

COST

At 1 August 2019

and 31 July 2020

604,320

846

605,166

DEPRECIATION

At 1 August 2019

and 31 July 2020

-

846

846

NET BOOK VALUE

At 31 July 2020

604,320

-

604,320

At 31 July 2019

604,320

-

604,320

Land and biological assets comprises land and trees in plantations.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2019

and 31 July 2020

3,254,929

NET BOOK VALUE

At 31 July 2020

3,254,929

At 31 July 2019

3,254,929

Investment property comprises a number of commercial properties that are leased to third parties.

With regards to the investment property purchased in the prior year, the directors have reviewed the market value and consider that there has been no material appreciation or diminution in value of the property since purchase.

With regards to the other investment properties the fair value was determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the the properties being valued.The properties were valued on the basis of fair value in accordance with RICS Valuation - Global Standards as published by The Royal Institution of Chartered Surveyors.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

77,576

12,575

Prepayments & accrued income

4,741

1,270

82,317

13,845

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Tax

32,579

34,548

Social security and other taxes

334

5,023

VAT

14,441

7,203

Directors' current accounts

201,575

251,575

Accruals and deferred income

59,570

41,780

Deferred government grants

6,350

6,350

314,849

346,479

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Deferred government grants

76,204

82,554

10.	PROVISIONS FOR LIABILITIES

31.7.20

31.7.19

£

£

Deferred tax

125,244

125,244

Deferred

tax

£

Balance at 1 August 2019

125,244

Balance at 31 July 2020

125,244

11.	CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.