Solus UK Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC270677 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2022

for

Solus UK Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Wishart

A P Daye

SECRETARY:

N Wishart

REGISTERED OFFICE:

Nasmyth Building

Nasmyth Avenue

East Kilbride

G75 0QR

REGISTERED NUMBER:

SC270677 (Scotland)

ACCOUNTANTS:

Glen Drummond Financial Accountants

12 Carron Place

East Kilbride

Lanarkshire

G75 0YL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

121,620

108,553

121,620

108,553

CURRENT ASSETS

Debtors

6

1,557,500

957,743

Prepayments and accrued income

-

1,967

Cash at bank

190,527

398,806

1,748,027

1,358,516

CREDITORS

Amounts falling due within one year

7

524,383

568,263

NET CURRENT ASSETS

1,223,644

790,253

TOTAL ASSETS LESS CURRENT LIABILITIES

1,345,264

898,806

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

5,000

5,000

Retained earnings

1,339,264

892,806

SHAREHOLDERS' FUNDS

1,345,264

898,806

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 30 March 2023 and were signed on its behalf by:

N Wishart - Director

1.	STATUTORY INFORMATION

Solus UK Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

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

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.

Research & Development are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2021

and 30 June 2022

15,000

AMORTISATION

At 1 July 2021

and 30 June 2022

15,000

NET BOOK VALUE

At 30 June 2022

-

At 30 June 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2021

27,330

242,434

269,764

Additions

-

43,359

43,359

At 30 June 2022

27,330

285,793

313,123

DEPRECIATION

At 1 July 2021

-

161,211

161,211

Charge for year

-

30,292

30,292

At 30 June 2022

-

191,503

191,503

NET BOOK VALUE

At 30 June 2022

27,330

94,290

121,620

At 30 June 2021

27,330

81,223

108,553

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade debtors

546,018

351,334

Other debtors

9,513

8,163

SOLUS Property Limited

1,001,969

598,246

1,557,500

957,743

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

32,408

23,663

Other loans

232,062

242,412

Trade creditors

15,344

12,378

Tax

166,879

143,798

Social security and other taxes

22,764

59,380

Wages Control

1,662

(211

)

Pension creditor

2,216

1,329

VAT

48,327

80,973

Directors' current accounts

2,276

4,096

Accrued expenses

445

445

524,383

568,263

8.	RELATED PARTY DISCLOSURES

Mr Neil Wishart who is a director of Solus UK Limited is the sole share holder of Solus Holdings Limited.

Solus Holdings Limited has controlled the share capital of Solus UK Limited since 12 July 2013.