ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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SOLOPROTECT LIMITED
COMPANY INFORMATION
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SOLOPROTECT LIMITED
CONTENTS
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SOLOPROTECT LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
Consolidated sales in the year were £7,628,384 (2021: £7,210,582), profit before tax was £319,307 (2021: loss of £702,598) and net profit for the financial year was £236,856 (2021: loss of £382,005).
Consolidated revenue year on year increased by approximately 5.8%, being attributable to the new range of products introduced in the year. European revenue growth arises from an increase in recurring revenue, the principal markets served being Netherlands, Germany and France. With a strong broad historic customer base in many local government departments & social housing across the UK, and a wide range of customers in the private sector, the company saw particular growth in the retail, manufacturing and professional service industries during 2022. Much of this driven by our response to the effects of the pandemic and the anticipated increase in Lone Workers in these specific industries as well as product & service development initiatives completed in 2022, broadening our appeal to a wider customer base. 2022 saw the successful completion and launch of our next generation 4G Touchscreen Lone Worker / Personal Safety devices, putting the business and our customers in a secure position well ahead of the expected 3G & 2G cellular network shutdown currently scheduled between 2026 – 2030 (2G) and as early as 2023 (3G). Indeed, our business has already supported this in our US market where this has already happened. Customer reaction to our new devices has been outstanding with exceptionally positive feedback on user adoption & usage as a result of the touchscreen interface, the first of its kind in the Lone Worker market. Additionally, and in response to the clearly increasing popularity of an App in the market, our own Lone Worker App redesign was completed, incorporating an increased feature set, which has been received extremely positively by customers, putting us in a great position to satisfy market requirements and trends moving forward. With all SoloProtect IP owned major product development projects substantially complete, together with ongoing future service enhancement initiatives that can be added in a modular manner by our in-house development team as they are completed, our fully updated product suite can provide for all types of customers with all sizes of budgets and with the certainty that their investment is fit for the future. This also concludes a year of significant investment in our next-generation products. This has been a particularly important objective for the business to achieve to be ahead of anticipated market movements, such as changing customer preferences for specific solution form factors. The company's purpose built EN50518 compliant Alarm Receiving Centre ("ARC") remains firmly established with exceptionally high levels of customer service delivery being achieved regularly and consistently. Diversification of the use of this exceptional asset, through the inclusion of other alarm types, particularly those benefiting from automated handling, continue to be sought. Customers continue to benefit from our ownership and control of the end-to-end elements of our solutions and service. Our ARC operators continue to deliver exceptional levels of customer service and industry leading response times. The ARC and the market's desire for the highest level of available accreditation remains a major benefit for us and one that is highly defensible, particularly since we are only one of a handful of UK ARC's with EN50518 accreditation. We continue to support our European based contracts using our unique UK based ARC infrastructure hosting model, giving us greater control over quality of service and data reporting for our customers in these territories and at a very cost effective “entry to market” for any future countries we wish to add.
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SOLOPROTECT LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
In our European territories, 2022 saw stable sales performance, with customer business confidence recovering at a steadier rate. With our low European cost-base, this has delivered a very efficient, lean & profitable operating region for us and one that we are placed well to capitalise on during 2023 now that business confidence has recovered and worker safety legislation in specific countries in which we operate has begun to harden. Indeed, European opportunities have increased in readiness for 2023.
The business will also continue to seek out further opportunities in other territories for Channel Sales, particularly with the new product range which has garnered attention. Given all the above factors, the Directors believe that SoloProtect Limited continues to be a going concern, with a positive and exciting future ahead. During the year an intercompany creditor owed to the ultimate parent company of £1,526,985 was converted to equity and recognised as a capital contribution reserve.
The UK lone worker security industry is highly competitive and price competition may impact our ability to maintain our customer contracts after their initial term. SoloProtect seeks to combat this risk with a continual investment and development of innovative product and services that directly appeal to customers, their businesses and to meet their challenges. Significant investment of which has now been completed, resulting in an all-new product range.
The company's growth in European markets has historically carried some risk relating to the uncertainty of how health & safety legislation in those markets is maintained, developed and enforced. However, we are seeing significant movement in the strength of health and safety legislation in some of these countries and as a result we are seeing sales grow. Risk is also reduced as a result of the relatively low European cost base as a result of our operating model. The company depends on a third-party contract manufacturer for the production of most products. If there are any delays, disruption or quality control issues in their operations, the company could lose market share and revenues, and our reputation may be harmed. SoloProtect has contracts & processes in place to minimise this risk together with close and regular engagement and management with that supplier. Financial risk management objectives and policies As with any business, there is always potential cash flow risk. The Directors manage this risk through transparent and regular reviews of financials, rigorous planning, strong cost management and a high focus on customer retention and sales growth. Customers are invoiced in advance with any customer debt managed quickly, resulting in low debtor day metrics. Loss of major contracts This risk is managed and mitigated as a result of the broad range of customer sectors and contract sizes in our customer base. Additionally, most customers are committed to long term contracts of between one to three years, with some at four and five years. We also operate a structured account management programme to ensure that customers feel well cared for and engaged with our business. Listening to our customers coupled with an updated product range enables us to be responsive to customers needs and therefore mitigate loss of contracts as much as possible. Currency risk SoloProtect invoices its customers in either GBP or Euro. The company also procures components and product in USD. As a result, the company is exposed to currency fluctuation risks. Whilst many currency transactions are carried out by the US based parent company and EU based subsidiary, SoloProtect Limited is subject to the impact of exchange rate fluctuations on amounts owed to and from these group entities. Regular review and
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SOLOPROTECT LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
monitoring of currency denominated liabilities and exchange rates informs our decision making to minimise the impact of currency fluctuations.
Credit risk The Company's credit risk is primarily attributable to its trade debtors. If a new customer's financial standing is of concern, appropriate credit checks are carried out. The amounts presented in the balance sheet are net of allowances for doubtful debtors. The Company has no significant concentration of credit risk, with exposure spread over a large number of countries and customers.
In addition to the financial key performance indicators above, the Company has also used other key performance indicators including:
∙Average Revenue per User (ARPU) - this is the average value across the estate that we are billing at each month.
∙Average contract length - SoloProtect is able to offer contracts on 12, 24, 36, 48 and 60 month terms. We track the average term across all contracts and are always looking to see this increase.
∙Attrition rate.
∙Average debtor days.
This report was approved by the board and signed on its behalf.
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SOLOPROTECT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Group's results are shown in the Consolidated Statement of Comprehensive Income on page 10 of these financial statements.
The profit for the year, after taxation, amounted to £236,856 (2021 - loss £382,005).
During the year the company paid no dividends (2021: £nil).
The directors who served during the year were:
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SOLOPROTECT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditors, Simmons Gainsford LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SOLOPROTECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLOPROTECT LIMITED
We have audited the financial statements of Soloprotect Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SOLOPROTECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLOPROTECT LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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SOLOPROTECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLOPROTECT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
∙the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
∙the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);
∙management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and
∙the industry and environment in which it operates.
We also considered UK tax legislation, laws and regulations relating to employment, pension legislation and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax legislation, pension legislation and distributable profits legislation;
∙the timing of the recognition of income;
∙compliance with legislation relating to UK employment law, GDPR and health and safety;
∙management bias in selecting accounting policies and determining estimates;
∙use of journal entries;
∙manipulation of specific performance measures to meet remuneration targets;
∙requirement to impair its inventories, intangibles and tangible fixed assets;
∙recoverability of debtors, including intercompany debtors; and
∙understatement of liabilities and provisions.
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
∙inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
∙enquiries with the same concerning any actual or potential litigation or claims;
∙discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
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SOLOPROTECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLOPROTECT LIMITED (CONTINUED)
∙inspection of relevant legal correspondence;
∙assessment of matters reported to management and the result of the subsequent investigation;
∙obtaining an understanding of the relevant controls;
∙obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
∙review documentation relating to compliance with the regulations relating to GDPR, Health and Safety and fire risk assessment reports;
∙challenging key assumptions made by management in their specific accounting policies and estimates, in particular in relation to amortisation of intangible fixed assets, depreciation of tangible fixed assets and accruals;
∙identifying and testing journal entries, in particular any unusual journal entries and non-standard journal entries;
∙assessing the recovery of debtors, including intercompany debtors, in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
∙assessing the completeness of material trade and other payables, including provisions;
∙reviewing the financial statements for compliance with the relevant disclosure requirements;
∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
∙reviewing the correspondence with HMRC; and
∙evaluating the underlying business reasons for any unusual transactions.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s
controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud
might be inherently more difficult to detect than irregularities that result from error. As explained above, there is
an unavoidable risk that material misstatements
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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SOLOPROTECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLOPROTECT LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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SOLOPROTECT LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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SOLOPROTECT LIMITED
REGISTERED NUMBER: 05003084
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
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SOLOPROTECT LIMITED
REGISTERED NUMBER: 05003084
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 42 form part of these financial statements.
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SOLOPROTECT LIMITED
REGISTERED NUMBER: 05003084
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
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SOLOPROTECT LIMITED
REGISTERED NUMBER: 05003084
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 42 form part of these financial statements.
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SOLOPROTECT LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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SOLOPROTECT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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SOLOPROTECT LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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SOLOPROTECT LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Soloprotect Limited is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is Suzy Lamplugh House, 1 Vantage Drive, Tinsley, Sheffield S9 1RG.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in significant associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. The management considers the results of the Group's associate undertaking for both current year and prior year are insignificant to be consolidated into these financial statements. As a result, the investment in associate undertaking has been included in these financial statements at cost less any provision for impairment and the full amount due by the same associate undertaking to the group is included in other debtors.
The directors have prepared forecasts and received confirmation of continued support from the parent company G Broady Enterprises Inc. On this basis, the financial statements have been prepared on a going concern basis.
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Investments in non-puttable shares are measured at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
Functional and presentation currency
Transactions and balances
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Page 25
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 26
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Profit and loss account.
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Group makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors consider the following to be significant areas of judgment or key sources of estimation uncertainty.
Analysis of turnover by country of destination:
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 29
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 30
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 31
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
11.Taxation (continued)
The group has estimated losses of £2,151,153 (2021: £2,256,608) available for carry forward against future trading profits.
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 33
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 34
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 35
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13.Tangible fixed assets (continued)
Page 36
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 37
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 38
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 39
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 40
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Share premium account
Foreign exchange reserve
Other reserves
Profit and loss account
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund.
The contributions payable by the Group for the year were £85,790 (2021: £93,014). Contributions totalling £14,321 (2021: £15,071) were payable to the fund at the balance sheet date and are included in creditors.
Page 41
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SOLOPROTECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The immediate and ultimate parent company is
The ultimate controlling party is G K Broady.
Page 42
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