SOLOMON INVESTMENTS LIMITED

SOLOMON INVESTMENTS LIMITED

SOLOMON INVESTMENTS LIMITED - Company Information

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SOLOMON INVESTMENTS LIMITED

Company Registration Number:
06138244 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2023

Period of accounts

Start date: 01 June 2022

End date: 31 May 2023

SOLOMON INVESTMENTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2023

Balance sheet
Notes

SOLOMON INVESTMENTS LIMITED

Balance sheet

As at 31 May 2023


Notes
2023
2022


£
£
Fixed assets
Tangible assets: 3 580,034 579,739
Total fixed assets: 580,034 579,739
Current assets
Stocks: 12,250 16,715
Debtors:   297,100 16,082
Cash at bank and in hand: 94,702 344,985
Investments:   11,068
Total current assets: 415,120 377,782
Creditors: amounts falling due within one year:   (109,142) (131,953)
Net current assets (liabilities): 305,978 245,829
Total assets less current liabilities: 886,012 825,568
Creditors: amounts falling due after more than one year:   (281,400) (287,316)
Total net assets (liabilities): 604,612 538,252
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: 603,612 537,252
Shareholders funds: 604,612 538,252

The notes form part of these financial statements

SOLOMON INVESTMENTS LIMITED

Balance sheet statements

For the year ending 31 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 22 February 2024
and signed on behalf of the board by:

Name: A Richards
Status: Director

The notes form part of these financial statements

SOLOMON INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.

Tangible fixed assets and depreciation policy

Tangible assets are initially recorded at cost and depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as followsLeasehold Property, no depreciation is considered appropriate as the current property value exceeds the cost by a small amount. This position will be reviewed annually.Equipment is written off at 20 percent using the reducing balance method.

Valuation and information policy

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

SOLOMON INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

2. Employees

2023 2022
Average number of employees during the period 14 15

SOLOMON INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

3. Tangible Assets

Total
Cost £
At 01 June 2022 742,098
Additions 18,815
At 31 May 2023 760,913
Depreciation
At 01 June 2022 162,359
Charge for year 18,520
At 31 May 2023 180,879
Net book value
At 31 May 2023 580,034
At 31 May 2022 579,739

SOLOMON INVESTMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

4. Related party transactions

Name of the related party:
Relationship:
see below
Description of the Transaction: Director A R Richards has a 50% shareholding in the company Capsol Investments Ltd and funds have been loaned to this company in order to finance startup costs. The loan stands at £283,600 and was made under a loan agreement on fully commercial terms.
£
Balance at 01 June 2022 0
Balance at 31 May 2023 283,600