SOLO_GROUP_LIMITED - Accounts

SOLO GROUP LIMITED - Company Information

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Company Registration No. 02228577 (England and Wales)

SOLO GROUP LIMITED

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

SOLO GROUP LIMITED

COMPANY INFORMATION

Directors

Mr P Willoughby

C McArdle

J Willoughby

Secretary

C McArdle

Company number

02228577

Registered office

200 Dukes Ride

Crowthorne

Berkshire

RG45 6DS

Accountants

Michael A Corley & Co

200 Dukes Ride

Crowthorne

Berkshire

RG45 6DS

SOLO GROUP LIMITED

CONTENTS

Page

Directors' report

Accountants' report

Profit and loss account

Balance sheet

3 - 4

Notes to the financial statements

5 - 8

SOLO GROUP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2014

- 1 -

The directors present their report and financial statements for the year ended 31 March 2014.

Principal activities

The principal activity of the company continued to be that of the purchase and development of property and consultancy work.

Directors

The following directors have held office since 1 April 2013:

Mr P Willoughby

C McArdle

J Willoughby

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

Mr P Willoughby

Director

22 December 2014

SOLO GROUP LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2014

- 2 -

2014

2013

Notes

Turnover

61,333

110,000

Cost of sales

(8,250)

Gross profit

61,333

101,750

Administrative expenses

(38,006)

(53,598)

Profit on ordinary activities before taxation

23,327

48,152

Tax on profit on ordinary activities

(4,713)

(9,669)

Profit for the year

18,614

38,483

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There are no recognised gains and losses other than those passing through the profit and loss account.

SOLO GROUP LIMITED

BALANCE SHEET

AS AT

31 MARCH 2014

- 3 -

2014

2013

Notes

Fixed assets

Tangible assets

13,422

13,662

Investments

70,042

83,464

83,704

Current assets

Stocks

Debtors

49,455

49,055

Cash at bank and in hand

27,789

22,730

77,244

71,800

Creditors: amounts falling due within one year

(15,659)

(11,569)

Net current assets

61,585

60,231

Total assets less current liabilities

145,049

143,935

Creditors: amounts falling due after more than one year

(7,371)

(6,871)

137,678

137,064

Capital and reserves

Called up share capital

100

Profit and loss account

137,578

136,964

Shareholders' funds

137,678

137,064

SOLO GROUP LIMITED

BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2014

- 4 -

For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

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

Approved by the Board and authorised for issue on 22 December 2014

Mr P Willoughby

Director

Company Registration No. 02228577

SOLO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

- 5 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

Fixtures, fittings & equipment

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6

Stock

Work in progress is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Operating profit

2014

2013

Operating profit is stated after charging:

Depreciation of tangible assets

240

292

Directors' remuneration

7,900

7,500

SOLO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 6 -

Taxation

2014

2013

Domestic current year tax

U.K. corporation tax

4,713

9,669

Total current tax

4,713

9,669

Factors affecting the tax charge for the year

Profit on ordinary activities before taxation

23,327

48,152

Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 0% (2013 - 0%)

Current tax charge for the year

Reconciliation - the current year tax charge does not reconcile to the above analysis. Please review figures in the database.

4,713

9,669

Dividends

2014

2013

Ordinary interim paid

18,000

22,640

Tangible fixed assets

Land and buildings

Plant and machinery etc

Total

Cost

At 1 April 2013 & at 31 March 2014

12,330

14,756

27,086

Depreciation

At 1 April 2013

13,424

Charge for the year

240

At 31 March 2014

13,664

Net book value

At 31 March 2014

12,330

1,092

13,422

At 31 March 2013

12,330

1,332

13,662

SOLO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 7 -

Fixed asset investments

Unlisted investments

Cost

At 1 April 2013 & at 31 March 2014

70,042

Net book value

At 31 March 2014

70,042

At 31 March 2013

70,042

Stocks

2014

2013

Long term contract balances:

- Payments on account

Debtors

2014

2013

Trade debtors

(1)

Other debtors

49,456

49,056

49,455

49,055

Creditors: amounts falling due within one year

2014

2013

Taxation and social security

13,759

9,669

Other creditors

1,900

15,659

11,569

SOLO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 8 -

Creditors: amounts falling due after more than one year

2014

2013

Bank loans

7,371

6,871

Analysis of loans

Wholly repayable within five years

7,371

6,871

Loan maturity analysis

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary of £1 each

100

Statement of movements on profit and loss account

Profit
and loss
account

Balance at 1 April 2013

136,964

Profit for the year

18,614

Dividends paid

(18,000)

Balance at 31 March 2014

137,578

Reconciliation of movements in Shareholders' funds

2014

2013

Profit for the financial year

18,614

38,483

Dividends

(18,000)

(22,640)

Net addition to shareholders' funds

614

15,843

Opening Shareholders' funds

137,064

121,221

Closing Shareholders' funds

137,678

137,064