Solace In Business Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03150254 (England and Wales)

Solace In Business Ltd

Financial Statements

for the Year Ended 31 March 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J P Comber

Mrs J E Eckford

Mrs R E Hyde

Mr R H Kenyon

Mr G V McDonald

Mrs T J McDougall

Mr D J Perry

Mr P J Shackley

Mr P J Sheehan

Mr P J Simpkins

Mr J R Stephenson

Ms J H White

SECRETARY:

Mrs R E Hyde

REGISTERED OFFICE:

Off Southgate

Pontefract

West Yorkshire

WF8 1NT

REGISTERED NUMBER:

03150254 (England and Wales)

AUDITORS:

Jolliffe Cork LLP

Chartered Accountants & Statutory Auditor

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

4

6,291

6,663

Investments

5

20

20

6,311

6,683

CURRENT ASSETS

Debtors

6

716,747

562,211

Cash at bank

555,939

722,961

1,272,686

1,285,172

CREDITORS

Amounts falling due within one year

7

756,063

685,732

NET CURRENT ASSETS

516,623

599,440

TOTAL ASSETS LESS CURRENT LIABILITIES

522,934

606,123

CAPITAL AND RESERVES

Called up share capital

9

19

19

Share premium

141,129

141,129

Retained earnings

381,786

464,975

SHAREHOLDERS' FUNDS

522,934

606,123

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 September 2019 and were signed on its behalf by:

Mrs T J McDougall - Director

1.	STATUTORY INFORMATION

Solace In Business Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

The company's functional and presentation currency is the pound sterling £. All financial information presented has been

rounded to the nearest £, unless otherwise stated.

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.

Related party exemption

Changes in accounting policies

The directors have considered the impact of the Amendments to FRS 102 (The Financial Reporting Standard applicable in

the UK and Republic of Ireland) Triennial Review 2017, applicable to accounting periods commencing on or after 1

January 2019, specifically the clarification relating to donations by a company to its parent charity. The directors have

consequently changed the company's accounting policy to comply with this specific clarification to FRS 102, and restated

the 2018 comparatives in this respect.

The accrual provision of £150,850 at 31 March 2018 has been reversed, thereby increasing retained earnings by the same

amount. The revised donation, being the amount paid of £552,140 for the year ended 31 March 2019 (2018: £304,739) has

now been recognised in the Statement of Changes in Equity as a distribution, rather than in the Income Statement as a

donation as previously reported.

Turnover

Turnover represents fees receivable for services provided to customers. Income is recognised to the extent that the company

has obtained the right to consideration through its performance.

Tangible fixed assets

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

Improvements to short leasehold property

-

Over the term of the lease

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

20% to 33% on cost

All fixed assets are initially recorded at cost.

Investments in subsidiaries

Shares in group undertakings are held at cost less any provision for impairment.

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 statement of financial position date.

Deferred tax

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

financial position 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.

Pensions

The company operates a defined contribution scheme for employees. The annual contributions are charged to the income

statement.

Leased assets and obligations

Operating leases and the annual rentals are charged to the income statement on a straight line basis over the lease term.

Gift aid distribution to parent charity

Profits over and above those needed to meet the company's working capital requirements are transferred to the parent

charity, The Society of Local Authority Chief Executives and Senior Managers (Solace Group) Ltd , by way of a gift aid

distribution. As no legal obligation exists, the distributions in respect of the current and comparative year represent

amounts paid as at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2018 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to short

Fixtures

leasehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2018

60,105

7,224

84,560

151,889

Additions

-

-

3,879

3,879

Disposals

-

(3,106

)

(7,891

)

(10,997

)

At 31 March 2019

60,105

4,118

80,548

144,771

DEPRECIATION

At 1 April 2018

60,105

7,224

77,897

145,226

Charge for year

-

-

4,251

4,251

Eliminated on disposal

-

(3,106

)

(7,891

)

(10,997

)

At 31 March 2019

60,105

4,118

74,257

138,480

NET BOOK VALUE

At 31 March 2019

-

-

6,291

6,291

At 31 March 2018

-

-

6,663

6,663

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

and 31 March 2019

20

NET BOOK VALUE

At 31 March 2019

20

At 31 March 2018

20

The company's investments at the Statement of Financial Position date in the share capital of companies include the

following:

SEL Business Services Limited

Registered office: Off Southgate, Pontefract, West Yorkshire, WF8 1NT

Nature of business: Dormant

%

Class of shares:

holding

£1 Ordinary shares

100.00

2019

2018

£

£

Aggregate capital and reserves

20

20

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

as restated

£

£

Trade debtors

458,382

273,344

Amounts owed by group undertakings

9,960

9,525

Prepayments and accrued income

248,405

279,342

716,747

562,211

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

as restated

£

£

Trade creditors

313,112

229,616

Amounts owed to group undertakings

20

20

Tax

-

2,956

Social security and other tax

15,438

13,769

VAT

109,813

94,649

Other creditors

7,152

6,233

Accruals and deferred income

310,528

338,489

756,063

685,732

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

as restated

£

£

Within one year

13,000

13,000

Between one and five years

31,417

5,417

44,417

18,417

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

as restated

£

£

19

Ordinary

£1

19

19

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of Jolliffe Cork LLP

11.	PENSION COMMITMENTS

The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from

those of the company in an independently administered fund. At the balance sheet date, contributions totalling £7,152

(2018: £6,233) were payable to the fund and are included in Other creditors.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Non-executive directors receive no remuneration for acting as directors of the company.

13.	RELATED PARTY DISCLOSURES