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REGISTERED NUMBER: 07497321 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

SOMERS FINANCIAL LIMITED

SOMERS FINANCIAL LIMITED (REGISTERED NUMBER: 07497321)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOMERS FINANCIAL LIMITED

COMPANY INFORMATION
for the year ended 31 January 2023







DIRECTORS: Mrs R A Somers
Mr B W Somers
Mr R S Mansfield
Mr R Falcon Torp





REGISTERED OFFICE: 29 Broadwater Street West
Worthing
BN14 9BT





REGISTERED NUMBER: 07497321 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

SOMERS FINANCIAL LIMITED (REGISTERED NUMBER: 07497321)

BALANCE SHEET
31 January 2023

31.1.23 31.1.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 8,876 13,308

CURRENT ASSETS
Debtors 5 355,121 339,789
Cash at bank 19,120 231
374,241 340,020
CREDITORS
Amounts falling due within one year 6 (115,441 ) (126,009 )
NET CURRENT ASSETS 258,800 214,011
TOTAL ASSETS LESS CURRENT
LIABILITIES

267,676

227,319

CREDITORS
Amounts falling due after more than one
year

7

(41,850

)

(60,450

)

PROVISIONS FOR LIABILITIES 9 (1,388 ) -
NET ASSETS 224,438 166,869

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 224,338 166,769
SHAREHOLDERS' FUNDS 224,438 166,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

SOMERS FINANCIAL LIMITED (REGISTERED NUMBER: 07497321)

BALANCE SHEET - continued
31 January 2023


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 19 October 2023 and were signed on its behalf by:





Mr B W Somers - Director


SOMERS FINANCIAL LIMITED (REGISTERED NUMBER: 07497321)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2023

1. STATUTORY INFORMATION

Somers Financial Limited 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 presentation currency of the financial statements is the Pound Sterling (£).


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 represents the fair value of consideration received or receivable net of VAT and trade discounts. Revenue from the sale of mortgage services is recognised at the point of sale.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

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

Fixtures & office equipment-25% reducing balance
Motor vehicles-25% reducing balance
Computer equipment-3 years on cost

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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 balance sheet date.

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

SOMERS FINANCIAL LIMITED (REGISTERED NUMBER: 07497321)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

2. ACCOUNTING POLICIES - continued

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.

Impairment
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2022 8,961 22,950 19,847 51,758
Additions 1,328 - 798 2,126
Disposals - (14,800 ) - (14,800 )
At 31 January 2023 10,289 8,150 20,645 39,084
DEPRECIATION
At 1 February 2022 5,985 14,203 18,262 38,450
Charge for year 1,076 1,529 1,319 3,924
Eliminated on disposal - (12,166 ) - (12,166 )
At 31 January 2023 7,061 3,566 19,581 30,208
NET BOOK VALUE
At 31 January 2023 3,228 4,584 1,064 8,876
At 31 January 2022 2,976 8,747 1,585 13,308

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Other debtors 355,121 339,789

SOMERS FINANCIAL LIMITED (REGISTERED NUMBER: 07497321)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Other debtors includes a loan of £12,500 to an unconnected business that is interest free and repayable on demand (2021: £12,500).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 18,600 31,389
Trade creditors 311 -
Taxation and social security 93,383 82,484
Other creditors 3,147 12,136
115,441 126,009

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 41,850 60,450

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.23 31.1.22
£    £   
Within one year 14,000 14,000
Between one and five years 26,833 40,833
40,833 54,833

9. PROVISIONS FOR LIABILITIES
31.1.23 31.1.22
£    £   
Deferred tax 1,388 -

Deferred
tax
£   
Accelerated capital allowances 1,388
Balance at 31 January 2023 1,388

SOMERS FINANCIAL LIMITED (REGISTERED NUMBER: 07497321)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
70 Ordinary £1 70 70
5 Ordinary A £1 5 5
5 Ordinary B £1 5 5
5 Ordinary C £1 5 5
5 Ordinary D £1 5 5
5 Ordinary E £1 5 5
5 Ordinary F £1 5 5
100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
Mr B W Somers
Balance outstanding at start of year 99,307 67,332
Amounts advanced 47,587 32,287
Amounts repaid (47,587 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 99,307 99,307

Mrs R A Somers
Balance outstanding at start of year 145,940 100,359
Amounts advanced 26,199 45,581
Amounts repaid (23,793 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 148,346 145,940

Mr R S Mansfield
Balance outstanding at start of year (9,000 ) (9,000 )
Amounts advanced 91,760 -
Amounts repaid (71,800 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,960 (9,000 )