Softbond Limited
Unaudited Financial Statements
For the year ended 31 January 2023
For Filing with Registrar
Company Registration No. 03314214 (England and Wales)
Softbond Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 3
Softbond Limited
Balance Sheet
As at 31 January 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Stock
1
1
Creditors: amounts falling due within one year
3
(43,756)
(41,234)
Net current liabilities
(43,755)
(41,233)
Capital and reserves
Called up share capital
4
2
2
Profit and loss reserves
(43,757)
(41,235)
Total equity
(43,755)
(41,233)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
Mr K. J. Weatherill
Director
Company Registration No. 03314214
Softbond Limited
Notes to the Financial Statements
For the year ended 31 January 2023
Page 2
1
Accounting policies
Company information
Softbond Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
During the year under review, the company made a loss of £2true,522 (2022: £1,575) and at 31 January 2023 had a net liability position of £43,755 (2022: £41,233). The company receives sufficient financial support to meet its working capital requirements from Lakeside Property Development Co. Limited and Second Thames Land Limited, both related parties.
These related parties and the directors have confirmed that they will continue to support the company for a period of at least twelve months from the date of approval of these financial statements and, for this reason, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
1.3
Stock
Stock represents property held for development and is stated at the lower of cost and estimated selling price less costs to complete and sell.
Cost comprises acquisition and subsequent development cost to bring properties to market for onward sale. Selling prices are determined by reference to open market valuations.
1.4
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
Softbond Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 3
3
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
43,756
41,234
4
Called up share capital
2023
2022
£
£
Issued and fully paid
200 Ordinary shares of 1p each
2
2
5
Control
The Executors of the Estate of Mr R. Pledger were considered to be the ultimate controlling party at the balance sheet date by virtue of their 100% shareholding in the company.
On 28 April 2023 50% of the shares were transferred to Michael Sinclair and Moore Kingston Smith Trust Corporation Limited meaning effective from this date, The Executors of the Estate of Mr R. Pledger and Michael Sinclair and Moore Kingston Smith Trust Corporation Limited have an equal shareholding in the company of 50% each.
6
Related party transactions
Included in other creditors is an amount of £6,340 (2022: £6,340) due to Lakeside Property Development Co. Limited, a company related by common control.
Also included in other creditors is an amount of £36,283 (2022: £33,760) being amounts loaned to the company by Second Thames Land Limited, a wholly owned subsidiary of Lakeside Property Development Co. Limited, and a company also related by common control.