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COMPANY REGISTRATION NUMBER: 11194909
Sohi Logistics Limited
Filleted Unaudited Financial Statements
28 February 2023
Sohi Logistics Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
37,476
46,846
Current assets
Debtors
6
11,677
8,605
Cash at bank and in hand
793
--------
-------
11,677
9,398
Creditors: amounts falling due within one year
7
31,828
30,864
--------
--------
Net current liabilities
20,151
21,466
--------
--------
Total assets less current liabilities
17,325
25,380
Creditors: amounts falling due after more than one year
8
8,941
18,860
Provisions
2,959
2,959
--------
--------
Net assets
5,425
3,561
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
5,325
3,461
-------
-------
Shareholders funds
5,425
3,561
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sohi Logistics Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mr N S Sohi
Director
Company registration number: 11194909
Sohi Logistics Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
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 follows:
Plant and machinery
-
20% reducing balance
Equipment
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
63,690
6,611
70,301
--------
-------
--------
Depreciation
At 1 March 2022
21,239
2,216
23,455
Charge for the year
8,491
879
9,370
--------
-------
--------
At 28 February 2023
29,730
3,095
32,825
--------
-------
--------
Carrying amount
At 28 February 2023
33,960
3,516
37,476
--------
-------
--------
At 28 February 2022
42,451
4,395
46,846
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
9,847
5,885
Other debtors
1,830
2,720
--------
-------
11,677
8,605
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,078
344
Trade creditors
2,321
Social security and other taxes
13,503
13,331
Other creditors
12,247
14,868
--------
--------
31,828
30,864
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,779
13,263
Other creditors
162
5,597
-------
--------
8,941
18,860
-------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr N S Sohi
( 817)
( 440)
( 1,257)
----
----
-------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr N S Sohi
( 4,145)
3,328
( 817)
-------
-------
----