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REGISTERED NUMBER: SC391588 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Soconnect Limited

Soconnect Limited (Registered number: SC391588)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Soconnect Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr A C Fraser
Mrs M Fraser
Mr D M Ellis
Mr G M Sayers





SECRETARY: MBM Secretarial Services Limited





REGISTERED OFFICE: Tweed House
Tweed Horizons
Newtown St Boswells
Melrose
Roxburghshire
TD6 0SG





REGISTERED NUMBER: SC391588 (Scotland)





ACCOUNTANTS: Douglas Home & Co Ltd
Chartered Accountants
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Soconnect Limited (Registered number: SC391588)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,930 463,462
Property, plant and equipment 5 121,123 124,544
129,053 588,006

CURRENT ASSETS
Inventories - 4,191
Debtors 6 1,151,667 1,144,466
Cash at bank and in hand 192,884 24,628
1,344,551 1,173,285
CREDITORS
Amounts falling due within one year 7 1,238,073 1,377,913
NET CURRENT ASSETS/(LIABILITIES) 106,478 (204,628 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

235,531

383,378

CREDITORS
Amounts falling due after more than one
year

8

(35,478

)

(52,974

)

PROVISIONS FOR LIABILITIES (25,500 ) (19,955 )
NET ASSETS 174,553 310,449

CAPITAL AND RESERVES
Called up share capital 754 754
Capital redemption reserve 330 330
Retained earnings 173,469 309,365
SHAREHOLDERS' FUNDS 174,553 310,449

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

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

Soconnect Limited (Registered number: SC391588)

Balance Sheet - continued
31 March 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 23 November 2023 and were signed on its behalf by:





Mr A C Fraser - Director


Soconnect Limited (Registered number: SC391588)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Soconnect Limited is a private company, limited by shares , registered in Scotland. 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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arising on the business transfer from a subsidiary up to the parent company his being amortised on a straight line basis over 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 33% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Soconnect Limited (Registered number: SC391588)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 38 ) .

Soconnect Limited (Registered number: SC391588)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2022 620,679 13,023 633,702
Additions - 450 450
Impairments (620,679 ) - (620,679 )
At 31 March 2023 - 13,473 13,473
AMORTISATION
At 1 April 2022 169,176 1,064 170,240
Charge for year 124,136 4,479 128,615
Impairments (293,312 ) - (293,312 )
At 31 March 2023 - 5,543 5,543
NET BOOK VALUE
At 31 March 2023 - 7,930 7,930
At 31 March 2022 451,503 11,959 463,462

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 238,262
Additions 40,725
Disposals (14,226 )
At 31 March 2023 264,761
DEPRECIATION
At 1 April 2022 113,718
Charge for year 40,101
Eliminated on disposal (10,181 )
At 31 March 2023 143,638
NET BOOK VALUE
At 31 March 2023 121,123
At 31 March 2022 124,544

Soconnect Limited (Registered number: SC391588)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 20,763
DEPRECIATION
At 1 April 2022 4,153
Charge for year 4,152
At 31 March 2023 8,305
NET BOOK VALUE
At 31 March 2023 12,458
At 31 March 2022 16,610

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 539,227 583,176
Other debtors 612,440 561,290
1,151,667 1,144,466

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade creditors 482,164 415,144
Amounts owed to group undertakings 67,364 75,364
Taxation and social security 250,279 280,407
Other creditors 438,266 606,998
1,238,073 1,377,913

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Other creditors 35,478 52,974

Soconnect Limited (Registered number: SC391588)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/3/23 31/3/22
£    £   
Within one year 3,494 2,258
Between one and five years 3,117 376
6,611 2,634

10. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Other loans 52,974 165,470

The Royal Bank of Scotland has a floating charge that covers all the property or undertaking of the company.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31/3/23 31/3/22
£    £   
Mr A C Fraser
Balance outstanding at start of year 154,128 134,901
Amounts advanced 114,759 119,227
Amounts repaid (113,965 ) (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 154,922 154,128

Mr G M Sayers
Balance outstanding at start of year 91,223 89,904
Amounts advanced 1,824 91,223
Amounts repaid - (89,904 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 93,047 91,223

The loans to the directors to the company are charged at the HMRC approved interest rate and have no fixed terms for repayment.