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Registration number: 04438357

SOTIC Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

SOTIC Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

SOTIC Limited

Company Information

Directors

L Mindel

S Ludlam

S Mindel

K L Maunsell

Company secretary

L Mindel

Registered office

7 Wellington Square
Hastings
East Sussex
TN34 1PD

Accountants

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

 

SOTIC Limited

(Registration number: 04438357)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,867

11,773

Current assets

 

Debtors

5

187,440

228,612

Cash at bank and in hand

 

236,159

180,522

 

423,599

409,134

Creditors: Amounts falling due within one year

6

(141,654)

(121,245)

Net current assets

 

281,945

287,889

Total assets less current liabilities

 

287,812

299,662

Provisions for liabilities

(389)

(1,325)

Net assets

 

287,423

298,337

Capital and reserves

 

Called up share capital

91

91

Share premium reserve

1,248

1,248

Capital redemption reserve

10

10

Retained earnings

286,074

296,988

Shareholders' funds

 

287,423

298,337

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 July 2023 and signed on its behalf by:
 

 

SOTIC Limited

(Registration number: 04438357)
Balance Sheet as at 31 March 2023

.........................................
K L Maunsell
Director

 

SOTIC Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
7 Wellington Square
Hastings
East Sussex
TN34 1PD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

SOTIC Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold properties

Straight line over life of the lease

Office equipment

Reducing balance 25%

Computer equipment

Straight line over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

SOTIC Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 23).

 

SOTIC Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

10,383

18,464

39,695

68,542

Additions

-

-

1,589

1,589

At 31 March 2023

10,383

18,464

41,284

70,131

Depreciation

At 1 April 2022

6,657

16,663

33,449

56,769

Charge for the year

787

450

6,258

7,495

At 31 March 2023

7,444

17,113

39,707

64,264

Carrying amount

At 31 March 2023

2,939

1,351

1,577

5,867

At 31 March 2022

3,726

1,801

6,246

11,773

Included within the net book value of land and buildings above is £13 (2022 - £198) in respect of freehold land and buildings and £2,926 (2022 - £3,528) in respect of short leasehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

76,766

72,652

Taxation and social security

66,725

121,454

Prepayments

43,699

34,255

Other debtors

250

251

187,440

228,612

 

SOTIC Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

120

1,018

Taxation and social security

55,196

43,416

Accruals and deferred income

6,217

6,561

Other creditors

80,121

70,250

141,654

121,245