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REGISTERED NUMBER: 02478474 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 SEPTEMBER 2022

FOR

SOVEREIGN INTERNATIONAL LIMITED

SOVEREIGN INTERNATIONAL LIMITED (REGISTERED NUMBER: 02478474)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 SEPTEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOVEREIGN INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 27 SEPTEMBER 2022







DIRECTORS: Ms M Khanna
Ms D Khanna





SECRETARY: Ms M Khanna





REGISTERED OFFICE: 86 Church Road Formby
Liverpool
Merseyside
L37 3NG





REGISTERED NUMBER: 02478474 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
The Lexicon
10-12 Mount Street
Manchester
M2 5NT

SOVEREIGN INTERNATIONAL LIMITED (REGISTERED NUMBER: 02478474)

BALANCE SHEET
27 SEPTEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 388,674 396,877

CURRENT ASSETS
Stocks - 62,069
Debtors 5 744,822 779,706
Cash at bank 1,335,990 1,386,260
2,080,812 2,228,035
CREDITORS
Amounts falling due within one year 6 228,726 229,650
NET CURRENT ASSETS 1,852,086 1,998,385
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,240,760

2,395,262

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,239,760 2,394,262
2,240,760 2,395,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 September 2022 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.

SOVEREIGN INTERNATIONAL LIMITED (REGISTERED NUMBER: 02478474)

BALANCE SHEET - continued
27 SEPTEMBER 2022


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 29 January 2024 and were signed on its behalf by:




Ms D Khanna - Director



Ms M Khanna - Director


SOVEREIGN INTERNATIONAL LIMITED (REGISTERED NUMBER: 02478474)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 SEPTEMBER 2022


1. STATUTORY INFORMATION

Sovereign International 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.

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 20% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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

SOVEREIGN INTERNATIONAL LIMITED (REGISTERED NUMBER: 02478474)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 SEPTEMBER 2022


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.

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.

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 28 September 2021 510,740 50,945 561,685
Additions - 2,235 2,235
At 27 September 2022 510,740 53,180 563,920
DEPRECIATION
At 28 September 2021 114,068 50,740 164,808
Charge for year 10,215 223 10,438
At 27 September 2022 124,283 50,963 175,246
NET BOOK VALUE
At 27 September 2022 386,457 2,217 388,674
At 27 September 2021 396,672 205 396,877

SOVEREIGN INTERNATIONAL LIMITED (REGISTERED NUMBER: 02478474)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 SEPTEMBER 2022


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 49,818 113,952
Other debtors 695,004 665,754
744,822 779,706

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 36,606 45,500
Taxation and social security 155,226 181,650
Other creditors 36,894 2,500
228,726 229,650

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 27 September 2022, the directors owed £510,424 (2021: £497,918) to the company. This loan bears interest at the official rate, repayable on demand and included within other debtors.