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Registration number: 09944472

Somnium Business Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Somnium Business Solutions Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

Somnium Business Solutions Ltd

Company Information

Director

Mr Phillip Broderick

Registered office

C/o Bright Partnership
26 Edward Court
Altrincham
England
WA14 5GL

Accountants

Bright Partnership LLP
26 Edward Court
Altrincham Business Park
Altrincham
WA14 5GL

 

Somnium Business Solutions Ltd

(Registration number: 09944472)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

5,138

6,045

Current assets

 

Debtors

6

-

145

Cash at bank and in hand

 

1,891

954

 

1,891

1,099

Creditors: Amounts falling due within one year

7

(2,106)

(1,805)

Net current liabilities

 

(215)

(706)

Total assets less current liabilities

 

4,923

5,339

Provisions for liabilities

(976)

(1,148)

Net assets

 

3,947

4,191

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,847

4,091

Shareholders' funds

 

3,947

4,191

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 March 2024
 

.........................................
Mr Phillip Broderick
Director

 

Somnium Business Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
C/o Bright Partnership
26 Edward Court
Altrincham
England
WA14 5GL
England

The principal place of business is:
Cheshire Buildings
279A Thelwall Lane
Latchford
Warrington
WA4 1NF

These financial statements were authorised for issue by the director on 5 March 2024.

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.

These financial statements are presented in sterling, which is the functional currency of the entity.

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.

 

Somnium Business Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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 statement of financial position 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

Plant & machinery

15% reducing balance

Office equipment

33% straight line

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 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Somnium Business Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year , was 4.(2023 -5).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

907

1,067

 

Somnium Business Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

9,905

9,905

At 31 January 2024

9,905

9,905

Depreciation

At 1 February 2023

3,860

3,860

Charge for the year

907

907

At 31 January 2024

4,767

4,767

Carrying amount

At 31 January 2024

5,138

5,138

At 31 January 2023

6,045

6,045

6

Debtors

Current

2024
£

2023
£

Other debtors

-

145

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

700

39

Accruals and deferred income

1,260

1,260

Other creditors

146

506

2,106

1,805