IRIS Accounts Production v23.4.0.336 07067504 director 1.7.22 30.6.23 30.6.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070675042022-06-30070675042023-06-30070675042022-07-012023-06-30070675042021-06-30070675042021-07-012022-06-30070675042022-06-3007067504ns15:EnglandWales2022-07-012023-06-3007067504ns14:PoundSterling2022-07-012023-06-3007067504ns10:Director12022-07-012023-06-3007067504ns10:PrivateLimitedCompanyLtd2022-07-012023-06-3007067504ns10:SmallEntities2022-07-012023-06-3007067504ns10:AuditExempt-NoAccountantsReport2022-07-012023-06-3007067504ns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3007067504ns10:SmallCompaniesRegimeForAccounts2022-07-012023-06-3007067504ns10:FullAccounts2022-07-012023-06-3007067504ns10:CompanySecretary12022-07-012023-06-3007067504ns10:RegisteredOffice2022-07-012023-06-3007067504ns5:CurrentFinancialInstruments2023-06-3007067504ns5:CurrentFinancialInstruments2022-06-3007067504ns5:Non-currentFinancialInstruments2023-06-3007067504ns5:Non-currentFinancialInstruments2022-06-3007067504ns5:ShareCapital2023-06-3007067504ns5:ShareCapital2022-06-3007067504ns5:RetainedEarningsAccumulatedLosses2023-06-3007067504ns5:RetainedEarningsAccumulatedLosses2022-06-3007067504ns5:CostValuation2022-06-3007067504ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-06-3007067504ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2022-06-30
REGISTERED NUMBER: 07067504 (England and Wales)




















Sovaria Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023






Sovaria Limited (Registered number: 07067504)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sovaria Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: A E White





SECRETARY: Reed Smith Corporate Services Limited





REGISTERED OFFICE: The Broadgate Tower Third Floor
20 Primrose Street
London
EC2A 2RS





REGISTERED NUMBER: 07067504 (England and Wales)





ACCOUNTANTS: Whitelaw Wells
The Lighthouse
Heugh Road
North Berwick
EH39 5PX

Sovaria Limited (Registered number: 07067504)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 491,743 491,743

CURRENT ASSETS
Debtors 5 586,298 573,894
Cash at bank 5,301 23,202
591,599 597,096
CREDITORS
Amounts falling due within one year 6 1,460 6,297
NET CURRENT ASSETS 590,139 590,799
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,081,882

1,082,542

CREDITORS
Amounts falling due after more than
one year

7

420,279

420,279
NET ASSETS 661,603 662,263

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 661,503 662,163
661,603 662,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Sovaria Limited (Registered number: 07067504)

Balance Sheet - continued
30 June 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 director and authorised for issue on 29 March 2024 and were signed by:





A E White - Director


Sovaria Limited (Registered number: 07067504)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Sovaria 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.

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.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probably the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recgonised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Sovaria Limited (Registered number: 07067504)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on the going concern basis, which the director believes to be appropriate. This assumption is affected by the factors outlined below:
The going concern position is dependent on the performance of a number of investments in properties in the Middle East property market. Given current economic conditions it is considered that this dependence may cast significant doubt over the ability of the Sovaria group to continue as a going concern.
The financial statements do no include any adjustments that would result in the basis of preparation being inappropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. FIXED ASSET INVESTMENTS
Other
investment
£   
COST
At 1 July 2022
and 30 June 2023 491,743
NET BOOK VALUE
At 30 June 2023 491,743
At 30 June 2022 491,743

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other debtors 586,298 573,894

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 3,157
Other creditors 1,460 3,140
1,460 6,297

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 420,279 420,279

Sovaria Limited (Registered number: 07067504)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. SECURITY

A mortgage debenture was created on 21 December 2012 in favour of Matrix-Securities Limited (In Administration) over all properties and assets of the company.