Registration number:
Living By Sophia Limited
for the Period from 1 September 2022 to 31 October 2023
Living By Sophia Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Living By Sophia Limited
Company Information
Director |
Ms S L Morbey |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Living By Sophia Limited
for the Period Ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Living By Sophia Limited for the period ended 31 October 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Living By Sophia Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Living By Sophia Limited and state those matters that we have agreed to state to the Board of Directors of Living By Sophia Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Living By Sophia Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Living By Sophia Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Living By Sophia Limited. You consider that Living By Sophia Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Living By Sophia Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
Living By Sophia Limited
(Registration number: 10910685)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Revaluation reserve |
138,265 |
138,265 |
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Retained earnings |
130,314 |
123,424 |
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Shareholders' funds |
268,581 |
261,691 |
Living By Sophia Limited
(Registration number: 10910685)
Balance Sheet as at 31 October 2023
For the financial period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Ms S L Morbey
Director
Living By Sophia Limited
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
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 using historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
As at the period end the company's balance sheet shows net current liabilities of £415,347. Accordingly, the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis, as the directors continue to provide financial support to the company, when necessary. The directors have also reviewed the position for twelve months from the date the accounts were approved and in their opinion, the company will reduce the net current liabilities and show positive results for the next financial period.
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 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.
Living By Sophia Limited
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 October 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 |
Furniture, fittings, tools and equipment |
20% Reducing balance |
Land and buildings |
Not depreciated |
Investment property
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Living By Sophia Limited
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 October 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2022 |
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At 31 October 2023 |
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Depreciation |
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At 1 September 2022 |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
- |
- |
Living By Sophia Limited
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 October 2023
Investment properties |
2023 |
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At 1 September |
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Additions |
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Disposals |
( |
At 31 October |
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The investmemt properties have been included at an estimate of market value as assessed by the director. This is considered reliable due to her knowledge of the properties in particular and the market in general
Debtors |
2023 |
2022 |
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Trade debtors |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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The mortgage included in bank loans is secured on property included in investment property