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Registration number: 10910685

Living By Sophia Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2022 to 31 October 2023

 

Living By Sophia Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Living By Sophia Limited

Company Information

Director

Ms S L Morbey

Registered office

The Granary
Butlas Court
Plymouth
Devon
PL7 5AB

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

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.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

26 July 2024

 

Living By Sophia Limited

(Registration number: 10910685)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

1,667,833

1,599,895

Current assets

 

Debtors

6

4,855

91,657

Cash at bank and in hand

 

157,312

94,286

 

162,167

185,943

Creditors: Amounts falling due within one year

7

(577,514)

(335,926)

Net current liabilities

 

(415,347)

(149,983)

Total assets less current liabilities

 

1,252,486

1,449,912

Creditors: Amounts falling due after more than one year

7

(983,905)

(1,188,221)

Net assets

 

268,581

261,691

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

138,265

138,265

Retained earnings

130,314

123,424

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:

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

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 director on 26 July 2024
 

.........................................

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

1

General information

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

The address of its registered office is:
The Granary
Butlas Court
Plymouth
Devon
PL7 5AB

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 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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

Living By Sophia Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

1,160

1,160

At 31 October 2023

1,160

1,160

Depreciation

At 1 September 2022

1,160

1,160

At 31 October 2023

1,160

1,160

Carrying amount

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

5

Investment properties

2023
£

At 1 September

1,599,895

Additions

369,212

Disposals

(301,274)

At 31 October

1,667,833

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

6

Debtors

2023
£

2022
£

Trade debtors

1,125

-

Other debtors

3,730

91,657

4,855

91,657

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

3,264

-

Trade creditors

 

8,686

3,135

Accruals and deferred income

 

2,534

1,440

Other creditors

 

563,030

331,351

 

577,514

335,926

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

983,905

1,188,221

The mortgage included in bank loans is secured on property included in investment property