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Registration number: 13732015

Sors Interiors Limited

trading as Sors Interiors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Sors Interiors Limited

trading as Sors Interiors Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Sors Interiors Limited

trading as Sors Interiors Ltd

(Registration number: 13732015)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

13,860

18,480

Tangible assets

5

25,764

36,095

 

39,624

54,575

Current assets

 

Debtors

6

28,260

19,218

Cash at bank and in hand

 

-

12,027

 

28,260

31,245

Creditors: Amounts falling due within one year

7

(131,230)

(89,736)

Net current liabilities

 

(102,970)

(58,491)

Total assets less current liabilities

 

(63,346)

(3,916)

Creditors: Amounts falling due after more than one year

7

(26,204)

(34,598)

Net liabilities

 

(89,550)

(38,514)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(89,551)

(38,515)

Shareholders' deficit

 

(89,550)

(38,514)

For the financial year ending 30 November 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 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.

Approved and authorised by the director on 15 April 2024
 

.........................................
Mr Philip Sors
Director

 

Sors Interiors Limited

trading as Sors Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

These financial statements were authorised for issue by the director on 15 April 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.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholders that they will continue to give financial support to the company for twelve months from the date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

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.

 

Sors Interiors Limited

trading as Sors Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

Fixtures & Fittings

33% Reducing Balance

Motor Vehicles

25% Reducing Balance

Plant & Machinery

25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise Fee

Over 5 Years

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Sors Interiors Limited

trading as Sors Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 (2022 - 3).

 

Sors Interiors Limited

trading as Sors Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Franchise Fee
 £

Total
£

Cost or valuation

At 1 December 2022

23,100

23,100

At 30 November 2023

23,100

23,100

Amortisation

At 1 December 2022

4,620

4,620

Amortisation charge

4,620

4,620

At 30 November 2023

9,240

9,240

Carrying amount

At 30 November 2023

13,860

13,860

At 30 November 2022

18,480

18,480

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Equipment tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

35,205

16,400

278

51,883

Additions

865

-

-

865

At 30 November 2023

36,070

16,400

278

52,748

Depreciation

At 1 December 2022

11,618

4,100

70

15,788

Charge for the year

8,069

3,075

52

11,196

At 30 November 2023

19,687

7,175

122

26,984

Carrying amount

At 30 November 2023

16,383

9,225

156

25,764

At 30 November 2022

23,587

12,300

208

36,095

 

Sors Interiors Limited

trading as Sors Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

19,358

10,218

Prepayments

6,750

9,000

Other debtors

2,152

-

 

28,260

19,218

 

Sors Interiors Limited

trading as Sors Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

17,658

17,059

Trade creditors

 

29,699

20,337

Taxation and social security

 

14,613

8,202

Accruals and deferred income

 

955

955

Other creditors

 

68,305

43,183

 

131,230

89,736

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,875.76 (2022 - £3,833.76).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

26,204

34,598

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,216.08 (2022 - £9,133.84).