Acorah Software Products - Accounts Production 15.0.600 false true 30 November 2022 11 November 2021 false 1 December 2022 30 November 2023 30 November 2023 13738667 Mr N Sonuga iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13738667 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-11-30 13738667 2022-11-30 13738667 2023-11-30 13738667 2022-12-01 2023-11-30 13738667 frs-core:CurrentFinancialInstruments 2023-11-30 13738667 frs-core:Non-currentFinancialInstruments 2023-11-30 13738667 frs-core:BetweenOneFiveYears 2023-11-30 13738667 frs-core:MotorVehicles 2023-11-30 13738667 frs-core:MotorVehicles 2022-12-01 2023-11-30 13738667 frs-core:MotorVehicles 2022-11-30 13738667 frs-core:PlantMachinery 2023-11-30 13738667 frs-core:PlantMachinery 2022-12-01 2023-11-30 13738667 frs-core:PlantMachinery 2022-11-30 13738667 frs-core:WithinOneYear 2023-11-30 13738667 frs-core:ShareCapital 2023-11-30 13738667 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 13738667 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13738667 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 13738667 frs-bus:SmallEntities 2022-12-01 2023-11-30 13738667 frs-bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 13738667 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13738667 frs-bus:Director1 2022-12-01 2023-11-30 13738667 frs-core:CurrentFinancialInstruments 1 2023-11-30 13738667 frs-countries:EnglandWales 2022-12-01 2023-11-30 13738667 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2022-11-30 13738667 2021-11-10 13738667 2022-11-30 13738667 2021-11-11 2022-11-30 13738667 frs-core:CurrentFinancialInstruments 2022-11-30 13738667 frs-core:Non-currentFinancialInstruments 2022-11-30 13738667 frs-core:BetweenOneFiveYears 2022-11-30 13738667 frs-core:WithinOneYear 2022-11-30 13738667 frs-core:ShareCapital 2022-11-30 13738667 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30 13738667 frs-core:CurrentFinancialInstruments 1 2022-11-30
Registered number: 13738667
Sonco Property Ltd
Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Sonco Property Ltd for the year ended 30 November 2023
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Sonco Property Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Sonco Property Ltd , as a body, in accordance with the terms of our engagement letter dated 24 July 2024. Our work has been undertaken solely to prepare for your approval the accounts of Sonco Property Ltd and state those matters that we have agreed to state to the director of Sonco Property Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sonco Property Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Sonco Property Ltd 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 or loss of Sonco Property Ltd . You consider that Sonco Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Sonco Property Ltd . 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 financial statements.
Signed
21 August 2024
Acumeus Accountants Ltd
53A Drummond Drive
Stanmore
Middlesex
HA7 3PF
Page 1
Page 2
Balance Sheet
Registered number: 13738667
30 November 2023 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 41,780 726
Investment Properties 5 317,079 317,079
358,859 317,805
CURRENT ASSETS
Debtors 6 294 294
Cash at bank and in hand 1,509 2,682
1,803 2,976
Creditors: Amounts Falling Due Within One Year 7 (8,546 ) (3,940 )
NET CURRENT ASSETS (LIABILITIES) (6,743 ) (964 )
TOTAL ASSETS LESS CURRENT LIABILITIES 352,116 316,841
Creditors: Amounts Falling Due After More Than One Year 8 (341,385 ) (312,954 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,938 ) -
NET ASSETS 2,793 3,887
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account 2,792 3,886
SHAREHOLDERS' FUNDS 2,793 3,887
Page 2
Page 3
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr N Sonuga
Director
20 August 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Sonco Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13738667 . The registered office is The Qube, 168 Dukes Road, London, W3 0SL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents rental income receivable.
Turnover is recognised when the company has a right to consideration.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
2.4. Investment Properties
Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
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 statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
...CONTINUED
Page 4
Page 5
2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 December 2022 908 - 908
Additions - 45,990 45,990
As at 30 November 2023 908 45,990 46,898
Depreciation
As at 1 December 2022 182 - 182
Provided during the period 145 4,791 4,936
As at 30 November 2023 327 4,791 5,118
Net Book Value
As at 30 November 2023 581 41,199 41,780
As at 1 December 2022 726 - 726
5. Investment Property
30 November 2023
£
Fair Value
As at 1 December 2022 and 30 November 2023 317,079
In the opinion of the director, the fair value of the investment property as at 30 November 2023 is not significantly different to that stated above.
6. Debtors
30 November 2023 30 November 2022
£ £
Due within one year
Other taxes and social security 294 294
Page 5
Page 6
7. Creditors: Amounts Falling Due Within One Year
30 November 2023 30 November 2022
£ £
Net obligations under finance lease and hire purchase contracts 3,510 -
Corporation tax 684 684
Net wages 179 929
Other creditors 1,000 -
Tenant deposit 1,660 1,614
Accruals and deferred income 1,513 713
8,546 3,940
8. Creditors: Amounts Falling Due After More Than One Year
30 November 2023 30 November 2022
£ £
Net obligations under finance lease and hire purchase contracts 31,018 -
Bank loans 226,157 226,157
Directors loan account 84,210 86,797
341,385 312,954
Of the creditors falling due after more than one year the following amounts are due after more than five years.
30 November 2023 30 November 2022
£ £
Bank loans 226,157 226,157
9. Secured Creditors
The bank loan is secured by a fixed charge over the investment property of the company. The bank loan is repayable over thirty five years and interest is charged at 3.04% per annum.
Of the creditors the following amounts are secured.
30 November 2023 30 November 2022
£ £
Bank loans and overdrafts 226,157 226,157
Page 6
Page 7
10. Obligations Under Finance Leases and Hire Purchase
30 November 2023 30 November 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,510 -
Later than one year and not later than five years 31,018 -
34,528 -
34,528 -
11. Share Capital
30 November 2023 30 November 2022
£ £
Allotted, Called up and fully paid 1 1
Page 7