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Registered number: 12677418
Soilsafe Ltd
Financial Statements
For The Year Ended 30 June 2024
Gow & Partners Ltd
Unit 4 Dalton Court
Commercial Road
Darwen
Lancashire
BB3 0DG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12677418
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 526,964 3,859
Tangible Assets 5 191,769 41,453
718,733 45,312
CURRENT ASSETS
Stocks 6 7,500 54,666
Debtors 7 255,540 148,023
Cash at bank and in hand 99,533 49,342
362,573 252,031
Creditors: Amounts Falling Due Within One Year 8 (487,377 ) (103,142 )
NET CURRENT ASSETS (LIABILITIES) (124,804 ) 148,889
TOTAL ASSETS LESS CURRENT LIABILITIES 593,929 194,201
Creditors: Amounts Falling Due After More Than One Year 9 (342,701 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,097 ) (8,097 )
NET ASSETS 243,131 186,104
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 243,130 186,103
SHAREHOLDERS' FUNDS 243,131 186,104
Page 1
Page 2
For the year ending 30 June 2024 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 James Blyth
Director
13/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Soilsafe Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12677418 . The registered office is The Copper Room Deva City Office Park, Trinity Way, Manchester, M3 7BG.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. 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 15% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment Straight Line over effective life of 3 years
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 4)
5 4
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 July 2023 4,379
Additions 545,069
As at 30 June 2024 549,448
Amortisation
As at 1 July 2023 520
Provided during the period 21,964
As at 30 June 2024 22,484
Net Book Value
As at 30 June 2024 526,964
As at 1 July 2023 3,859
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 17,703 44,728 6,199 2,154 70,784
Additions 146,124 28,809 689 297 175,919
As at 30 June 2024 163,827 73,537 6,888 2,451 246,703
Depreciation
As at 1 July 2023 7,407 17,922 3,716 286 29,331
Provided during the period 17,706 6,389 707 801 25,603
As at 30 June 2024 25,113 24,311 4,423 1,087 54,934
Net Book Value
As at 30 June 2024 138,714 49,226 2,465 1,364 191,769
As at 1 July 2023 10,296 26,806 2,483 1,868 41,453
Page 4
Page 5
6. Stocks
2024 2023
£ £
Work in progress 7,500 54,666
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 203,366 148,023
Prepayments and accrued income 26,042 -
Corporation tax recoverable assets 26,132 -
255,540 148,023
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,199 42,815
Bank loans and overdrafts 266,140 4,103
Other loans 170,000 -
Corporation tax - 26,132
Other taxes and social security 8,467 4,934
VAT 27,555 22,338
Net wages 343 -
Accruals and deferred income 7,452 2,820
Director's loan account 221 -
487,377 103,142
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 23,701 -
Other loans 319,000 -
342,701 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5