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REGISTERED NUMBER: 11018126 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Sofco Limited

Sofco Limited (Registered number: 11018126)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sofco Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N E Noble
K Noble





REGISTERED OFFICE: 5 Chapell Lane
Wynyard Park Business Village
Wynyard
TS22 5FG





REGISTERED NUMBER: 11018126 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Sofco Limited (Registered number: 11018126)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,284 32,056

CURRENT ASSETS
Debtors 5 219,757 306,176
Cash at bank 826,416 777,969
1,046,173 1,084,145
CREDITORS
Amounts falling due within one year 6 599,085 666,832
NET CURRENT ASSETS 447,088 417,313
TOTAL ASSETS LESS CURRENT
LIABILITIES

468,372

449,369

PROVISIONS FOR LIABILITIES - 978
NET ASSETS 468,372 448,391

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 468,370 448,389
SHAREHOLDERS' FUNDS 468,372 448,391

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sofco Limited (Registered number: 11018126)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2024 and were signed on its behalf by:





N E Noble - Director


Sofco Limited (Registered number: 11018126)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Sofco Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the fair value of fees (excluding value added tax) derived from the provision of software, installation, maintenance and support of these software products and consultancy services.

Revenue recognition
Revenue arising from the provision of software and related support is recognised when the company becomes contractually entitled to the income according to the terms of the licence agreement. Revenue arising from services such as consultancy and training is recognised as those services are performed. Revenue related to future periods is deferred on the balance sheet and recognised over the duration of related contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Sofco Limited (Registered number: 11018126)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/ payable
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Government grants
The company received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 4,574 32,816 18,191 55,581
Additions 487 - 2,095 2,582
Disposals (200 ) - (747 ) (947 )
At 31 December 2023 4,861 32,816 19,539 57,216
DEPRECIATION
At 1 January 2023 4,417 4,558 14,550 23,525
Charge for year 110 10,939 1,794 12,843
Eliminated on disposal (125 ) - (311 ) (436 )
At 31 December 2023 4,402 15,497 16,033 35,932
NET BOOK VALUE
At 31 December 2023 459 17,319 3,506 21,284
At 31 December 2022 157 28,258 3,641 32,056

Sofco Limited (Registered number: 11018126)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 169,044 221,751
Social security and other taxes 15,750 36,693
Prepayments and accrued income 34,963 47,732
219,757 306,176

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 43,728
Trade creditors 46,844 18,108
Social security and other taxes 38,539 50,344
Other creditors 1,295 1,508
Accruals and deferred income 512,407 553,144
599,085 666,832

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

8. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £52,500 (2022 - £87,500) relating to amounts payable under operating leases.