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REGISTERED NUMBER: 01568873 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Soretrac (U.K.) Limited

Soretrac (U.K.) Limited (Registered number: 01568873)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Soretrac (U.K.) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: O C Kahn
N Y Englesberg



REGISTERED OFFICE: Hurworth Road
Aycliffe Industrial Estate
NEWTON AYCLIFFE
Co Durham
DL5 6UD



REGISTERED NUMBER: 01568873 (England and Wales)



SENIOR STATUTORY AUDITOR: Christopher Beaumont BA(Hons) BFP FCA DChA



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

Soretrac (U.K.) Limited (Registered number: 01568873)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 511,261 501,740

CURRENT ASSETS
Stocks 5 177,437 838,127
Debtors 6 323,925 287,286
Cash at bank and in hand 104,718 13,507
606,080 1,138,920
CREDITORS
Amounts falling due within one year 7 446,197 375,004
NET CURRENT ASSETS 159,883 763,916
TOTAL ASSETS LESS CURRENT
LIABILITIES

671,144

1,265,656

CREDITORS
Amounts falling due after more than one
year

8

1,642,105

1,940,248
NET LIABILITIES (970,961 ) (674,592 )

CAPITAL AND RESERVES
Called up share capital 11 1,052,200 1,052,200
Revaluation reserve 271,809 271,809
Capital contribution reserve 299,349 299,349
Retained earnings (2,594,319 ) (2,297,950 )
SHAREHOLDERS' FUNDS (970,961 ) (674,592 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





N Y Englesberg - Director


Soretrac (U.K.) Limited (Registered number: 01568873)

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

1. STATUTORY INFORMATION

Soretrac (U.K.) 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Going concern
Whilst the company continues to be loss making, the directors have received confirmation from the parent company, Soretrac SA, that it will continue to make available financial support as may be required for the 12 months from the date of signing these financial statements.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with subsidiaries within the group or those concluded under normal market conditions.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Turnover includes revenue earned from the sale of goods. This revenue is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on delivery.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

The directors perform annual impairment reviews to ensure that the carrying value is not lower than the recoverable amount.

The directors consider that the freehold and leasehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.

Soretrac (U.K.) Limited (Registered number: 01568873)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account 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.

Invoice discounting
The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

Soretrac (U.K.) Limited (Registered number: 01568873)

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

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 462,985 261,089 724,074
Additions 6,067 13,814 19,881
At 31 December 2023 469,052 274,903 743,955
DEPRECIATION
At 1 January 2023 - 222,334 222,334
Charge for year - 10,360 10,360
At 31 December 2023 - 232,694 232,694
NET BOOK VALUE
At 31 December 2023 469,052 42,209 511,261
At 31 December 2022 462,985 38,755 501,740

Freehold land and property included above of £469,052 (2022: £462,985) is not depreciated.

Following transition to FRS 102 on 1 January 2016, the freehold property was transferred at deemed cost as per a valuation carried out on 28 February 2013. As a result the company no longer follows a policy of regular revaluation.

If freehold land and buildings had not been revalued the carrying value would have been stated at £197,243 (2022: £191,176).

5. STOCKS
2023 2022
£    £   
Stocks 177,437 838,127

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 301,758 232,235
Prepayments and accrued income 22,167 55,051
323,925 287,286

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 96,642 124,633
Taxation and social security 88,059 95,321
Other creditors 4,300 2,622
Invoice discounting creditor 240,561 135,961
Accruals and deferred income 16,635 16,467
446,197 375,004

Soretrac (U.K.) Limited (Registered number: 01568873)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts due to related party 1,642,105 1,940,248

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 11,328 -
Between one and five years 25,733 -
37,061 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice discounting creditor 240,561 135,961

Fixed and floating charges are held over all assets and undertakings of the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,052,200 Ordinary £1 1,052,200 1,052,200

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christopher Beaumont BA(Hons) BFP FCA DChA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

13. ULTIMATE PARENT COMPANY

The ultimate parent company is Soretrac SA, a company registered in France. The registered office is Soretrac SA, Zac de la Villette aux Aulnes, Rue René Cassin, 77290 Mitry-Mory, France.