Somerset Commercials Ltd 07509034 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the wholesale of motor vehicle equipment. Digita Accounts Production Advanced 6.30.9574.0 true true 07509034 2023-02-01 2024-01-31 07509034 2024-01-31 07509034 core:CurrentFinancialInstruments 2024-01-31 07509034 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 07509034 core:FurnitureFittingsToolsEquipment 2024-01-31 07509034 core:LandBuildings 2024-01-31 07509034 core:MotorVehicles 2024-01-31 07509034 bus:SmallEntities 2023-02-01 2024-01-31 07509034 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07509034 bus:FilletedAccounts 2023-02-01 2024-01-31 07509034 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07509034 bus:RegisteredOffice 2023-02-01 2024-01-31 07509034 bus:Director1 2023-02-01 2024-01-31 07509034 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07509034 core:ComputerEquipment 2023-02-01 2024-01-31 07509034 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 07509034 core:LandBuildings 2023-02-01 2024-01-31 07509034 core:MotorVehicles 2023-02-01 2024-01-31 07509034 core:PlantMachinery 2023-02-01 2024-01-31 07509034 countries:EnglandWales 2023-02-01 2024-01-31 07509034 2023-01-31 07509034 core:FurnitureFittingsToolsEquipment 2023-01-31 07509034 core:LandBuildings 2023-01-31 07509034 core:MotorVehicles 2023-01-31 07509034 2022-02-01 2023-01-31 07509034 2023-01-31 07509034 core:CurrentFinancialInstruments 2023-01-31 07509034 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07509034 core:FurnitureFittingsToolsEquipment 2023-01-31 07509034 core:LandBuildings 2023-01-31 07509034 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 07509034

Somerset Commercials Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Somerset Commercials Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

Somerset Commercials Ltd

(Registration number: 07509034)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

180,991

188,370

Current assets

 

Stocks

5

12,839

8,762

Debtors

6

54,607

107,632

Cash at bank and in hand

 

431,193

268,491

 

498,639

384,885

Creditors: Amounts falling due within one year

7

(170,971)

(149,816)

Net current assets

 

327,668

235,069

Total assets less current liabilities

 

508,659

423,439

Provisions for liabilities

(4,251)

(6,690)

Net assets

 

504,408

416,749

Capital and reserves

 

Called up share capital

1

1

Retained earnings

504,407

416,748

Shareholders' funds

 

504,408

416,749

For the financial year ending 31 January 2024 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.

 

Somerset Commercials Ltd

(Registration number: 07509034)
Balance Sheet as at 31 January 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 September 2024
 

.........................................
A J Flagg
Director

 

Somerset Commercials Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Melcombe View Farm
Soho
Leigh on Mendip
Radstock
Somerset
BA3 5RD

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

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Somerset Commercials Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

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

Computer equipment

25% on cost

Plant and machinery

25% reducing balance

Motor Vehicles

25% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Somerset Commercials Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Tangible assets

Land and buildings
£

Plant and computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

158,615

26,045

27,100

211,760

Additions

-

1,537

-

1,537

At 31 January 2024

158,615

27,582

27,100

213,297

Depreciation

At 1 February 2023

-

16,615

6,775

23,390

Charge for the year

-

3,835

5,081

8,916

At 31 January 2024

-

20,450

11,856

32,306

Net book value

At 31 January 2024

158,615

7,132

15,244

180,991

At 31 January 2023

158,615

9,430

20,325

188,370

 

Somerset Commercials Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Stocks

2024
£

2023
£

Stock

12,839

8,762

6

Debtors

2024
£

2023
£

Trade debtors

5,283

4,063

Other debtors

49,324

103,569

54,607

107,632

7

Creditors

Amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

53,837

47,114

Taxation and social security

42,539

32,928

Accruals and deferred income

1,775

1,648

Other creditors

72,820

68,126

170,971

149,816