Somersalt Ltd NI690992 false 2022-09-08 2023-09-30 2023-09-30 The principal activity of the company is the retail and online sale of vape products. Digita Accounts Production Advanced 6.30.9574.0 true true NI690992 2022-09-08 2023-09-30 NI690992 2023-09-30 NI690992 bus:OrdinaryShareClass1 2023-09-30 NI690992 core:RetainedEarningsAccumulatedLosses 2023-09-30 NI690992 core:ShareCapital 2023-09-30 NI690992 core:CurrentFinancialInstruments 2023-09-30 NI690992 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 NI690992 core:FurnitureFittingsToolsEquipment 2023-09-30 NI690992 core:MotorVehicles 2023-09-30 NI690992 bus:SmallEntities 2022-09-08 2023-09-30 NI690992 bus:AuditExemptWithAccountantsReport 2022-09-08 2023-09-30 NI690992 bus:FullAccounts 2022-09-08 2023-09-30 NI690992 bus:SmallCompaniesRegimeForAccounts 2022-09-08 2023-09-30 NI690992 bus:RegisteredOffice 2022-09-08 2023-09-30 NI690992 bus:Director1 2022-09-08 2023-09-30 NI690992 bus:OrdinaryShareClass1 2022-09-08 2023-09-30 NI690992 bus:PrivateLimitedCompanyLtd 2022-09-08 2023-09-30 NI690992 core:FurnitureFittingsToolsEquipment 2022-09-08 2023-09-30 NI690992 core:MotorVehicles 2022-09-08 2023-09-30 NI690992 core:OfficeEquipment 2022-09-08 2023-09-30 NI690992 countries:AllCountries 2022-09-08 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI690992

Somersalt Ltd

Annual Report and Unaudited Financial Statements

for the Period from 8 September 2022 to 30 September 2023

 

Somersalt Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Somersalt Ltd

Company Information

Director

Colin Armour

Registered office

Opus House
137 York Road
Belfast
BT15 3GZ

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Somersalt Ltd

(Registration number: NI690992)
Balance Sheet as at 30 September 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

36,239

Current assets

 

Stocks

5

58,452

Debtors

6

207,482

Cash at bank and in hand

 

86,634

 

352,568

Creditors: Amounts falling due within one year

7

(350,518)

Net current assets

 

2,050

Net assets

 

38,289

Capital and reserves

 

Called up share capital

100

Profit and loss account

38,189

Total equity

 

38,289

For the financial period ending 30 September 2023 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 period 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 September 2024
 

.........................................

Colin Armour
Director

 

Somersalt Ltd

Notes to the Unaudited Financial Statements for the Period from 8 September 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Opus House
137 York Road
Belfast
BT15 3GZ
Northern Ireland

These financial statements were authorised for issue by the director on 6 September 2024.

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 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.

 

Somersalt Ltd

Notes to the Unaudited Financial Statements for the Period from 8 September 2022 to 30 September 2023

2

Accounting policies (continued)

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

Office equipment

20% straight line

Motor vehicles

20% straight line

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.

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.

 

Somersalt Ltd

Notes to the Unaudited Financial Statements for the Period from 8 September 2022 to 30 September 2023

2

Accounting policies (continued)

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

Somersalt Ltd

Notes to the Unaudited Financial Statements for the Period from 8 September 2022 to 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

27,078

18,500

45,578

At 30 September 2023

27,078

18,500

45,578

Depreciation

Charge for the

5,416

3,923

9,339

At 30 September 2023

5,416

3,923

9,339

Carrying amount

At 30 September 2023

21,662

14,577

36,239

5

Stocks

2023
£

Other inventories

58,452

6

Debtors

2023
£

Trade debtors

203,981

Other debtors

3,501

207,482

 

Somersalt Ltd

Notes to the Unaudited Financial Statements for the Period from 8 September 2022 to 30 September 2023

7

Creditors

Note

2023
£

Due within one year

 

Trade creditors

 

110,620

Corporation tax liability

 

3,846

Amounts owed to group undertakings and undertakings in which the company has a participating interest

176,567

Taxation and social security

 

307

Loans from directors

 

39,178

Accruals and deferred income

 

20,000

 

350,518

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

100

100