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REGISTERED NUMBER: 11180305 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

SOKOLLAB LIMITED

SOKOLLAB LIMITED (REGISTERED NUMBER: 11180305)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOKOLLAB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: J Z Y Tay
V K W Martin





REGISTERED OFFICE: 34-40 High Street
Wanstead
London
E11 2RJ





REGISTERED NUMBER: 11180305 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
Unit 4 Mulgrave Chambers
26-28 Mulgrave Road
Sutton
Surrey
SM2 6LE

SOKOLLAB LIMITED (REGISTERED NUMBER: 11180305)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 55,599 71,761

CURRENT ASSETS
Stocks 5 211,345 126,117
Debtors 6 89,051 104,619
Cash at bank and in hand 326,115 445,484
626,511 676,220
CREDITORS
Amounts falling due within one year 7 438,139 553,046
NET CURRENT ASSETS 188,372 123,174
TOTAL ASSETS LESS CURRENT
LIABILITIES

243,971

194,935

PROVISIONS FOR LIABILITIES 9 12,151 15,488
NET ASSETS 231,820 179,447

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 231,818 179,445
SHAREHOLDERS' FUNDS 231,820 179,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 30 October 2024 and were signed on its behalf by:





J Z Y Tay - Director


SOKOLLAB LIMITED (REGISTERED NUMBER: 11180305)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Sokollab 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

The directors, having considered all the information available, are confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes.

Sales of goods in store are recognised on sale to the customer, which is considered to be the point of delivery and when the significant risks and rewards of the goods have been passed to the customer. Retail sales are usually by cash, credit or payment card.

The company also sells goods via its website for delivery to the customer. Revenue is recognised when the significant risks and rewards of goods is passed to the customer. For deliveries to the customer, this is the point of dispatch.

Government grants
Government grants are accounted for using the accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery- 20% on cost
Fixtures and fittings- 20% on cost
Computer equipment- 20% on cost

Stocks
Stock is stated at the lower of cost and selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on a first in first out basis. Cost includes the purchase price, including taxes and duties, transport and all other costs directly attributable to bringing the stock to its present location and condition.

Goods in transit are recognised as stock once legal ownership transfers to the company and the risks and
rewards of ownership are effectively controlled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


SOKOLLAB LIMITED (REGISTERED NUMBER: 11180305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
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.

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.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 10,114 77,849 7,949 95,912
Additions - 743 3,314 4,057
Disposals - - (308 ) (308 )
At 31 January 2024 10,114 78,592 10,955 99,661
DEPRECIATION
At 1 February 2023 2,960 19,263 1,928 24,151
Charge for year 2,023 15,718 2,232 19,973
Eliminated on disposal - - (62 ) (62 )
At 31 January 2024 4,983 34,981 4,098 44,062
NET BOOK VALUE
At 31 January 2024 5,131 43,611 6,857 55,599
At 31 January 2023 7,154 58,586 6,021 71,761

5. STOCKS
2024 2023
£    £   
Stocks 80,031 118,083
EU Stock 37,865 8,034
Goods in transit 93,449 -
211,345 126,117

SOKOLLAB LIMITED (REGISTERED NUMBER: 11180305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 34,215 50,527
Other debtors 5,300 500
Prepayments and accrued income 13,536 12,792
53,051 63,819

Amounts falling due after more than one year:
Other debtors 36,000 40,800

Aggregate amounts 89,051 104,619

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 32,925 41,744
Corporation tax 23,246 17,023
Social security and other taxes 9,233 8,094
VAT 145,295 159,956
Other creditors 1,900 1,467
Amount due to related party 47,485 47,485
Directors' current accounts 81,571 122,182
Accrued expenses 96,484 155,095
438,139 553,046

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 83,500 79,473
Between one and five years 334,000 334,000
In more than five years 276,504 360,004
694,004 773,477

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 12,151 15,488

Deferred
tax
£   
Balance at 1 February 2023 15,488
Provided during year (3,337 )
Balance at 31 January 2024 12,151

10. RELATED PARTY DISCLOSURES

At the year end, the directors were owed £81,571 (2023 - £122,182) by the company. The loans are interest free and carry no fixed term of repayment.

At the year end an amount was due to a related party of £47,485 (2023 - £47,485) of which the directors of this company have control.