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REGISTERED NUMBER: 04483112 (England and Wales)
















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Somerset Accountancy Services Ltd

Somerset Accountancy Services Ltd (Registered number: 04483112)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Somerset Accountancy Services Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Mr B D Evans





REGISTERED OFFICE: 22 Wessex Park
Bancombe Road
Somerton
Somerset
TA11 6SB





REGISTERED NUMBER: 04483112 (England and Wales)





ACCOUNTANTS: Somerset Accountancy Services Ltd
22 Wessex Park
Bancombe Business Estate
Somerton
Somerset
TA11 6SB

Somerset Accountancy Services Ltd (Registered number: 04483112)

Abridged Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 53,429 69,333
Tangible assets 5 21,857 13,046
75,286 82,379

CURRENT ASSETS
Stocks 2,360 2,790
Debtors 176,638 222,101
Cash at bank and in hand 124,887 123,763
303,885 348,654
CREDITORS
Amounts falling due within one year 289,304 340,896
NET CURRENT ASSETS 14,581 7,758
TOTAL ASSETS LESS CURRENT
LIABILITIES

89,867

90,137

CREDITORS
Amounts falling due after more than one
year

6

(30,778

)

(36,110

)

PROVISIONS FOR LIABILITIES (5,252 ) (2,479 )
NET ASSETS 53,837 51,548

CAPITAL AND RESERVES
Called up share capital 19,350 19,350
Retained earnings 34,487 32,198
SHAREHOLDERS' FUNDS 53,837 51,548

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 director acknowledges his 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.

Somerset Accountancy Services Ltd (Registered number: 04483112)

Abridged Balance Sheet - continued
31 January 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





Mr B D Evans - Director


Somerset Accountancy Services Ltd (Registered number: 04483112)

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


1. STATUTORY INFORMATION

Somerset Accountancy Services Ltd 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property are being amortised evenly over their estimated useful life of nil years.

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 etc - 33% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

Somerset Accountancy Services Ltd (Registered number: 04483112)

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


2. ACCOUNTING POLICIES - continued

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.

Goodwill
Goodwill purchased in 2002 is amortised over 20 years.
Goodwill purchased since 2010 amortised over 5 years.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023
and 31 January 2024 239,860
AMORTISATION
At 1 February 2023 170,527
Amortisation for year 15,904
At 31 January 2024 186,431
NET BOOK VALUE

At 31 January 2024 53,429
At 31 January 2023 69,333

Somerset Accountancy Services Ltd (Registered number: 04483112)

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


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023 33,620
Additions 14,141
Disposals (9,163 )
At 31 January 2024 38,598
DEPRECIATION
At 1 February 2023 20,574
Charge for year 4,588
Eliminated on disposal (8,421 )
At 31 January 2024 16,741
NET BOOK VALUE
At 31 January 2024 21,857
At 31 January 2023 13,046

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.1.24 31.1.23
£    £   
Repayable by instalments
Bounce back loan 8,058 13,952

7. ULTIMATE CONTROLLING PARTY

The controlling party is Mr B D Evans.