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Registration number: 06511339

Soho Commercial Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Soho Commercial Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Soho Commercial Limited

Company Information

Directors

HAH Owen

Mrs CC Owen

Mr SCP Owen

Mrs S K Owen

Company secretary

Mr SCP Owen

Registered office

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Soho Commercial Limited

(Registration number: 06511339)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

4

11,038

17,732

Current assets

 

Inventories

5

430,786

464,425

Receivables

6

495,401

371,444

Cash at bank and in hand

 

807,062

573,188

 

1,733,249

1,409,057

Payables: Amounts falling due within one year

7

(1,313,141)

(1,080,257)

Net current assets

 

420,108

328,800

Total assets less current liabilities

 

431,146

346,532

Provisions for liabilities

(2,759)

(3,369)

Net assets

 

428,387

343,163

Equity

 

Called up share capital

9

100

100

Retained earnings

428,287

343,063

Shareholders' funds

 

428,387

343,163

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Soho Commercial Limited were approved and authorised for issue by the Board on 4 November 2024 and signed on its behalf by:

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

Mr SCP Owen
Company secretary and director

 

Soho Commercial Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

1

General information

Soho Commercial Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, which may be obtained from. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel..

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

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

 

Soho Commercial Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

4 years

Fixtures & fittings

4 years

Computer equipment

3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Inventories

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

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Soho Commercial Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

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.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

 

Soho Commercial Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

4

Property, plant and equipment

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

50,289

50,289

Additions

904

904

At 31 March 2024

51,193

51,193

Depreciation

At 1 April 2023

32,557

32,557

Charge for the year

7,598

7,598

At 31 March 2024

40,155

40,155

Carrying amount

At 31 March 2024

11,038

11,038

At 31 March 2023

17,732

17,732

5

Inventories

2024
£

2023
£

Other inventories

430,786

464,425

6

Receivables

2024
£

2023
£

Trade receivables

430,402

302,004

Other receivables

33,845

32,345

Prepayments

31,154

37,095

495,401

371,444

 

Soho Commercial Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024 (continued)

7

Payables

Note

2024
£

2023
£

Due within one year

 

Trade payables

 

912,565

791,093

Social security and other taxes

 

147,236

115,384

Other payables

 

39,298

28,679

Accruals

 

80,829

62,691

Income tax liability

133,213

82,410

 

1,313,141

1,080,257

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

3,369

3,369

Increase (decrease) in existing provisions

(610)

(610)

At 31 March 2024

2,759

2,759

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

 

100

100

100

100