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Registration number: 12260970

Sorwe Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2022 to 29 February 2024

 

Sorwe Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Sorwe Ltd

Company Information

Director

Emrah Erturk

Registered office

9 Barlings Road
Harpenden
Herts
AL5 2AL

Accountants

IA Accountants
9 Barlings Road
Harpenden
Herts
AL5 2AL

 

Sorwe Ltd

(Registration number: 12260970)
Balance Sheet as at 29 February 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

403

1,269

Investments

5

93

93

 

496

1,362

Current assets

 

Debtors

6

23,690

44,436

Cash at bank and in hand

 

33,814

449,442

 

57,504

493,878

Creditors: Amounts falling due within one year

7

(81,934)

(105,604)

Net current (liabilities)/assets

 

(24,430)

388,274

Total assets less current liabilities

 

(23,934)

389,636

Creditors: Amounts falling due after more than one year

7

(716,522)

(635,274)

Net liabilities

 

(740,456)

(245,638)

Capital and reserves

 

Called up share capital

8

136

136

Share premium reserve

395,226

395,226

Retained earnings

(1,135,818)

(641,000)

Shareholders' deficit

 

(740,456)

(245,638)

For the financial period ending 29 February 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 period in question in accordance with section 476; and

The director acknowledges 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.

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 31 October 2024
 

 

Sorwe Ltd

(Registration number: 12260970)
Balance Sheet as at 29 February 2024

.........................................
Emrah Erturk
Director

 

Sorwe Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 29 February 2024

1

General information

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

The address of its registered office is:
9 Barlings Road
Harpenden
Herts
AL5 2AL
England

These financial statements were authorised for issue by the director on 31 October 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

 

Sorwe Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 29 February 2024

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.

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

Straight line over 3 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Sorwe Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 29 February 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 1 (2022 - 2).

 

Sorwe Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

1,948

1,948

At 29 February 2024

1,948

1,948

Depreciation

At 1 November 2022

679

679

Charge for the period

866

866

At 29 February 2024

1,545

1,545

Carrying amount

At 29 February 2024

403

403

At 31 October 2022

1,269

1,269

5

Investments

2024
£

2022
£

Investments in subsidiaries

93

93

Subsidiaries

£

Cost or valuation

At 1 November 2022

93

Provision

Carrying amount

At 29 February 2024

93

At 31 October 2022

93

6

Debtors

Current

2024
£

2022
£

Trade debtors

20,865

8,693

Other debtors

2,825

35,743

 

23,690

44,436

 

Sorwe Ltd

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2022
£

Due within one year

Trade creditors

55,124

54,325

Taxation and social security

8,891

-

Accruals and deferred income

1,200

49,151

Other creditors

16,719

2,128

81,934

105,604

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Due after one year

 

Loans and borrowings

9

716,522

635,274

8

Share capital

Allotted, called up and fully paid shares

 

2024

2022

 

No.

£

No.

£

Ordinary A Shares of £0.00 each

9,427,329

94

9,427,329

94

Ordiinary B Shares of £0.00 each

100,000

1

100,000

1

Ordinary C Shares of £0.00 each

2,707,781

27

2,707,781

27

Ordinary Z Shares of £0.00 each

1,359,629

14

1,359,629

14

 

13,594,739

136

13,594,739

136

9

Loans and borrowings

2024
£

2022
£

Non-current loans and borrowings

Convertible debt

716,522

635,274