Company Registration No. 05626436 (England and Wales)
Sovalli Limited
Unaudited accounts
for the year ended 30 November 2023
Sovalli Limited
Unaudited accounts
Contents
Sovalli Limited
Company Information
for the year ended 30 November 2023
Director
Christopher Russell Jones
Secretary
CD Nominees Limited
Company Number
05626436 (England and Wales)
Registered Office
Westbourne House
Main Street
Haltwhistle
NE49 0AZ
United Kingdom
Accountants
Christian Dodd
Westbourne House
Main Street
Haltwhistle
Northumberland
NE49 0AZ
Sovalli Limited
Statement of financial position
as at 30 November 2023
Tangible assets
129,271
151,964
Inventories
148,780
250,000
Debtors
1,429,976
1,027,147
Cash at bank and in hand
39,299
12,052
Creditors: amounts falling due within one year
(1,028,223)
(671,823)
Net current assets
589,832
617,376
Total assets less current liabilities
726,353
776,590
Creditors: amounts falling due after more than one year
(48,556)
(82,925)
Provisions for liabilities
Deferred tax
(32,317)
(37,990)
Net assets
645,480
655,675
Called up share capital
100
100
Profit and loss account
645,380
655,575
Shareholders' funds
645,480
655,675
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 November 2024 and were signed on its behalf by
Christopher Russell Jones
Director
Company Registration No. 05626436
Sovalli Limited
Notes to the Accounts
for the year ended 30 November 2023
Sovalli Limited is a private company, limited by shares, registered in England and Wales, registration number 05626436. The registered office is Westbourne House, Main Street, Haltwhistle, NE49 0AZ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on cost, 20% on cost and 10% on cost
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The interest element of these obligations is charged to the profit and loss account over the period. The capital element of the future payments is treated as a liability.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Ulitmate Parent Undertaking
At the balance sheet date the company's parent undertaking was Shawfield Park Limited a company registered in England and Wales whose registered office is at Westbourne House, Main Street, Haltwhistle, NE49 0AZ. Shawfield Park Limited is exempt from the requirement to prepare group accounts.
Sovalli Limited
Notes to the Accounts
for the year ended 30 November 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 December 2022
1,874
289,033
25,192
56,004
372,103
Additions
600
30,500
4,973
8,543
44,616
At 30 November 2023
2,474
319,533
30,165
64,547
416,719
At 1 December 2022
1,041
164,795
12,728
41,575
220,139
Charge for the year
365
56,008
3,027
7,909
67,309
At 30 November 2023
1,406
220,803
15,755
49,484
287,448
At 30 November 2023
1,068
98,730
14,410
15,063
129,271
At 30 November 2022
833
124,238
12,464
14,429
151,964
Carrying values included above held under finance leases and hire purchase contracts:
£
£
5
Investments
Other investments
Valuation at 1 December 2022
7,250
Valuation at 30 November 2023
7,250
Amounts falling due within one year
Trade debtors
25,190
25,978
Amounts due from group undertakings etc.
1,122,174
923,874
Accrued income and prepayments
13,717
8,879
Other debtors
54,548
53,267
Amounts falling due after more than one year
Other debtors
214,347
15,149
Sovalli Limited
Notes to the Accounts
for the year ended 30 November 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
20,000
20,001
Obligations under finance leases and hire purchase contracts
41,490
60,186
Trade creditors
23,617
15,451
Taxes and social security
211,263
204,238
Other creditors
24,383
94,685
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
19,854
35,073
Hire purchase contracts are secured by the assets to which they relate. Bank borrowings are secured by a fixed and floating charge over the company's assets.
9
Deferred taxation
2023
2022
Accelerated capital allowances
32,317
37,990
Provision at start of year
37,990
28,880
(Credited)/charged to the profit and loss account
(5,673)
9,110
Provision at end of year
32,317
37,990
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 the 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.
Sovalli Limited
Notes to the Accounts
for the year ended 30 November 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Christopher Russell Jones
15,150
195,380
50,270
160,260
15,150
195,380
50,270
160,260
Interest was charged on the loan at 2.25%.
11
Average number of employees
During the year the average number of employees was 13 (2022: 13).