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Company No: 03987719 (England and Wales)

SOBEK SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

SOBEK SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

SOBEK SERVICES LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
SOBEK SERVICES LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
DIRECTORS J Fowler
T R Rayner
REGISTERED OFFICE Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
United Kingdom
COMPANY NUMBER 03987719 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
SOBEK SERVICES LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
SOBEK SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 11,643 3,168
11,643 3,168
Current assets
Stocks 4 19,800 19,800
Debtors 5 4,644 5,510
Cash at bank and in hand 6 3,614 ( 2,650)
28,058 22,660
Creditors: amounts falling due within one year 7 ( 18,499) ( 32,617)
Net current assets/(liabilities) 9,559 (9,957)
Total assets less current liabilities 21,202 (6,789)
Provision for liabilities 8 ( 1,790) ( 87)
Net assets/(liabilities) 19,412 ( 6,876)
Capital and reserves
Called-up share capital 2 2
Profit and loss account 19,410 ( 6,878 )
Total shareholders' funds/(deficit) 19,412 ( 6,876)

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

Directors' responsibilities:

The financial statements of Sobek Services Limited (registered number: 03987719) were approved and authorised for issue by the Board of Directors on 24 December 2024. They were signed on its behalf by:

J Fowler
Director
SOBEK SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
SOBEK SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sobek Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
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.

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 February 2023 10,900 6,917 20,370 38,187
Additions 0 7,250 3,686 10,936
Disposals 0 ( 6,917) 0 ( 6,917)
At 31 January 2024 10,900 7,250 24,056 42,206
Accumulated depreciation
At 01 February 2023 10,900 5,275 18,844 35,019
Charge for the financial year 0 410 819 1,229
Disposals 0 ( 5,686) 0 ( 5,686)
At 31 January 2024 10,900 0 19,663 30,563
Net book value
At 31 January 2024 0 7,250 4,393 11,643
At 31 January 2023 0 1,642 1,526 3,168

4. Stocks

2024 2023
£ £
Finished goods 19,800 19,800

5. Debtors

2024 2023
£ £
Trade debtors 4,644 5,510

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 3,614 ( 2,650)

7. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 312 925
Accruals 3,100 5,665
Taxation and social security 15,087 26,027
18,499 32,617

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 87) ( 929)
(Charged)/credited to the Statement of Income and Retained Earnings ( 1,703) 842
At the end of financial year ( 1,790) ( 87)