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COMPANY REGISTRATION NUMBER: 04389282
Sonco Limited
Filleted Unaudited Financial Statements
30 June 2021
Sonco Limited
Statement of Financial Position
30 June 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
19,562
27,358
Current assets
Stocks
42,286
68,834
Debtors
6
34,831
59,941
Cash at bank and in hand
282,775
126,549
---------
---------
359,892
255,324
Creditors: amounts falling due within one year
7
158,880
154,764
---------
---------
Net current assets
201,012
100,560
---------
---------
Total assets less current liabilities
220,574
127,918
Creditors: amounts falling due after more than one year
8
50,000
---------
---------
Net assets
170,574
127,918
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
170,474
127,818
---------
---------
Shareholders funds
170,574
127,918
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sonco Limited
Statement of Financial Position (continued)
30 June 2021
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
Mr D Sodha
Director
Company registration number: 04389282
Sonco Limited
Notes to the Financial Statements
Year ended 30 June 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Beechcroft Road, Bushey, WD23 2JU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Turnover is recognised when the fuel and goods are physically sold to customers.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2020: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2020 and 30 June 2021
9,565
32,973
39,778
82,316
------
--------
--------
--------
Depreciation
At 1 July 2020
5,739
31,816
17,403
54,958
Charge for the year
1,913
289
5,594
7,796
------
--------
--------
--------
At 30 June 2021
7,652
32,105
22,997
62,754
------
--------
--------
--------
Carrying amount
At 30 June 2021
1,913
868
16,781
19,562
------
--------
--------
--------
At 30 June 2020
3,826
1,157
22,375
27,358
------
--------
--------
--------
6. Debtors
2021
2020
£
£
Trade debtors
34,831
59,842
Other debtors
99
--------
--------
34,831
59,941
--------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
48,757
56,852
Corporation tax
50,823
43,674
Social security and other taxes
24,599
12,892
Other creditors
34,701
41,346
---------
---------
158,880
154,764
---------
---------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
50,000
--------
----
9. Events after the end of the reporting period
Since 31 January 2020, the spread of COVID-19 has severely impacted many local economies due to national lockdown in March 2020 and government guidelines, policies and advice. The company is continually assessing the situation and have taken a number of measures to monitor and mitigate its effects and to continue the operations in the best and safest way possible. Safety and health measures for our staff and customers such as social distancing, reduced number of customers entering the shop, providing PPE equipment and other measures have been implemented as necessary. The management is unable to make a reliable estimate of the possible impact, as the situation is continually changing. The management are keeping a tight control on the finances and the company continues to trade as a going concern.
10. Directors' advances, credits and guarantees
The directors loan account is not disclosed as permitted under Section 1A of FRS 102.