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REGISTERED NUMBER: 05095645 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Sovereign Accounting Solutions Limited

Sovereign Accounting Solutions Limited (Registered number: 05095645)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sovereign Accounting Solutions Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: J R Donald





SECRETARY: Mrs S L Donald





REGISTERED OFFICE: Unit 9 Moorland Road Industrial Park
Moorland Road
Indian Queens
St Columb
Cornwall
TR9 6FB





REGISTERED NUMBER: 05095645 (England and Wales)





ACCOUNTANTS: Sovereign Accounting Solutions
Chartered Accountants and Business Advisers
Unit 9
Moorland Road Industrial Park
Moorland Road, Indian Queens
St Columb
Cornwall
TR9 6FB

Sovereign Accounting Solutions Limited (Registered number: 05095645)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 60,000 72,000
Tangible assets 5 1,130 323
61,130 72,323

CURRENT ASSETS
Debtors 6 50,004 49,452
Cash at bank 74,777 106,915
124,781 156,367
CREDITORS
Amounts falling due within one year 7 13,983 58,879
NET CURRENT ASSETS 110,798 97,488
TOTAL ASSETS LESS CURRENT
LIABILITIES

171,928

169,811

PROVISIONS FOR LIABILITIES 215 61
NET ASSETS 171,713 169,750

CAPITAL AND RESERVES
Called up share capital 150 150
Revaluation reserve 8 25,000 37,000
Retained earnings 146,563 132,600
SHAREHOLDERS' FUNDS 171,713 169,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sovereign Accounting Solutions Limited (Registered number: 05095645)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 January 2025 and were signed by:





J R Donald - Director


Sovereign Accounting Solutions Limited (Registered number: 05095645)

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

1. STATUTORY INFORMATION

Sovereign Accounting Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Taxation
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Sovereign Accounting Solutions Limited (Registered number: 05095645)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST OR VALUATION
At 1 April 2023 72,000
Revaluations (12,000 )
At 31 March 2024 60,000
NET BOOK VALUE
At 31 March 2024 60,000
At 31 March 2023 72,000

Cost or valuation at 31 March 2024 is represented by:

Goodwill
£   
Valuation in 2019 13,000
Valuation in 2020 (10,000 )
Valuation in 2021 (5,000 )
Valuation in 2022 20,000
Valuation in 2023 19,000
Valuation in 2024 (12,000 )
Cost 35,000
60,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 2,061
Additions 1,006
At 31 March 2024 3,067
DEPRECIATION
At 1 April 2023 1,738
Charge for year 199
At 31 March 2024 1,937
NET BOOK VALUE
At 31 March 2024 1,130
At 31 March 2023 323

Sovereign Accounting Solutions Limited (Registered number: 05095645)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 23,457 27,947
Other debtors 26,547 21,505
50,004 49,452

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 1,921 10,000
Taxation and social security 10,862 14,879
Other creditors 1,200 34,000
13,983 58,879

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023 37,000
Goodwill (12,000 )

At 31 March 2024 25,000