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Company registration number: SC113365
Sovereign International Trading Company Limited
Unaudited filleted financial statements
30 April 2024
Sovereign International Trading Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Sovereign International Trading Company Limited
Directors and other information
Directors I A Ewing Died 25 August 2024
M A Ewing
G I Ewing
Secretary M A Ewing
Company number SC113365
Registered office Burnbank Road
Falkirk
FK2 7PE
Accountants Dickson Middleton
20 Barnton Street
Stirling
FK9 1NE
Bankers Bank of Scotland
24 La Porte Precinct
Grangemouth
Sovereign International Trading Company Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Sovereign International Trading Company Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sovereign International Trading Company Limited for the year ended 30 April 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Sovereign International Trading Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Sovereign International Trading Company Limited and state those matters that we have agreed to state to the board of directors of Sovereign International Trading Company Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sovereign International Trading Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Sovereign International Trading Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sovereign International Trading Company Limited. You consider that Sovereign International Trading Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sovereign International Trading Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Dickson Middleton
Chartered Accountants
20 Barnton Street
Stirling
FK9 1NE
2 December 2024
Sovereign International Trading Company Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 4 - 75,253
_______ _______
- 75,253
Current assets
Debtors 5 42,275 51,172
Cash at bank and in hand 307 349
_______ _______
42,582 51,521
Creditors: amounts falling due
within one year 6 ( 600) ( 600)
_______ _______
Net current assets 41,982 50,921
_______ _______
Total assets less current liabilities 41,982 126,174
_______ _______
Net assets 41,982 126,174
_______ _______
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account ( 8,018) 76,174
_______ _______
Shareholders funds 41,982 126,174
_______ _______
For the year ending 30 April 2024 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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 December 2024 , and are signed on behalf of the board by:
M A Ewing
Director
Company registration number: SC113365
Sovereign International Trading Company Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Sovereign House, Burnbank Road, Falkirk, FK2 7PE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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, rounded to the nearest £.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or liability is recognised only when the company becomes a party to the contractual provisions of the instrument.The company has only basic financial instruments which are initially recognised at the transaction price and subsequently measured at the settlement price.
4. Investments
Other loans Total
£ £
Cost
At 1 May 2023 and 30 April 2024 75,253 75,253
_______ _______
Impairment
Impairment loss 75,253 75,253
At 1 May 2023 and 30 April 2024 75,253 75,253
_______ _______
Carrying amount
At 30 April 2024 - -
_______ _______
At 30 April 2023 75,253 75,253
_______ _______
5. Debtors
2024 2023
£ £
Other debtors 42,275 51,172
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 600 600
_______ _______