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REGISTERED NUMBER: 12019298 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

So Accounting Limited

So Accounting Limited (Registered number: 12019298)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


So Accounting Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: S M Johnston
O N Johnston





REGISTERED OFFICE: 2 Harris Close
Frome
Somerset
BA11 5JY





REGISTERED NUMBER: 12019298 (England and Wales)





ACCOUNTANTS: SO Accounting Limited
Chartered Accountants
2 Harris Close
Frome
Somerset
BA11 5JY

So Accounting Limited (Registered number: 12019298)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,214 5,754
5,214 5,754

CURRENT ASSETS
Debtors 6 70,557 41,671
Cash at bank 48,865 59,512
119,422 101,183
CREDITORS
Amounts falling due within one year 7 73,488 63,185
NET CURRENT ASSETS 45,934 37,998
TOTAL ASSETS LESS CURRENT
LIABILITIES

51,148

43,752

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 51,048 43,652
51,148 43,752

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

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

The directors acknowledge their 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.

So Accounting Limited (Registered number: 12019298)

Balance Sheet - continued
31 May 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 Board of Directors and authorised for issue on 3 February 2025 and were signed on its behalf by:





S M Johnston - Director


So Accounting Limited (Registered number: 12019298)

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

1. STATUTORY INFORMATION

So Accounting 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of three years.

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.
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

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.


So Accounting Limited (Registered number: 12019298)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 14,341
AMORTISATION
At 1 June 2023
and 31 May 2024 14,341
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

So Accounting Limited (Registered number: 12019298)

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

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023 4,685 5,528 10,213
Additions - 2,019 2,019
Disposals - (1,543 ) (1,543 )
At 31 May 2024 4,685 6,004 10,689
DEPRECIATION
At 1 June 2023 1,603 2,856 4,459
Charge for year 617 917 1,534
Eliminated on disposal - (518 ) (518 )
At 31 May 2024 2,220 3,255 5,475
NET BOOK VALUE
At 31 May 2024 2,465 2,749 5,214
At 31 May 2023 3,082 2,672 5,754

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 58,611 34,622
Other debtors 11,946 7,049
70,557 41,671

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 9,600 10,191
Taxation and social security 58,016 35,673
Other creditors 5,872 17,321
73,488 63,185

So Accounting Limited (Registered number: 12019298)

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

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits made to the company by the directors subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
O N Johnston
Balance outstanding at start of year (2,194 ) 619
Amounts advanced 9,234 4,929
Amounts repaid (6,921 ) (7,742 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 119 (2,194 )

S M Johnston
Balance outstanding at start of year 2,125 312
Amounts advanced 312 4,393
Amounts repaid - (2,580 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,437 2,125

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S M Johnston.