So Incredible Ltd 09574153 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Marketing Digita Accounts Production Advanced 6.30.9574.0 true true 09574153 2023-06-01 2024-05-31 09574153 2024-05-31 09574153 core:CurrentFinancialInstruments 2024-05-31 09574153 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 09574153 core:OtherPropertyPlantEquipment 2024-05-31 09574153 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-05-31 09574153 bus:SmallEntities 2023-06-01 2024-05-31 09574153 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09574153 bus:FilletedAccounts 2023-06-01 2024-05-31 09574153 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09574153 bus:RegisteredOffice 2023-06-01 2024-05-31 09574153 bus:Director1 2023-06-01 2024-05-31 09574153 bus:Director2 2023-06-01 2024-05-31 09574153 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09574153 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 09574153 core:PlantMachinery 2023-06-01 2024-05-31 09574153 core:KeyManagementPersonnel 2023-06-01 2024-05-31 09574153 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 09574153 countries:EnglandWales 2023-06-01 2024-05-31 09574153 2023-05-31 09574153 core:OtherPropertyPlantEquipment 2023-05-31 09574153 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 09574153 2022-06-01 2023-05-31 09574153 2023-05-31 09574153 core:CurrentFinancialInstruments 2023-05-31 09574153 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 09574153 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-05-31 09574153 core:OtherPropertyPlantEquipment 2023-05-31 09574153 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 09574153 core:PreviouslyStatedAmount 2023-05-31 09574153 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 09574153

So Incredible Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

image-name
 

So Incredible Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

So Incredible Ltd

Company Information

Directors

Mr Ara Steven Bozadjian

Mr Harold Anthony Bozadjian

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

So Incredible Ltd

(Registration number: 09574153)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

5

14,854

4,703

Current assets

 

Debtors

6

72,706

316,360

Cash at bank and in hand

 

478,364

441,112

 

551,070

757,472

Creditors: Amounts falling due within one year

7

(15,229)

(105,399)

Net current assets

 

535,841

652,073

Total assets less current liabilities

 

550,695

656,776

Provisions for liabilities

-

(1,176)

Net assets

 

550,695

655,600

Capital and Reserves

 

Called up share capital

3

3

Retained Earnings

550,692

655,597

Shareholders' funds

 

550,695

655,600

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 February 2025 and signed on its behalf by:
 

.........................................
Mr Harold Anthony Bozadjian
Director

   
     
 

So Incredible Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

These financial statements were authorised for issue by the Board on 13 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

These accounts have been prepared on a going concern basis notwithstanding the company's net liability position at the balance sheet date. The directors are confident that with their continued support, the company can remain in operational existence for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

So Incredible Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

So Incredible Ltd

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

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

So Incredible Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

3

2

3

2

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

4,952

1,472

 

So Incredible Ltd

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

5

Tangible Assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

12,100

12,100

Additions

15,102

15,102

At 31 May 2024

27,202

27,202

Depreciation

At 1 June 2023

7,397

7,397

Charge for the year

4,951

4,951

At 31 May 2024

12,348

12,348

Carrying amount

At 31 May 2024

14,854

14,854

At 31 May 2023

4,703

4,703

6

Debtors

Current

2024
£

2023
£

Trade Debtors

33,002

175,542

Prepayments

7,745

-

Other debtors

31,959

140,818

 

72,706

316,360

 

So Incredible Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

Trade Creditors

 

286

30,184

Social security and other taxes

 

8,837

24,767

Outstanding defined contribution pension costs

 

185

-

Other payables

 

4,565

1,223

Accrued expenses

 

1,356

1,286

Corporation Tax

-

47,939

 

15,229

105,399

8

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

31,636

31,636

Advanced

2,824

2,824

Repaid

(31,636)

(31,636)

At end of period

2,824

2,824

2023

Key management
£

Total
£

Advanced

31,636

31,636

At end of period

31,636

31,636

Terms of loans to related parties

During the year the company provided the directors with an interest free loan which was unsecured and repayable on demand.