Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01falsefalseimporting and distributing licensed and non-licensed clothing1211falsetrue 02092771 2023-06-01 2024-05-31 02092771 2022-06-01 2023-05-31 02092771 2024-05-31 02092771 2023-05-31 02092771 c:Director1 2023-06-01 2024-05-31 02092771 d:ComputerEquipment 2023-06-01 2024-05-31 02092771 d:ComputerEquipment 2024-05-31 02092771 d:ComputerEquipment 2023-05-31 02092771 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02092771 d:CurrentFinancialInstruments 2024-05-31 02092771 d:CurrentFinancialInstruments 2023-05-31 02092771 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 02092771 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02092771 d:ShareCapital 2024-05-31 02092771 d:ShareCapital 2023-05-31 02092771 d:RetainedEarningsAccumulatedLosses 2024-05-31 02092771 d:RetainedEarningsAccumulatedLosses 2023-05-31 02092771 c:OrdinaryShareClass1 2023-06-01 2024-05-31 02092771 c:OrdinaryShareClass1 2024-05-31 02092771 c:OrdinaryShareClass1 2023-05-31 02092771 c:OrdinaryShareClass2 2023-06-01 2024-05-31 02092771 c:OrdinaryShareClass2 2023-05-31 02092771 c:FRS102 2023-06-01 2024-05-31 02092771 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 02092771 c:FullAccounts 2023-06-01 2024-05-31 02092771 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02092771 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02092771














SOMERBOND LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 
SOMERBOND LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 6


 
SOMERBOND LIMITED
REGISTERED NUMBER:02092771

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
160
1,925

Current assets
  

Stocks
  
49,850
32,164

Debtors: amounts falling due within one year
 5 
383,647
267,195

Cash at bank and in hand
  
210,611
460,170

  
644,108
759,529

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(1,003,150)
(900,049)

Net current liabilities
  
 
 
(359,042)
 
 
(140,520)

  

Net liabilities
  
(358,882)
(138,595)


Capital and reserves
  

Called up share capital 
 7 
100
102

Profit and loss account
  
(358,982)
(138,697)

  
(358,882)
(138,595)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 January 2025.

O Dokurlar
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
SOMERBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Somerbond Limited is a private limited liability company incorporated in England and Wales with its registered office and business address at 250 Kinetic Centre, Theobald Street, Borehamwood, WD6 4PJ.
The principal activity of the Company continues to be that of importing and distributing licensed and non-licensed clothing to many of the UK's major chain stores and retailers. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements of the Company have been prepared on a going concern basis, the validity of which is dependant on the continued support of the directors. The directors are satisfied that suitable facilities will continue to be made available for at least twelve months from the date of their approval of these financial statements and that the Company will be able to meet its working capital requirements for the foreseeable future.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised on delivery of goods.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Computer equipment
-
50% straight line

 
2.5

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase and all related direct costs on a first in, first out basis. 

Page 2

 
SOMERBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short term debtors are measured at the transaction price.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.



 
2.11

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Page 3

 
SOMERBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 11).

Page 4

 
SOMERBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 June 2023
94,379



At 31 May 2024

94,379



Depreciation


At 1 June 2023
92,454


Charge for the year on owned assets
1,765



At 31 May 2024

94,219



Net book value



At 31 May 2024
160



At 31 May 2023
1,925


5.


Debtors

2024
2023
£
£


Trade debtors
359,286
224,955

Other debtors
12,941
26,391

Prepayments
11,420
15,849

383,647
267,195


Page 5

 
SOMERBOND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
200,000
-

Trade creditors
387,914
358,501

Amounts owed to group undertakings
343,781
415,717

Taxation and social security
13,064
15,341

Other creditors
2,250
2,029

Accruals
56,141
108,461

1,003,150
900,049


Yaman Tekstil Turizm Insaat Gida Otomotiv Sanayi Ve Ticaret Limited, the Company's ultimate controlling party, has given a guarantee as security for the Company's bank facilities.


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £0.01 each
100
100
0 (2023 - 2) Preference shares shares of £1.00 each
-
2

100

102



8.


Controlling party

The Company is a subsidiary of Yaman Tekstil Turizm Insaat Gida Otomotiv Sanayi Ve Ticaret Limited Sirketi, a company registered in Turkey.
The directors regard M A Yaman as the ultimate controlling party.

 
Page 6