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Company registration number: 10792509
Socoa Ltd
Unaudited filleted financial statements
31 May 2024
Socoa Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Socoa Ltd
Directors and other information
Directors Mr Robert Palmer
Mr Sean Butcher
Company number 10792509
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Socoa Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Socoa Ltd
Year ended 31 May 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 Socoa Ltd for the year ended 31 May 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Socoa Ltd, 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 Socoa Ltd and state those matters that we have agreed to state to the board of directors of Socoa Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Socoa Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Socoa Ltd 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 profit of Socoa Ltd. You consider that Socoa Ltd 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 Socoa Ltd. 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
26 February 2025
Socoa Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1 1
_______ _______
1 1
Current assets
Debtors 6 85,124 91,985
_______ _______
85,124 91,985
Creditors: amounts falling due
within one year 7 ( 68,673) ( 76,785)
_______ _______
Net current assets 16,451 15,200
_______ _______
Total assets less current liabilities 16,452 15,201
Creditors: amounts falling due
after more than one year 8 ( 36,580) ( 41,156)
_______ _______
Net liabilities ( 20,128) ( 25,955)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 20,228) ( 26,055)
_______ _______
Shareholders deficit ( 20,128) ( 25,955)
_______ _______
For the 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr Sean Butcher
Director
Company registration number: 10792509
Socoa Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
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.
Going concern
The accounts are prepared on a going concern basis which assumes the continued support of thecompany's directors.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - 3 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible assets
Computer Equipment Total
£ £
Cost
At 1 June 2023 and 31 May 2024 3,811 3,811
_______ _______
Depreciation
At 1 June 2023 and 31 May 2024 3,810 3,810
_______ _______
Carrying amount
At 31 May 2024 1 1
_______ _______
At 31 May 2023 1 1
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 50,000 50,000
Other debtors 35,124 41,985
_______ _______
85,124 91,985
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 14,043 12,398
Trade creditors 39,707 49,914
Other creditors 14,923 14,473
_______ _______
68,673 76,785
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 36,580 41,156
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Robert Palmer ( 13) - - ( 13)
Mr Sean Butcher 34,503 32,560 ( 37,720) 29,343
_______ _______ _______ _______
34,490 32,560 ( 37,720) 29,330
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Robert Palmer ( 13) - - ( 13)
Mr Sean Butcher 41,034 31,100 ( 37,631) 34,503
_______ _______ _______ _______
41,021 31,100 ( 37,631) 34,490
_______ _______ _______ _______
10. Transactions with directors
Robert Palmer, a director, is a director of Palmer PR Ltd. During the year ended 31 May 2024 the company received a credit note against management services from Palmer PR Ltd as agreed of £7,800 excluding VAT (2023: charge of £2,932). At 31 May 2024 the balance included in trade creditors is £nil (2023: £9,359) due to Palmer PR Ltd.