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REGISTRAR OF COMPANIES

Registration number: 04453876

Peter Sorton & Associates Limited

Unaudited Financial Statements

30 June 2024

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Peter Sorton & Associates Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Peter Sorton & Associates Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Peter Sorton & Associates Limited for the year ended 30 June 2024 as set out on pages 2 to 11 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/regulation.

This report is made solely to the Board of Directors of Peter Sorton & Associates Limited, as a body, in accordance with the terms of our engagement letter dated 2 September 2022. Our work has been undertaken solely to prepare for your approval the accounts of Peter Sorton & Associates Limited and state those matters that we have agreed to state to the Board of Directors of Peter Sorton & Associates Limited, 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 Peter Sorton & Associates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Peter Sorton & Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Peter Sorton & Associates Limited. You consider that Peter Sorton & Associates 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 accounts of Peter Sorton & Associates 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 accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

3 February 2025

 

Peter Sorton & Associates Limited

(Registration number: 04453876)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

50,097

66,072

Current assets

 

Debtors

5

2,597,867

2,451,852

Cash at bank and in hand

 

15,863

30,976

 

2,613,730

2,482,828

Creditors: Amounts falling due within one year

6

(259,322)

(241,683)

Net current assets

 

2,354,408

2,241,145

Total assets less current liabilities

 

2,404,505

2,307,217

Creditors: Amounts falling due after more than one year

6

(47,939)

(59,798)

Provisions for liabilities

(12,524)

(16,518)

Net assets

 

2,344,042

2,230,901

Capital and reserves

 

Allotted, called up and fully paid share capital

80,000

80,000

Profit and loss account

2,264,042

2,150,901

Total equity

 

2,344,042

2,230,901

 

Peter Sorton & Associates Limited

(Registration number: 04453876)
Balance Sheet as at 30 June 2024 (continued)

For the financial year ending 30 June 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 3 February 2025 and signed on its behalf by:
 

.........................................

P Sorton

Director

 

Peter Sorton & Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Clint Mill
Cornmarket
PENRITH
CA11 7HW

The principal place of business is:
Unit N
Skirsgill Business Park
PENRITH
CA11 0DP

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Government grants

Grants relating to revenue are recognised in the profit and loss account on a systemic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable,

 

Peter Sorton & Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

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 and equipment

25% on reducing balance

Furniture, fittings and office equipment

15% on reducing balance

Motor vehicles

15% on 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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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.

 

Peter Sorton & Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

 

Peter Sorton & Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Peter Sorton & Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 July 2023

49,454

99,734

64,183

213,371

Additions

361

-

-

361

At 30 June 2024

49,815

99,734

64,183

213,732

Depreciation

At 1 July 2023

48,934

39,479

58,886

147,299

Charge for the year

477

15,064

795

16,336

At 30 June 2024

49,411

54,543

59,681

163,635

Carrying amount

At 30 June 2024

404

45,191

4,502

50,097

At 30 June 2023

520

60,255

5,297

66,072

 

Peter Sorton & Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

90,257

85,796

Other debtors

2,507,610

2,366,056

 

2,597,867

2,451,852

Less non-current portion

(514,587)

(478,997)

2,083,280

1,972,855

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

11,859

11,860

Trade creditors

 

1,066

429

Taxation and social security

 

35,443

33,726

Corporation tax liability

 

162,631

156,800

Other creditors

 

48,323

38,868

 

259,322

241,683

Due after one year

 

Loans and borrowings

7

47,939

59,798

 

Peter Sorton & Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Hire purchase liabilities

11,859

11,860

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Hire purchase liabilities

11,859

11,860

Hire purchase liabilities are secured on the assets to which they relate.

2024
£

2023
£

Non-current loans and borrowings

Hire purchase liabilities

47,939

59,798

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Hire purchase liabilities

47,939

59,798

Hire purchase liabilities are secured on the assets to which they relate.

 

Peter Sorton & Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

8

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 June 2024
£

P Sorton

Directors Loan

(918,498)

(159,572)

-

-

128,000

(21,155)

(971,225)

               
         

T A Sorton

Directors Loan

(918,497)

(159,572)

-

-

128,000

(21,155)

(971,224)

               
         

 

2023

At 1 July 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 June 2023
£

P Sorton

Directors Loan

(877,550)

(150,465)

-

-

128,000

(18,483)

(918,498)

               
         

T A Sorton

Directors Loan

(877,547)

(150,465)

-

-

128,000

(18,485)

(918,497)

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% (2023 2% & 2.25%) on advances to directors.