Registration number:
Sortimo International Limited
for the Year Ended 31 December 2024
Sortimo International Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Statement of Comprehensive Income |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Sortimo International Limited
Company Information
Director |
Mr R Braun |
Company secretary |
Mr C Jones |
Registered office |
|
Auditors |
|
Sortimo International Limited
Strategic Report for the Year Ended 31 December 2024
The director presents his strategic report for the year ended 31 December 2024.
Fair review of the business
In the light of the ongoing challenges associated with the current economic climate the company was pleased with the results for the year and with the financial position at the year end.
The company recorded a 58.2% increase in turnover to £25,171,712 (2023 - £15,910,661) and produced a gross profit margin of 23.47% (2023 – 23.04%). Pre-tax net profit increased to £2,225,224 (2023 - £860,876).
Principal risks and uncertainties
The company faces business risks and uncertainties associated with the competitive market place within which it trades and those inherent in the current economic climate. In view of this the company constantly monitors both existing and potential new markets to maximise sales potential. The company also take advantage of buying opportunities, where appropriate, to obtain the most favourable terms and to minimise costs.
Approved and authorised by the
......................................... |
Sortimo International Limited
Director's Report for the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
Director of the company
The director who held office during the year was as follows:
Financial instruments
The company's principal financial instruments comprise of a bank current account balance, trade debtors, trade creditors and finance lease contracts. The main purpose of these instruments is to provide funds for the company's operations and to finance the company's trading.
Objectives and policies
The company's continuing key objective is to maximize profits which is in line with the aims of its parent. The main strategies adopted to achieve this objective are the maximization of sales and gross margins, supported by effective cost management.
Financial risk management
The company’s operations are exposed to a variety of financial risks.
There is a general risk that customers will not pay for the products that they have purchased. This risk is managed by company policies concerning the amount of credit offered to customers and then by the regular assessment of amounts outstanding to minimise exposure to potential bad debts.
There is a potential exchange rate risk which the company mitigates by monitoring the foreign currencies in which it regularly transacts.
Future developments
The director is confident in the company's ability to withstand the impact of the challenges associated with the current economic climate.
The company will look to continue its policy of providing the customer with an extensive range of quality products.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved and authorised by the
|
Sortimo International Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Sortimo International Limited
Independent Auditor's Report to the Members of Sortimo International Limited
Opinion
We have audited the financial statements of Sortimo International Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Sortimo International Limited
Independent Auditor's Report to the Members of Sortimo International Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Directors Responsibilities, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance
|
Sortimo International Limited
Independent Auditor's Report to the Members of Sortimo International Limited (continued)
• |
The company is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation. |
• |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT
Sortimo International Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
2,233,222 |
865,231 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(7,998) |
(4,355) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Sortimo International Limited
(Registration number: 03585994)
Statement of Financial Position as at 31 December 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
3,300,000 |
3,300,000 |
|
Profit and loss account |
2,079,325 |
414,586 |
|
Shareholders' funds |
5,379,325 |
3,714,586 |
Approved and authorised by the
|
Sortimo International Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
Share capital |
Profit and loss account |
Total |
|
At 1 January 2024 |
|
|
|
Profit for the year |
- |
|
|
At 31 December 2024 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 January 2023 |
|
( |
|
Profit for the year |
- |
|
|
At 31 December 2023 |
3,300,000 |
414,586 |
3,714,586 |
Sortimo International Limited
Statement of Cash Flows for the Year Ended 31 December 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
655,343 |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
77,876 |
|
Profit on disposal of tangible assets |
( |
(30,713) |
|
Finance income |
( |
- |
|
Finance costs |
|
4,355 |
|
Income tax expense |
|
205,533 |
|
|
912,394 |
||
Working capital adjustments |
|||
Decrease in stocks |
|
56,658 |
|
(Increase)/decrease in debtors |
( |
467,515 |
|
Decrease in creditors |
( |
(630,833) |
|
Cash generated from operations |
|
805,734 |
|
Income taxes paid |
( |
- |
|
Net cash flow from operating activities |
|
805,734 |
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
(72,541) |
|
Proceeds from sale of tangible assets |
|
37,999 |
|
Net cash flows from investing activities |
( |
(34,542) |
|
Cash flows from financing activities |
|||
Interest paid |
( |
(4,355) |
|
Payments to finance lease creditors |
|
(525) |
|
Net cash flows from financing activities |
|
(4,880) |
|
Net increase in cash and cash equivalents |
|
766,312 |
|
Cash and cash equivalents at 1 January |
|
343,054 |
|
Cash and cash equivalents at 31 December |
2,249,138 |
1,109,366 |
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
11-17 Ravenhurst Court
Birchwood
Warrington
Cheshire
WA3 6PN
Principal activity
The principal activity of the company is the sale and installation of motor vehicle accessories
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 'The Financial Reporting Standard applicable in the United Kingdom 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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
2 |
Accounting policies (continued) |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
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 value added tax, returns, rebates and discounts.
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 in respect of the transactions can be measured reliably.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
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 statement of financial position 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 |
Long leasehold property |
10 years straight line |
Plant and machinery |
25% straight line |
Fixtures, fittings and equipment |
20% straight line |
Motor vehicles |
25% straight line |
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.
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
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 statement of comprehensive income 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
Lease payments are recognised as an expense over the lease term on a straight-line basis.The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Financial instruments
Recognition and measurement
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.
Turnover |
The analysis of the company's turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Europe |
|
- |
|
|
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
Gain on disposal of tangible assets |
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Foreign exchange losses |
|
|
Operating lease expense - property |
|
|
Operating lease expense - other |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Other finance income |
|
- |
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
- |
|
|
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the statement of comprehensive income
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense in the income statement |
|
|
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
11 |
Taxation (continued) |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Decrease from effect of different UK tax rates on some earnings |
- |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Total tax charge |
|
|
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Tangible assets |
Long leasehold property |
Fixtures and fittings and equipment |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
|||||
At 1 January 2024 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
- |
- |
( |
( |
At 31 December 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
- |
|
|
Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2024 |
|
|
- |
|
|
At 31 December 2023 |
|
|
- |
|
|
Stocks |
2024 |
2023 |
|
Raw materials and consumables |
|
|
Finished goods and goods for resale |
|
|
|
|
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
- |
|
Other debtors |
- |
|
|
Prepayments |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
23,277 |
|
Trade creditors |
|
592,787 |
|
Amounts due to related parties |
|
595,442 |
|
Social security and other taxes |
|
531,101 |
|
Other payables |
|
25,969 |
|
Accruals |
|
159,994 |
|
Corporation tax liability |
366,554 |
156,978 |
|
|
2,085,548 |
||
Due after one year |
|||
Loans and borrowings |
|
31,643 |
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2024 |
|
|
Increase in existing provisions |
|
|
At 31 December 2024 |
|
|
|
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
3,300,000 |
|
3,300,000 |
Reserves |
Profit and loss account
This reserve records retained earnings and accumulated losses.
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Finance lease liabilities |
|
|
Current loans and borrowings
2024 |
2023 |
|
Finance lease liabilities |
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Sortimo International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is