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Registered number: 08898788
Sos Property Management Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Contents
Page
Company Information 1
Accountants' Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—10
Page 1
Company Information
Director H Nugent
Company Number 08898788
Registered Office Burnett House Lakeview Court
Ermine Business Park
Huntingdon
PE29 6UA
Accountants Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 1
Page 2
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Sos Property Management 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 Sos Property Management Limited For The Year Ended 30 June 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to 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/membership/regulations-standards-and-guidance.
This report is made solely to the director of Sos Property Management Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Sos Property Management Limited and state those matters that we have agreed to state to the director of Sos Property Management 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 Sos Property Management Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Sos Property Management 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 or loss of Sos Property Management Limited . You consider that Sos Property Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Sos Property Management 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 financial statements.
Signed
26/03/2025
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 2
Page 3
Statement of Financial Position
Registered number: 08898788
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 45,678 53,749
Tangible Assets 5 63,392 56,626
Investments 6 201,000 201,000
310,070 311,375
CURRENT ASSETS
Debtors 7 6,108,065 3,244,051
Cash at bank and in hand 578,461 472,482
6,686,526 3,716,533
Creditors: Amounts Falling Due Within One Year 8 (6,192,508 ) (3,235,934 )
NET CURRENT ASSETS (LIABILITIES) 494,018 480,599
TOTAL ASSETS LESS CURRENT LIABILITIES 804,088 791,974
Creditors: Amounts Falling Due After More Than One Year 9 (42,119 ) (359,170 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,556 ) (14,157 )
NET ASSETS 755,413 418,647
CAPITAL AND RESERVES
Called up share capital 11 100 100
Income Statement 755,313 418,547
SHAREHOLDERS' FUNDS 755,413 418,647
Page 3
Page 4
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
H Nugent
Director
26/03/2025
The notes on pages 5 to 10 form part of these financial statements.
Page 4
Page 5
Notes to the Financial Statements
1. General Information
Sos Property Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08898788 . The registered office is Burnett House Lakeview Court, Ermine Business Park, Huntingdon, PE29 6UA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are licences on properties. They are amortised to income statement over the term of the lease (7 years).
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 3 years straight line
Motor Vehicles 3 years straight line
Fixtures & Fittings 3 years straight line
Computer Equipment 4 years straight line
Page 5
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2.5. 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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 4)
15 4
4. Intangible Assets
Other
£
Cost
As at 1 July 2023 56,498
As at 30 June 2024 56,498
Amortisation
As at 1 July 2023 2,749
Provided during the period 8,071
As at 30 June 2024 10,820
Net Book Value
As at 30 June 2024 45,678
As at 1 July 2023 53,749
Page 7
Page 8
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 14,026 20,000 28,041 1,387 63,454
Additions - - - 34,539 34,539
As at 30 June 2024 14,026 20,000 28,041 35,926 97,993
Depreciation
As at 1 July 2023 3,453 1,111 2,180 84 6,828
Provided during the period 4,675 6,667 9,347 7,084 27,773
As at 30 June 2024 8,128 7,778 11,527 7,168 34,601
Net Book Value
As at 30 June 2024 5,898 12,222 16,514 28,758 63,392
As at 1 July 2023 10,573 18,889 25,861 1,303 56,626
6. Investments
Subsidiaries
£
Cost
As at 1 July 2023 201,000
As at 30 June 2024 201,000
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 201,000
As at 1 July 2023 201,000
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,789,587 2,605,153
Prepayments and accrued income 1,597,929 177,240
Other debtors 713,524 454,670
Director's loan account 7,025 -
Amounts owed by group undertakings - 6,988
6,108,065 3,244,051
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 231,533 774,136
Bank loans and overdrafts 37,432 35,106
Corporation tax 180,584 44,586
Other taxes and social security 25,064 3,759
VAT 204,644 549,039
Other creditors 263,692 353,644
Accruals and deferred income 5,249,559 1,475,664
6,192,508 3,235,934
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 42,119 79,555
Other creditors - 112,764
Directors loan account - 166,851
42,119 359,170
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 14,157 14,157
Deferred taxation (7,601 ) (7,601 )
Balance at 30 June 2024 6,556 6,556
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11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 1,030,000 1,030,000
Later than one year and not later than five years 4,120,000 4,120,000
Later than five years 380,000 1,410,000
5,530,000 6,560,000
13. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £3,100 (2023: £1,204) were due to the fund. They are included in other creditors.
14. Related Party Transactions
Included within other debtors is an amount due from companies under common control. The amount is interest free and repayable on demand.
Included within other creditors is an amount due to companies under common control. The amount is interest free and repayable on demand.
15. Ultimate Controlling Party
The company's ultimate controlling party is Harry Nugent by virtue of his ownership of 100% of the issued share capital in the company.
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