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Registered number: 14698049










SODA.AUTO UK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SODA.AUTO UK LIMITED
REGISTERED NUMBER: 14698049

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,992,444
1,374,334

Tangible assets
 5 
8,724
1,452

  
3,001,168
1,375,786

Current assets
  

Debtors: amounts falling due within one year
 6 
52,988
35,720

Cash at bank and in hand
  
16,650
505,608

  
69,638
541,328

Creditors: amounts falling due within one year
 7 
(7,036,793)
(1,520,957)

Net current liabilities
  
 
 
(6,967,155)
 
 
(979,629)

Total assets less current liabilities
  
(3,965,987)
396,157

Creditors: amounts falling due after more than one year
 8 
-
(1,390,547)

  

Net liabilities
  
(3,965,987)
(994,390)


Capital and reserves
  

Called up share capital 
  
1,000
957

Profit and loss account
  
(3,966,987)
(995,347)

  
(3,965,987)
(994,390)


Page 1

 
SODA.AUTO UK LIMITED
REGISTERED NUMBER: 14698049
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 15 April 2025.




M Briggs
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Soda.Auto UK Limited is a private company, limited by shares, incorporated in England and Wales, registered number 14698049. Its registered office is 71-75 Uxbridge Road, Ealing, London, W5 5SL. 
The financial statements are rounded to the nearest pound sterling. 
The significant accounting policies applied in the presentation of these financial statements are set out below. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which is dependent on the continued support of the Company's creditors.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Page 3

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Pensions

Defined contribution pension plan

The Company operates 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

 The average monthly number of employees, including the director, during the period was 8 (2023: 6).


4.


Intangible assets



Develop-ment expenditure

£



Cost


At 1 January 2024
1,374,334


Additions - internal
1,618,110



At 31 December 2024

2,992,444






Net book value



At 31 December 2024
2,992,444



Page 6

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
-
1,483
1,483


Additions
5,437
2,974
8,411



At 31 December 2024

5,437
4,457
9,894



Depreciation


At 1 January 2024
-
31
31


Charge for the year on owned assets
196
943
1,139



At 31 December 2024

196
974
1,170



Net book value



At 31 December 2024
5,241
3,483
8,724


6.


Debtors

2024
2023
£
£


Trade debtors
16,794
-

Other debtors
11,777
24,807

Prepayments and accrued income
24,417
10,913

52,988
35,720


Page 7

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
6,249,757
439,266

Trade creditors
440,456
1,016,508

Other taxation and social security
192,194
56,519

Other creditors
132,430
4,664

Accruals and deferred income
21,956
4,000

7,036,793
1,520,957



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
1,390,547



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
6,249,757
439,266


6,249,757
439,266

Amounts falling due 1-2 years

Other loans
-
1,390,547


-
1,390,547



6,249,757
1,829,813


Page 8

 
SODA.AUTO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £32,298 (2023: £7,722). Contributions totalling £1,753 (2023: £4,664) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9