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Registration number: 11008501

Somer Enterprises Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Somer Enterprises Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Somer Enterprises Ltd

(Registration number: 11008501)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

67,362

30,757

Current assets

 

Stocks

5

7,053

14,355

Debtors

6

104,169

265,616

Cash at bank and in hand

 

59,291

99,682

 

170,513

379,653

Creditors: Amounts falling due within one year

7

(132,398)

(289,530)

Net current assets

 

38,115

90,123

Total assets less current liabilities

 

105,477

120,880

Creditors: Amounts falling due after more than one year

7

(41,233)

(19,146)

Provisions for liabilities

(12,799)

(5,844)

Net assets

 

51,445

95,890

Capital and reserves

 

Called up share capital

200

200

Retained earnings

51,245

95,690

Shareholders' funds

 

51,445

95,890

For the financial year ending 31 October 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.

 

Somer Enterprises Ltd

(Registration number: 11008501)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
M D Grantham
Director

 

Somer Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Unit 4
Midsomer Enterprise Park
Midsomer Norton
Radstock
BA3 2BB

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Somer Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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 machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Computer equipment

25% Straight line

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 merchandise sold 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Somer Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Somer Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

3,981

57,342

61,323

Additions

-

44,295

44,295

At 31 October 2024

3,981

101,637

105,618

Depreciation

At 1 November 2023

3,540

27,026

30,566

Charge for the year

111

7,579

7,690

At 31 October 2024

3,651

34,605

38,256

Net book value

At 31 October 2024

330

67,032

67,362

At 31 October 2023

441

30,316

30,757

5

Stocks

2024
£

2023
£

Work in progress

4,500

-

Stock

2,553

14,355

7,053

14,355

6

Debtors

2024
£

2023
£

Trade debtors

104,169

265,616

104,169

265,616

 

Somer Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

19,407

11,368

Trade creditors

 

34,245

35,900

Taxation and social security

 

18,078

65,601

Other creditors

 

60,668

176,661

 

132,398

289,530

Amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

41,233

19,146

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

41,233

19,146

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

19,407

11,368

9

Related party transactions

Summary of transactions with other related parties

The director of the company is also a director with a company that Somer Enterprises Ltd trades with on commercial terms. During the year the company purchased goods and services totalling £257,380 (2023: £304,497).

At the year end the company owed £27,120 (2023: £30,000) to the related company.