Sovereign Trading Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05904501 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Sovereign Trading Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N B Jones

SECRETARY:

Mrs J E Jones

REGISTERED OFFICE:

78 The Foundry

The Beacon

Eastbourne

East Sussex

BN21 3NW

REGISTERED NUMBER:

05904501 (England and Wales)

ACCOUNTANTS:

Porters Associates Ltd

38 Central Avenue

Polegate

East Sussex

BN26 6HA

FIXED ASSETS

Tangible assets

4

25,435

25,467

CURRENT ASSETS

Stocks

5

290,000

365,000

Debtors

6

18,013

7,735

Cash at bank

184,090

109,675

492,103

482,410

CREDITORS

Amounts falling due within one year

7

154,149

96,243

NET CURRENT ASSETS

337,954

386,167

TOTAL ASSETS LESS CURRENT
LIABILITIES

363,389

411,634

CREDITORS

Amounts falling due after more than
one year

8

361,113

408,912

NET ASSETS

2,276

2,722

CAPITAL AND RESERVES

Called up share capital

9

1

Retained earnings

10

2,275

2,721

SHAREHOLDERS' FUNDS

2,276

2,722

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 September 2025 and were signed by:

N B Jones - Director

1.	STATUTORY INFORMATION

Sovereign Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Computer

property

equipment

Totals

£

COST

At 1 January 2024

and 31 December 2024

25,150

424

25,574

DEPRECIATION

At 1 January 2024

-

107

Charge for year

-

32

At 31 December 2024

-

139

NET BOOK VALUE

At 31 December 2024

25,150

285

25,435

At 31 December 2023

25,150

317

25,467

5.

STOCKS

31.12.24

31.12.23

£

Stocks

290,000

365,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

700

-

Other debtors

14,476

448

VAT

315

4,833

Prepayments

2,522

2,454

18,013

7,735

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

137,496

88,588

Tax

10,697

6,103

Social security and other taxes

(394

)

(2,800

)

Other creditors

2,197

2,702

Danny's Card

2,503

-

Accrued expenses

1,650

154,149

96,243

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

31.12.24

31.12.23

£

Bank loans - 2-5 years

14,166

24,166

Other creditors

19,448

Directors' loan accounts

327,499

365,298

361,113

408,912

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

1

Ordinary

1.00

1

10.

RESERVES

Retained

earnings

£

At 1 January 2024

2,721

Profit for the year

19,554

Dividends

(20,000

)

At 31 December 2024

2,275

11.	ULTIMATE CONTROLLING PARTY

The controlling party is N B Jones.