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Registered number: 06885158 SORT LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
SORT LIMITED REGISTERED NUMBER: 06885158 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 671,881 |  | 521,387
Tangible assets | 5 |  | 130,716 |  | 98,969
|  |  | 802,597 |  | 620,356
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 6 | 920,845 |  | 1,671,438 |
Debtors: amounts falling due within one year | 6 | 1,263,891 |  | 1,104,695 |
Cash at bank and in hand | 7 | 2,900,336 |  | 2,289,704 |
|  | 5,085,072 |  | 5,065,837 |
Creditors: amounts falling due within one year | 8 | (637,890) |  | (565,796) |
Net current assets |  |  | 4,447,182 |  | 4,500,041
Total assets less current liabilities |  |  | 5,249,779 |  | 5,120,397
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 |  | (193,801) |  | (148,827)
Net assets |  |  | 5,055,978 |  | 4,971,570
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 76 |  | 76
Profit and loss account | 11 |  | 5,055,902 |  | 4,971,494
|  |  | 5,055,978 |  | 4,971,570
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. 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 14 September 2025.
................................................ K Ahmed
Director
The notes on pages 3 to 12 form part of these financial statements. Page 1
SORT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 76 | 5,104,517 | 5,104,593
Comprehensive income for the year |  |  |
Loss for the year | - | (133,023) | (133,023)
Total comprehensive income for the year | - | (133,023) | (133,023)
At 1 January 2024 | 76 | 4,971,494 | 4,971,570
Comprehensive income for the year |  |  |
Profit for the year | - | 84,408 | 84,408
Total comprehensive income for the year | - | 84,408 | 84,408
At 31 December 2024 | 76 | 5,055,902 | 5,055,978
| The notes on pages 3 to 12 form part of these financial statements.
Page 2
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
The Company is a private Company limited by shares and incorporated in England. The registered office is Burdsall House, Derby Conference Centre, Derby, Derbyshire, DE24 8UX, The Company registration number is 03885158. The Company's principal activity is Conveyancing Referrals. 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The Company's functional and presentational currency is GBP. The Company has prepared it's financial statements to the nearest £. The following principal accounting policies have been applied:
| 2.2 | 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.
| 2.3 | 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. Page 3
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | 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.
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 4
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | 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. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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. The estimated useful lives range as follows:
|  |  |  | Website development | - | 10 | years
Amortisation is only charged on intangible assets when these become available for use. Assets under construction are not amortised until available for use as a result.
| 2.7 | 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 33% | Reducing balance
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.
| 2.8 | 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. Page 5
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing Page 6
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including directors, during the year was 40 (2023 - 34).
Page 7
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Intangible assets
|  | Asset Under Construction | Website Development | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 46,438 | 647,595 | 694,033
| Additions | 220,918 | - | 220,918
| Transfer between categories | (73,856) | 73,856 | -
| Disposals | - | (8,722) | (8,722)
| At 31 December 2024 | 193,500 | 712,729 | 906,229
| Amortisation |  |  |
| At 1 January 2024 | - | 172,646 | 172,646
| Charge for the year on owned assets | - | 65,990 | 65,990
| On disposals | - | (4,288) | (4,288)
| At 31 December 2024 | - | 234,348 | 234,348
| Net book value |  |  |
| At 31 December 2024 | 193,500 | 478,381 | 671,881
| At 31 December 2023 | 46,438 | 474,949 | 521,387
Page 8
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost |
| At 1 January 2024 | 163,318
| Additions | 77,679
| At 31 December 2024 | 240,997
| Depreciation |
| At 1 January 2024 | 64,349
| Charge for the year on owned assets | 45,932
| At 31 December 2024 | 110,281
| Net book value |
| At 31 December 2024 | 130,716
| At 31 December 2023 | 98,969
Page 9
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 920,845 | 1,671,438
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 343,759 | 231,890
| Amounts owed by group undertakings | 778,289 | 772,289
| Other debtors | 33,980 | 22,391
| Prepayments and accrued income | 107,863 | 78,125
|  | 1,263,891 | 1,104,695
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand. Where amounts owed from fellow group undertakings are not anticipated to be repaid within 12 months and so these are shown as due after more than one year to reflect the actual substance of the debtor. Trade debtors are stated after bad debt provisions of £nil (2023: £4,031).
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,900,336 | 2,289,704
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 18,942 | 213,752
| Corporation tax | 100,155 | 61,549
| Other taxation and social security | 371,391 | 246,771
| Other creditors | 14,296 | 10,280
| Accruals and deferred income | 133,106 | 33,444
|  | 637,890 | 565,796
Page 10
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (148,827)
| Charged to profit or loss | (44,974)
| At end of year | (193,801)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | (195,979) | (150,364)
| Other short term timing differences | 2,178 | 1,537
|  | (193,801) | (148,827)
| The expected reversal of deferred tax is not anticipated to be material.
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 7,568 (2023 - 7,568) Ordinary shares of £0.01 each | 76 | 76
11. | Reserves
Profit and loss account Represents accumulated retained profits and losses.
12. | 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 £89,367 (2023 - £64,297). Contributions totalling £14,296 (2023 - £10,280) were payable to the fund at the balance sheet date and are included in creditors. Page 11
SORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 115,486 | 73,500
| Later than 1 year and not later than 5 years | 146,393 | -
|  | 261,879 | 73,500
14. | Related party transactions
| Included in other debtors are amounts owed by K Tunnicliffe (Director). The director owed £20,000 (2023: £20,000) at the year end. No additional amounts were advanced or repaid by the director in the current or prior year. The amounts owed are unsecured, interest free and repayable on demand. Included in other debtors is £11,589 loaned to a Company with directors in common. The amounts owed are interest free and repayable on demand.
15. | Controlling party
The immediate parent Company is Sort Group Limited, a Company incorporated in England. The ultimate controlling party is Kevin Tunnicliffe by virtue of his majority shareholding in Sort Group Limited.
16. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 16 September 2025 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 12