REGISTERED NUMBER: 11018126 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Sofco Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N E Noble

K Noble

REGISTERED OFFICE:

5 Chapell Lane

Wynyard Park Business Village

Wynyard

TS22 5FG

REGISTERED NUMBER:

11018126 (England and Wales)

ACCOUNTANTS:

Anderson Barrowcliff Limited

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

FIXED ASSETS

Intangible assets

4

165,383

-

Tangible assets

5

11,922

21,284

177,305

21,284

CURRENT ASSETS

Debtors

6

281,352

219,757

Cash at bank

806,992

826,416

1,088,344

1,046,173

CREDITORS

Amounts falling due within one year

7

624,273

599,085

NET CURRENT ASSETS

464,071

447,088

TOTAL ASSETS LESS CURRENT LIABILITIES

641,376

468,372

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

641,374

468,370

SHAREHOLDERS' FUNDS

641,376

468,372

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 directors acknowledge their 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 Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:

N E Noble - Director

1.	STATUTORY INFORMATION

Sofco 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

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 represents the fair value of fees (excluding value added tax) derived from the provision of software, installation, maintenance and support of these software products and consultancy services.

Revenue recognition

Revenue arising from the provision of software and related support is recognised when the company becomes contractually entitled to the income according to the terms of the licence agreement. Revenue arising from services such as consultancy and training is recognised as those services are performed. Revenue related to future periods is deferred on the balance sheet and recognised over the duration of related contracts.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/ payable

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

165,383

At 31 December 2024

165,383

NET BOOK VALUE

At 31 December 2024

165,383

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

4,861

32,816

19,539

57,216

Additions

166

-

4,198

4,364

Disposals

-

-

(7,840

)

(7,840

)

At 31 December 2024

5,027

32,816

15,897

53,740

DEPRECIATION

At 1 January 2024

4,402

15,497

16,033

35,932

Charge for year

240

10,938

2,548

13,726

Eliminated on disposal

-

-

(7,840

)

(7,840

)

At 31 December 2024

4,642

26,435

10,741

41,818

NET BOOK VALUE

At 31 December 2024

385

6,381

5,156

11,922

At 31 December 2023

459

17,319

3,506

21,284

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

257,170

169,044

Other debtors

948

-

Social security and other taxes

-

15,750

Prepayments and accrued income

23,234

34,963

281,352

219,757

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

27,719

46,844

Taxation

9,200

-

Social security and other taxes

32,398

38,539

Other creditors

-

1,295

Accruals and deferred income

554,956

512,407

624,273

599,085

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

£1

2

2

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £17,500 (2023 - £52,500) relating to amounts payable under operating leases.