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Registered number: 10765444
SOANUA LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2025
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SOANUA LIMITED
REGISTERED NUMBER: 10765444
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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SOANUA LIMITED
REGISTERED NUMBER: 10765444
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2025
The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 by:
The notes on pages 4 to 10 form part of these financial statements.
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SOANUA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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Shares issued during the year
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The notes on pages 4 to 10 form part of these financial statements.
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SOANUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Soanua Limited is a private company registered in England and Wales. Its registered number is 10765444. The company is limited by shares. Its registered office is 2-4 Exmoor Street (Unit 23), London, W10 6BD. The principal activity of the company continued to be that of retail sale via mail order houses or via internet.
The company’s financial statements are presented in sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
In preparing these financial statements, the directors have assessed the company's ability to continue as a going concern for a period of at least 12 months from the date the financial statements are authorised for issue.
The directors have reviewed the company's cash flow forecast for this period, taking into account the company's cash position at the reporting date, expected trading performance and committed expenditure. The forecast reflects continued investment in growth, with the company expected to reach scale and profitability. Sensitivity has been considered against the key assumptions underpinning the forecast.
Following this review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they have adopted the going concern basis in preparing these financial statements.
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Foreign currency translation
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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..
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SOANUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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.
The estimated useful lives range as follows:
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Website development costs
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33.33% straight line (three years)
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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.
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SOANUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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33.33% straight line (three years)
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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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
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.
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Cash and cash equivalents
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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.
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.
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The average monthly number of employees, including directors, during the year was 14 (2024 - 12).
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SOANUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Additions in the year represent expenditure on the development of new functionality for the company's e-commerce platform, undertaken as part of an ongoing conversion rate optimisation programme to improve conversion rates and customer experience.
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SOANUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Prepayments and accrued income
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SOANUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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SOANUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
During the year, the directors identified errors in the classification and recognition of the bank loan balances presented in the previously issued financial statements for the year ended 31 May 2024. These errors related to the term split between short term and long term for the bank loan presented in note 9.
The financial statements for the year ended 31 May 2024 have therefore been restated to correct this misstatement. The adjustments have impacted on the previously reported profit for that year by £nil, and the previously reported net assets by £nil. The corrections are summarised as follows:
- Bank loans falling due within one year increased by £10,648
- Bank loans falling due after one year decreased by £10,648
These adjustments have been reflected in the opening balances at 1 June 2024 and the comparative
figures presented in these financial statements. The directors consider that the restatement is necessary to present a true and fair view of the Company’s financial position.
The directors identified errors in the classification and recognition of the other operating income presented in the previously issued financial statements for the year ended 31 May 2024. These errors related to the nature of the transactions to be classified as revenue, when in fact the classification of these transactions should have been treated as cost of sales.
The financial statements for the year ended 31 May 2024 have therefore been restated to correct this misstatement. The adjustments have impacted on the previously reported profit for that year by £nil, and the previously reported net assets by £nil. The corrections are summarised as follows:
- Cost of sales decreased by £59,415
- Other operating income decreased by £59,415
These adjustments have been reflected in the opening balances at 1 June 2024 and the comparative
figures presented in these financial statements. The directors consider that the restatement is necessary to present a true and fair view of the Company’s financial position.
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 £33,616 (2024: £10,850). Contributions totalling £7,111 (2024: £2,513) were payable to the fund at the reporting date and are included in other creditors.
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Related party transactions
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At 31 May 2025, no balances were owed to or by the directors (2024: £3,591 owed to the directors). The balance owed to the directors at the start of the year was repaid in full during the year. Amounts owed to the directors were unsecured, interest free and repayable on demand.
The note to the financial statements for the year ended 31 May 2024 presented the £3,591 balance as an amount owed by the directors to the company. This was incorrect. The balance was owed by the company to the directors. No amounts were advanced to the directors by the company during the year ended 31 May 2024 or the year ended 31 May 2025.
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