Sophisticated Solutions Limited Small abridged accounts

SOPHISTICATED SOLUTIONS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Sophisticated Solutions Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 10327247

Sophisticated Solutions Limited

Filleted Unaudited Abridged Financial Statements

31 August 2018

Sophisticated Solutions Limited

Abridged Financial Statements

Year ended 31 August 2018

Contents	Pages

Officers and professional advisers	1

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3 to 4

Statement of changes in equity	5

Notes to the abridged financial statements	6 to 9

Sophisticated Solutions Limited

Officers and Professional Advisers

Director	Miss C Nicholls

Registered office	Mill Street Business Centre
	55a High Street
	Wells
	Somerset
	BA5 2AE

Accountant	Bishop Jones
	Chartered accountant
	Mill Street Business Centre
	55a High Street
	Wells
	Somerset
	BA5 2AE

Sophisticated Solutions Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Sophisticated Solutions Limited

Year ended 31 August 2018

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the abridged financial statements of Sophisticated Solutions Limited for the year ended 31 August 2018, which comprise the abridged statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Sophisticated Solutions Limited. My work has been undertaken solely to prepare for your approval the abridged financial statements of Sophisticated Solutions Limited and state those matters that I have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Sophisticated Solutions Limited and its director for my work or for this report.

It is your duty to ensure that Sophisticated Solutions Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sophisticated Solutions Limited. You consider that Sophisticated Solutions Limited is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the abridged financial statements of Sophisticated Solutions Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory abridged financial statements.

Bishop Jones Chartered accountant

Mill Street Business Centre 55a High Street Wells Somerset BA5 2AE

16 May 2019

Sophisticated Solutions Limited

Abridged Statement of Financial Position

31 August 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		12,305	2,576

Current assets

Debtors	163,781	189,611
Cash at bank and in hand	163,644	81,687
	---------	---------
	327,425	271,298

Creditors: amounts falling due within one year	392,969		356,372
	---------		---------
Net current liabilities		65,544	85,074
		--------	--------
Total assets less current liabilities		( 53,239)	( 82,498)
		--------	--------
Net liabilities		( 53,239)	( 82,498)
		--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 53,240)	( 82,499)
	--------	--------
Shareholders deficit	( 53,239)	( 82,498)
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Sophisticated Solutions Limited

Abridged Statement of Financial Position (continued)

31 August 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 16 May 2019 , and are signed on behalf of the board by:

Miss C Nicholls
Director

Company registration number: 10327247

Sophisticated Solutions Limited

Statement of Changes in Equity

Year ended 31 August 2018

	Called up share capital	Profit and loss account	Total
	£	£	£
At 12 August 2016	–	–	–

Loss for the year		( 82,499)	( 82,499)
	----	--------	--------
Total comprehensive income for the year	–	( 82,499)	( 82,499)

Issue of shares	1	–	1
	----	--------	--------
Total investments by and distributions to owners	1	–	1

At 31 August 2017	1	( 82,499)	( 82,498)

Profit for the year		29,259	29,259
	----	--------	--------
Total comprehensive income for the year	–	29,259	29,259

	----	--------	--------
At 31 August 2018	1	( 53,240)	( 53,239)
	----	--------	--------

Sophisticated Solutions Limited

Notes to the Abridged Financial Statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mill Street Business Centre, 55a High Street, Wells, BA5 2AE, Somerset.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and equipment	-	33% straight line
Office equipment	-	33% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 375 (2017: 263 ).

5. Tangible assets

	£
Cost
At 1 September 2017	3,771
Additions	15,510
	--------
At 31 August 2018	19,281
	--------
Depreciation
At 1 September 2017	1,195
Charge for the year	5,781
	--------
At 31 August 2018	6,976
	--------
Carrying amount
At 31 August 2018	12,305
	--------
At 31 August 2017	2,576
	--------

6. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Miss C Nicholls	395	2,150	( 785)	1,760
	----	-------	----	-------

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Miss C Nicholls	–	3,279	( 2,884)	395
	----	-------	-------	----

7. Related party transactions

During the period the company maintained a loan account with its director, Miss C Nicholls , the balance owed to the company at the balance sheet date was £1,760 (2017: £395). The loan is interest free, unless overdrawn when the official rate of interest is charged by the company and there is no fixed repayment date.