Sotech Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01651304 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Sotech Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J A Egginton

M J Egginton

R D Egginton

G Todd

SECRETARY:

C Egginton

REGISTERED OFFICE:

Unit 2

Traynor Way

Whitehouse Business Park

Peterlee

Co. Durham

SR8 2RU

REGISTERED NUMBER:

01651304 (England and Wales)

FIXED ASSETS

Intangible assets

4

456,047

-

Tangible assets

5

1,557,387

1,673,584

2,013,434

1,673,584

CURRENT ASSETS

Stocks

434,933

869,623

Debtors

6

2,790,977

3,077,237

Cash at bank and in hand

1,132,413

986,907

4,358,323

4,933,767

CREDITORS

Amounts falling due within one year

7

2,605,038

2,962,241

NET CURRENT ASSETS

1,753,285

1,971,526

TOTAL ASSETS LESS CURRENT LIABILITIES

3,766,719

3,645,110

CREDITORS

Amounts falling due after more than one year

8

(695,444

)

(871,439

)

PROVISIONS FOR LIABILITIES

(233,803

)

(95,396

)

NET ASSETS

2,837,472

2,678,275

CAPITAL AND RESERVES

Called up share capital

14,002

14,002

Retained earnings

2,823,470

2,664,273

SHAREHOLDERS' FUNDS

2,837,472

2,678,275

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 31 March 2021 and were signed on its behalf by:

J A Egginton - Director

1.	STATUTORY INFORMATION

Sotech 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.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

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

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 20% on reducing balance and 15% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 72 (2019 - 62 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

506,719

At 31 March 2020

506,719

AMORTISATION

Charge for year

50,672

At 31 March 2020

50,672

NET BOOK VALUE

At 31 March 2020

456,047

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

24,008

2,614,604

2,638,612

Additions

25,305

157,449

182,754

At 31 March 2020

49,313

2,772,053

2,821,366

DEPRECIATION

At 1 April 2019

1,769

963,259

965,028

Charge for year

2,038

296,913

298,951

At 31 March 2020

3,807

1,260,172

1,263,979

NET BOOK VALUE

At 31 March 2020

45,506

1,511,881

1,557,387

At 31 March 2019

22,239

1,651,345

1,673,584

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

2,720,067

3,005,369

Amounts owed by group undertakings

-

12,915

Other debtors

70,910

58,953

2,790,977

3,077,237

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

172,852

131,527

Hire purchase contracts

160,161

177,281

Trade creditors

1,947,529

1,902,531

Taxation and social security

250,510

219,313

Other creditors

73,986

531,589

2,605,038

2,962,241

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans

200,537

216,371

Hire purchase contracts

494,907

655,068

695,444

871,439

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company paid a rent of £201000 (2019 :£201000) to JA and C Egginton in respect of 4 Mill Hill North West Industrial Estate Peterlee and 2 Traynor Way Peterlee.

Management fees of £60000 (2019:£550000) were paid to Sotech Traynor Limited a subsidiary of Leazes Holdings Limited the holding company of the group.

During the year a dividend of £800000 (2019:£0) was to paid to the Leazes Holdings Limited.