Sovco Limited - Accounts to registrar (filleted) - small 22.3
Sovco Limited - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Sovco Limited |
Sovco Limited (Registered number: 07151433) |
Contents of the Financial Statements |
for the year ended 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
Sovco Limited |
Company Information |
for the year ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
Sovco Limited (Registered number: 07151433) |
Balance Sheet |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sovco Limited (Registered number: 07151433) |
Notes to the Financial Statements |
for the year ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Sovco Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in Sterling (£) and made up to 31st March each year. |
Preparation of consolidated financial statements |
The financial statements contain information about Sovco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Sovco Limited (Registered number: 07151433) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
5. | FIXED ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
Shares in group undertakings |
Other loans |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Sovco Limited (Registered number: 07151433) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
5. | FIXED ASSET INVESTMENTS - continued |
Other |
loans |
£ |
At 1 April 2021 |
Repayment in year | ( |
) |
At 31 March 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
The directors have assessed that the carrying value of the property is materially correct and that there has not been any material changes to the market value since acquisition. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Sovco Limited (Registered number: 07151433) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
9. | FINANCIAL RISK MANAGEMENT |
The company has minimal exposure to credit, liquidity and cash flow interest rate risks, These risks are limited by the company's financial management policies and practices described below. |
Foreign currency risk |
The company has no exposure to foreign currency risks as all of the company's sales and purchases are denominated in sterling. |
Credit risk |
The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage. Rent deposits are taken to ensure that there is some protection against unpaid invoices and leases are in place to protect against credit risk as far as possible. |
Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. There are no significant non-derivative financial liability remaining at the reporting date. |
Market risk |
There is a market risk associated with the fluctuation in demand for the properties offered. Most of this is mitigated by monitoring the markets and acting accordingly. |
The company holds no derivative financial instruments at the year end. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 1,100 | 1,100 |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company has loans receivable of £60,000 (2021 - £105,000) outstanding to a company under common control. These loans are carried at amortised cost and interest totalling £5,031 (2021 - £10,205) was recieved from the related party. |
During the year the company made sales of £50,000 to a company under common control. No amount was outstanding at the balance sheet date. |
12. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party, ownership is shared equally between Nolan (1) Limited and Camfield Holdings Limited. |