Sovco Limited - Accounts to registrar (filleted) - small 23.1.2

Sovco Limited - Accounts to registrar (filleted) - small 23.1.2

SOVCO LIMITED - Company Information

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REGISTERED NUMBER: 07151433 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Sovco Limited
Sovco Limited (Registered number: 07151433)






Contents of the Financial Statements
for the year ended 31 March 2023




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 2023







DIRECTORS: Mr A J Nolan
Mr W J Nolan





REGISTERED OFFICE: Unit 2 Brookfield
Duncan Close
Moulton Park
Nortampton
Northamptonshire
NN3 6WL





REGISTERED NUMBER: 07151433 (England and Wales)





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL
1
Sovco Limited (Registered number: 07151433)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,523 3,364
Investments 5 61,000 61,000
Investment property 6 411,744 411,744
475,267 476,108

CURRENT ASSETS
Debtors 7 6,000 18,440
Cash at bank and in hand 98,957 457,036
104,957 475,476
CREDITORS
Amounts falling due within one year 8 26,391 37,053
NET CURRENT ASSETS 78,566 438,423
TOTAL ASSETS LESS CURRENT
LIABILITIES
553,833
914,531

CAPITAL AND RESERVES
Called up share capital 10 1,100 1,100
Retained earnings 552,733 913,431
SHAREHOLDERS' FUNDS 553,833 914,531

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 1 June 2023 and were signed on its behalf by:



Mr A J Nolan - Director


The notes form part of these financial statements

2
Sovco Limited (Registered number: 07151433)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Sovco 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

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.

3
Sovco Limited (Registered number: 07151433)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2022
and 31 March 2023 59,718
DEPRECIATION
At 1 April 2022 56,354
Charge for year 841
At 31 March 2023 57,195
NET BOOK VALUE
At 31 March 2023 2,523
At 31 March 2022 3,364

5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 1,000 1,000
Other loans 60,000 60,000
61,000 61,000

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 1,000
NET BOOK VALUE
At 31 March 2023 1,000
At 31 March 2022 1,000
Other
loans
£   
At 1 April 2022
and 31 March 2023 60,000

4
Sovco Limited (Registered number: 07151433)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 411,744
NET BOOK VALUE
At 31 March 2023 411,744
At 31 March 2022 411,744

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
2023 2022
£    £   
Trade debtors 6,000 6,000
Other debtors - 12,440
6,000 18,440

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 112 3
Taxation and social security 11,318 22,060
Other creditors 14,961 14,990
26,391 37,053

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.

5
Sovco Limited (Registered number: 07151433)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,100 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.

6