Soho Commercial Limited - Period Ending 2023-03-31
Soho Commercial Limited - Period Ending 2023-03-31
Registration number:
Soho Commercial Limited
for the Year Ended 31 March 2023
Soho Commercial Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Soho Commercial Limited
Company Information
Directors |
HAH Owen Mrs CC Owen Mr SCP Owen Mrs S K Owen |
Company secretary |
Mr SCP Owen |
Registered office |
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Accountants |
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Soho Commercial Limited
(Registration number: 06511339)
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Inventories |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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( |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.
The financial statements of Soho Commercial Limited were approved and authorised for issue by the
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Company secretary and director
Soho Commercial Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023
General information |
Soho Commercial Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, , which may be obtained from . Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel..
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Soho Commercial Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
4 years |
Fixtures & fittings |
4 years |
Computer equipment |
3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Receivables
Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Inventories
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Soho Commercial Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Soho Commercial Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
Property, plant and equipment |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Inventories |
2023 |
2022 |
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Other inventories |
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Receivables |
2023 |
2022 |
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Trade receivables |
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Amounts owed by related parties |
- |
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Other receivables |
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Other receivables |
- |
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Prepayments |
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Soho Commercial Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023 (continued)
Payables |
2023 |
2022 |
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Due within one year |
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Trade payable |
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Social security and other taxes |
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Corporation tax |
82,410 |
106,862 |
Other payables |
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Accruals |
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Provisions for liabilities |
Deferred tax |
Total |
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At 1 April 2022 |
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Increase (decrease) in existing provisions |
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At 31 March 2023 |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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50 |
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50 |
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50 |
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50 |
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