Sophie Solomon Ltd 31/03/2018 iXBRL

Sophie Solomon Ltd 31/03/2018 iXBRL

SOPHIE SOLOMON LIMITED - Company Information

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Company registration number: 05416381
Sophie Solomon Ltd
Unaudited filleted financial statements
31 March 2018
Sophie Solomon Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Sophie Solomon Ltd
Directors and other information
Directors Mrs Sophie Jankovic
Mr Michael Brodie Solomon
Secretary Mrs J M Solomon
Company number 05416381
Registered office Crossens Way
Southport
Merseyside
PR9 9LY
Accountants Forshaws Accountants Ltd
Crossens Way Business Park
Crossens Way
Southport
Merseyside
PR9 9LY
Sophie Solomon Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Sophie Solomon Ltd
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sophie Solomon Ltd for the year ended 31 March 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Sophie Solomon Ltd, as a body, in accordance with the terms of our engagement letter dated 12 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Sophie Solomon Ltd and state those matters that we have agreed to state to the board of directors of Sophie Solomon Ltd as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sophie Solomon Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Sophie Solomon Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sophie Solomon Ltd. You consider that Sophie Solomon Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sophie Solomon Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Forshaws Accountants Ltd
Chartered Accountants
Crossens Way Business Park
Crossens Way
Southport
Merseyside
PR9 9LY
12 December 2018
Sophie Solomon Ltd
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 4 30,000 30,000
_______ _______
30,000 30,000
Current assets
Debtors 5 - 775
Cash at bank and in hand 1,821 2,250
_______ _______
1,821 3,025
Creditors: amounts falling due
within one year 6 ( 4,414) ( 6,955)
_______ _______
Net current liabilities ( 2,593) ( 3,930)
_______ _______
Total assets less current liabilities 27,407 26,070
Provisions for liabilities 7 ( 5,458) ( 5,405)
_______ _______
Net assets 21,949 20,665
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 21,849 20,565
_______ _______
Shareholders funds 21,949 20,665
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 December 2018 , and are signed on behalf of the board by:
Mrs Sophie Jankovic
Director
Company registration number: 05416381
Sophie Solomon Ltd
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, incorporated in England & Wales. The address of the registered office is Crossens Way Business Park, Crossens Way, Southport, Merseyside, PR9 9LY. The principal activity of the company is that of writing, recording and performing music.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 machinery - Stated at cost, as asset is not expected to depreciate and has an indeterminable useful life.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.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. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2017 and 31 March 2018 30,000 30,000
_______ _______
Depreciation
At 1 April 2017 and 31 March 2018 - -
_______ _______
Carrying amount
At 31 March 2018 30,000 30,000
_______ _______
At 31 March 2017 30,000 30,000
_______ _______
5. Debtors
2018 2017
£ £
Trade debtors - 775
_______ _______
6. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors - 2,259
Corporation tax 248 530
Other creditors 4,166 4,166
_______ _______
4,414 6,955
_______ _______
7. Provisions
Deferred tax (note 8) Total
£ £
At 1 April 2017 5,405 5,405
Additions 53 53
_______ _______
At 31 March 2018 5,458 5,458
_______ _______
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2018 2017
£ £
Included in provisions (note 7) 5,458 5,405
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2018 2017
£ £
Accelerated capital allowances 5,458 5,405
_______ _______
9. Called up share capital
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Controlling party
The company is under the control of Mrs Sophie Jankovic by virtue of her holding of 100% of the company's issued share capital.