Registered number
07062328
Sote Limited
Filleted Accounts
28 February 2021
Sote Limited
Registered number: 07062328
Balance Sheet
as at 28 February 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 11,549 15,731
Current assets
Stocks 5,000 5,000
Debtors 4 13,135 14,125
Cash at bank and in hand 215,557 255,203
233,692 274,328
Creditors: amounts falling due within one year 5 (109,962) (168,484)
Net current assets 123,730 105,844
Total assets less current liabilities 135,279 121,575
Creditors: amounts falling due after more than one year 6 (43,333) -
Net assets 91,946 121,575
Capital and reserves
Called up share capital 100 100
Profit and loss account 91,846 121,475
Shareholders' funds 91,946 121,575
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs H Ballarati
Director
Approved by the board on 29 June 2021
Sote Limited
Notes to the Accounts
for the year ended 28 February 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold Property over the lease term
Furniture, fittings & equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Grant
The accrual model has been adopted for grants receivable.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 13 14
3 Tangible fixed assets
Leasehold Property Furniture, fittings & equipment Total
£ £ £
Cost
At 1 March 2020 32,238 41,719 73,957
At 28 February 2021 32,238 41,719 73,957
Depreciation
At 1 March 2020 22,492 35,734 58,226
Charge for the year 2,686 1,496 4,182
At 28 February 2021 25,178 37,230 62,408
Net book value
At 28 February 2021 7,060 4,489 11,549
At 29 February 2020 9,746 5,985 15,731
4 Debtors 2021 2020
£ £
Other debtors 13,135 14,125
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 6,667 -
Trade creditors 60 -
Taxation and social security costs 23,893 31,296
Other creditors 79,342 137,188
109,962 168,484
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 43,333 -
7 Other information
Sote Limited is a private company limited by shares and incorporated in England. Its registered office is:
71 Blythe Road
London
W14 0HP
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