Registered number
Sote Limited
Filleted Accounts
28 February 2018
Sote Limited
Registered number: 07062328
Balance Sheet
as at 28 February 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 24,826 29,895
Current assets
Stocks 7,000 7,000
Debtors 4 24,125 34,125
Cash at bank and in hand 187,482 189,053
218,607 230,178
Creditors: amounts falling due within one year 5 (138,680) (176,628)
Net current assets 79,927 53,550
Net assets 104,753 83,445
Capital and reserves
Called up share capital 100 100
Profit and loss account 104,653 83,345
Shareholders' funds 104,753 83,445
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
Approved by the board on 14 November 2018
Sote Limited
Notes to the Accounts
for the year ended 28 February 2018
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 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 and equipment 25% reducing balance method
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.
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.
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.
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 (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.
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 14 10
3 Tangible fixed assets
Leasehold property Furniture, fittings and equipment Total
£ £ £
At 1 March 2017 32,238 40,165 72,403
Additions - 854 854
At 28 February 2018 32,238 41,019 73,257
At 1 March 2017 14,432 28,076 42,508
Charge for the year 2,687 3,236 5,923
At 28 February 2018 17,119 31,312 48,431
Net book value
At 28 February 2018 15,119 9,707 24,826
At 28 February 2017 17,806 12,089 29,895
4 Debtors 2018 2017
£ £
Other debtors 24,125 34,125
5 Creditors: amounts falling due within one year 2018 2017
£ £
Taxation and social security costs 51,946 38,497
Other creditors 86,734 138,131
138,680 176,628
6 Other financial commitments 2018 2017
£ £
Total future minimum payments under non-cancellable operating leases 73,866 88,101
7 Other information
Sote Limited is a private company limited by shares and incorporated in England. Its registered office is:
71 Blythe Road
W14 0HP
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