Registered number
07062328
Sote Limited
Filleted Accounts
28 February 2017
Sote Limited
Registered number: 07062328
Balance Sheet
as at 28 February 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 29,895 36,610
Current assets
Stocks 7,000 7,000
Debtors 4 34,125 34,125
Cash at bank and in hand 189,053 156,654
230,178 197,779
Creditors: amounts falling due within one year 5 (176,628) (184,409)
Net current assets 53,550 13,370
Net assets 83,445 49,980
Capital and reserves
Called up share capital 100 100
Profit and loss account 83,345 49,880
Shareholders' funds 83,445 49,980
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 Heidi Ballarati
Director
Approved by the board on 13 October 2017
Sote Limited
Notes to the Accounts
for the year ended 28 February 2017
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 and equipment 25% reducing balance method
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Leasehold property Furniture, fittings and equipment Total
£ £ £
Cost
At 1 March 2016 32,238 40,165 72,403
At 28 February 2017 32,238 40,165 72,403
Depreciation
At 1 March 2016 11,746 24,047 35,793
Charge for the year 2,686 4,029 6,715
At 28 February 2017 14,432 28,076 42,508
Net book value
At 28 February 2017 17,806 12,089 29,895
At 29 February 2016 20,492 16,118 36,610
4 Debtors 2017 2016
£ £
Other debtors 34,125 34,125
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors - 12,173
Corporation tax 20,045 17,123
Other taxes and social security costs 18,452 16,559
Other creditors 138,131 138,554
176,628 184,409
6 Other financial commitments 2017 2016
£ £
Total future minimum payments under non-cancellable operating leases 88,101 102,336
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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