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Unaudited Financial Statements |
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For The Year Ended 31 March 2016 |
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Soncos Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 31 March 2016 |
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for |
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Soncos Limited |
Soncos Limited (Registered number: 05873405) |
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Contents of the Financial Statements |
For The Year Ended 31 March 2016 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Soncos Limited |
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Company Information |
For The Year Ended 31 March 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
276 Preston Road |
Harrow |
Middlesex |
HA3 0QA |
Soncos Limited (Registered number: 05873405) |
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Statement of Financial Position |
31 March 2016 |
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31/3/16 | 31/3/15 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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( |
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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Capital contribution | 10 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Soncos Limited (Registered number: 05873405) |
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Statement of Financial Position - continued |
31 March 2016 |
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The financial statements were approved by the Board of Directors on
by: |
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Soncos Limited (Registered number: 05873405) |
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Notes to the Financial Statements |
For The Year Ended 31 March 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); |
• | the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
• | the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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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. |
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Goodwill |
Purchased goodwill is stated at cost less accumulated amortisation and accumulated impairment losses. Goodwill |
is amortised over its estimated useful life of five years on straight line basis from transition date of new UK |
GAAP FRS 102. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Going concern |
After reviewing the company's forecasts, projections and the continued support of the directors, the directors |
have a reasonable expectation that the company has adequate resources to continue in operational existence for |
the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its |
financial statements. |
Soncos Limited (Registered number: 05873405) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2016 |
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2. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2015 |
and 31 March 2016 |
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AMORTISATION |
At 1 April 2015 |
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Amortisation for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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3. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2015 |
and 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/16 | 31/3/15 |
£ | £ |
Other debtors |
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Tax |
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Prepayments |
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Soncos Limited (Registered number: 05873405) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2016 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/16 | 31/3/15 |
£ | £ |
Bank loans and overdrafts (see note 7) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT |
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Directors' current accounts |
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Accrued expenses |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/3/16 | 31/3/15 |
£ | £ |
Bank loans (see note 7) |
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Directors' loan accounts | - | 141,509 |
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7. | LOANS |
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An analysis of the maturity of loans is given below: |
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31/3/16 | 31/3/15 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 65,795 | 57,853 |
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8. | PROVISIONS FOR LIABILITIES |
31/3/16 | 31/3/15 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Soncos Limited (Registered number: 05873405) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2016 |
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8. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 April 2015 |
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Provided during year | ( |
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Accelerated capital allowances |
Balance at 31 March 2016 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/16 | 31/3/15 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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10. | RESERVES |
Retained | Capital |
earnings | contribution | Totals |
£ | £ | £ |
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At 1 April 2015 | ( |
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(22,885 | ) |
Profit for the year |
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Capital contribution movement | - | (8,491 | ) | (8,491 | ) |
At 31 March 2016 | ( |
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(13,797 | ) |
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11. | RELATED PARTY DISCLOSURES |
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Mr A Vithlani |
Mr A Vithlani is a director and shareholder of the company. |
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31/3/16 | 31/3/15 |
£ | £ |
Amount due to related party at the balance sheet date | 62,644 | 82,560 |
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Mr K Vithlani |
Mr K Vithlani is a director and shareholder of the company. |
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31/3/16 | 31/3/15 |
£ | £ |
Amount due to related party at the balance sheet date | 62,645 | 82,561 |
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12. | ULTIMATE CONTROLLING PARTY |
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For the year ended 31 March 2016 and 31 March 2015. |
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The company is controlled by the directors by virtue of their share holdings. |
Soncos Limited (Registered number: 05873405) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2016 |
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13. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results under FRS102. The last financial statements under |
the UK GAAP were for the year ended 31 March 2015. The date of transition to FRS102 was 1 April 2014. Set |
out below are the changes in accounting policies which reconcile profit for the financial year ended 31 March |
2015 and total equity as at 1April 2014 and 31 March 2014 between UK GAAP as previously reported and |
FRS102. |
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Explanations |
Changes for FRS102 adoption. |
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The intangible asset is amortised over five years under FRS102 from date of transition. Interest free loan which |
is due more than one year being measured at amortised cost. |
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