Soda World Ltd
|
Notes to the Accounts |
for the period from 8 October 2018 to 31 December 2019
|
|
|
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).
|
|
|
Going concern |
|
The company has reviewed the impact of the Covid-19 pandemic post balance sheet event referred to in Note 8 to the accounts. The directors consider that the company will continue to be able to meet its liabilities as they fall due for at least 12 months from the date of their approval of these accounts and therefore the going concern basis remains appropriate for preparing the company's accounts.
|
|
|
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 at the point of sale. Turnover from the rendering of services is recognised on completion of the service.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows:
|
|
Equipment and fittings |
over 4 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term 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. Longer term 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 accounts 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. Current and deferred tax assets and liabilities are not discounted.
|
|
|
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.
|
|
|
2 |
Audit information |
|
|
The audit report is:
|
Unqualified |
|
Senior statutory auditor: |
Tuğrul Kaban
|
|
Firm: |
Kaban & Company Ltd
|
|
Date of audit report: |
13 August 2020
|
|
|
|
3 |
Employees |
2019 |
|
Number |
|
|
|
Average number of persons employed, including directors |
2 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets: equipment and fixtures |
|
|
|
|
|
|
2019 |
£ |
|
Cost |
|
Additions |
16,193 |
|
At 31 December 2019 |
16,193 |
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the period |
4,048 |
|
At 31 December 2019 |
4,048 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
12,145 |
|
|
|
|
|
|
|
|
|
5 |
Debtors |
2019 |
|
£ |
|
|
|
Trade debtors |
6,253,987 |
|
Other debtors |
17,335,530 |
|
|
|
|
|
|
23,589,517 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2019 |
|
£ |
|
|
|
Trade creditors |
6,253,987 |
|
Amounts owed to group undertakings |
|
18,350 |
|
Taxation |
11,657 |
|
Other creditors |
17,247,158 |
|
|
|
|
|
|
23,531,152 |
|
|
|
|
|
|
|
|
|
|
|
7 |
Other financial commitments |
2019 |
|
£ |
|
|
|
Total future minimum payments under non-cancellable operating leases |
|
536,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Post balance sheet event |
|
|
The Covid-19 pandemic following the end of the accounting period is a significant event although these accounts are not affected by this non-adjusting post balance sheet event. As for the ensuing period, the company reviewed its forecasts for 2020 and 2021 in the light of Covid-19 and concluded that, whilst uncertainties continue, the company is in a position to meet the impact on its business and that the going concern basis remains appropriate for preparing the company's accounts. The company's accounting policy in relation to going concern is given in Note 1 to the accounts.
|
|
|
|
9 |
Controlling party |
|
|
The company is a wholly owned subsidiary of Mining, Minerals and Chemicals Ltd, registered at Palm Grove House, PO Box 438, Road Town, Tortola, British Virgin Islands. The ultimate beneficial owner is Mr Turgay Ciner of Turkey.
|
|
|
|
# |
Company information |
|
|
The company is a private company limited by shares, incorporated in England and registered at 2nd Floor, 23 College Hill, London, EC4R 2RP. |