Soda World Ltd
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Notes to the Accounts |
For the year ended 31 December 2020
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1 |
Company information |
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The company is a private company limited by shares, incorporated in England and registered at 2nd Floor, 23 College Hill, London, EC4R 2RP. |
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2 |
Accounting policies |
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2.1 Basis of preparation |
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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. The company continues to qualify as a small entity in the current year by way of having met the relevant criteria for the preceeding year.
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2.2 Turnover |
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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.
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2.3 Tangible assets |
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Tangible 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:
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Leasehold improvements |
over the lease term |
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Equipment and fittings |
over 4 years |
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2.4 Debtors |
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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.
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2.5 Creditors |
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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.
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2.6 Taxation |
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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.
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2.7 Impairment |
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Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount, in which case the impairment loss is a revaluation decrease.
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2.8 Foreign currency translation |
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The company's functional and presentation currency is Pound sterling ("£"). 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.
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2.9 Pension contributions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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3 |
Audit information |
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The audit report is:
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Unqualified |
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Senior statutory auditor: |
Tuğrul Kaban
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Firm: |
Kaban & Company Ltd
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Date of audit report: |
20 August 2021
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4 |
Employees |
2020 |
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2019 |
Number |
Number |
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Average number of persons employed, including directors |
4 |
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2 |
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5 |
Tangible assets |
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Leasehold improvements |
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Equipment and fittings |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2020 |
- |
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16,193 |
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16,193 |
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Additions |
207,332 |
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51,534 |
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258,866 |
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At 31 December 2020 |
207,332 |
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67,727 |
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275,059 |
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Depreciation |
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At 1 January 2020 |
- |
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4,048 |
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4,048 |
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Charge for the year |
51,833 |
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16,931 |
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68,764 |
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At 31 December 2020 |
51,833 |
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20,979 |
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72,812 |
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Net book value |
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At 31 December 2020 |
155,499 |
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46,748 |
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202,247 |
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At 31 December 2019 |
- |
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12,145 |
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12,145 |
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6 |
Debtors |
2020 |
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2019 |
£ |
£ |
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Trade debtors |
14,765,666 |
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6,253,987 |
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Other debtors |
31,345,534 |
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17,335,530 |
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46,111,200 |
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23,589,517 |
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Amounts due after more than one year included in other debtors |
6,227,919 |
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- |
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7 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
£ |
£ |
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Trade creditors |
14,946,376 |
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6,253,987 |
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Amounts owed to group undertakings |
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16,193 |
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18,350 |
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Taxation and social security |
52,413 |
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11,657 |
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Other creditors |
25,050,892 |
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17,247,158 |
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40,065,874 |
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23,531,152 |
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8 |
Creditors: amounts falling due after one year |
2020 |
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2019 |
£ |
£ |
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Other creditors |
6,227,919 |
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- |
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9 |
Share capital |
2020 |
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2019 |
£ |
£ |
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Allotted, called up and fully paid: |
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100 Ordinary shares of £1 each |
50,000 |
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50,000 |
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10 |
Controlling party |
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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 Turgay Ciner of Turkey.
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