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Financial Statements for the Year Ended 31 January 2018 |
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P. Sochor Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 January 2018 |
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for |
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P. Sochor Limited |
P. Sochor Limited (Registered number: 04671552) |
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Contents of the Financial Statements |
for the Year Ended 31 January 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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P. Sochor Limited |
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Company Information |
for the Year Ended 31 January 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 Technology Park |
Colindeep Lane |
Colindale |
London |
NW9 6BX |
P. Sochor Limited (Registered number: 04671552) |
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Balance Sheet |
31 January 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Retained earnings |
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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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(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. |
P. Sochor Limited (Registered number: 04671552) |
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Balance Sheet - continued |
31 January 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director on
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P. Sochor Limited (Registered number: 04671552) |
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Notes to the Financial Statements |
for the Year Ended 31 January 2018 |
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1. | STATUTORY INFORMATION |
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P. Sochor Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. There are no |
material items in the financial statements where these judgement and estimates have been made. |
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Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the |
revenue can be reliably measured as the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
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Sales of goods |
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Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
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-the Company has transferred the significant risks and rewards of ownership to the buyer; |
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-the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor |
effective control over the goods sold; |
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-the amount of revenue can be measured reliably; |
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-it is possible that the Company will receive the consideration due under the transaction; and |
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-the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest |
in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial |
recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is |
amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life of 10 |
years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at |
cost less any accumulated amortisation and any accumulated impairment losses. |
P. Sochor Limited (Registered number: 04671552) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and ay accumulated |
impairment losses. Historical cost includes expenditure that is directly attributable to bring the asset to the location and |
condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. |
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Depreciation is provided on the following basis |
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Freehold property - Improvements at 10% on cost |
Plant and machinery -25% on a reducing balance basis |
Fixture and fittings -25% on a reducing balance basis |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, |
or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in |
the Statement of income and retained earnings. |
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Stocks |
Stock are stated at the lower of cost and estimated selling price less costs to complete to sell. Cost is based on the cost of |
purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
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At each balance sheet date stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its |
selling price less costs to complete, and are measured subsequently at amortised cost using the effective interest method, |
less any impairment. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Pensions |
Defined contribution pension plan |
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The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under |
which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company |
has no further payment obligations. |
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The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. |
Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from |
the Company in independently administered funds. |
P. Sochor Limited (Registered number: 04671552) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at transaction price. |
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Finance costs |
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective |
interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised |
as a reduction in the proceeds of the associated capital instrument. |
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All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are |
incurred. |
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Dividends |
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final |
dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares |
recognised as liabilities are recognised as expenses and classified within interest payable. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 February 2017 |
and 31 January 2018 |
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AMORTISATION |
At 1 February 2017 |
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Charge for year |
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At 31 January 2018 |
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NET BOOK VALUE |
At 31 January 2018 |
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At 31 January 2017 |
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P. Sochor Limited (Registered number: 04671552) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2017 |
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Additions |
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Revaluations |
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At 31 January 2018 |
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DEPRECIATION |
At 1 February 2017 |
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Charge for year |
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At 31 January 2018 |
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NET BOOK VALUE |
At 31 January 2018 |
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At 31 January 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' loan accounts | 43,919 | 125,067 |
Corporation tax |
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VAT |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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8. | SECURED DEBTS |
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The bank loans and overdraft totalling £33,560 (2017: £29,786) are secured by way of a fixed and floating charge over the |
assets of the company, including the freehold property. |
P. Sochor Limited (Registered number: 04671552) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 January 2018 and 31 January 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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10. | RESERVES |
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The profit and loss reserve is made up of profits in the year and previous periods less dividends paid. |
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The revaluation reserve is made up of gain the fair value of the freehold property. |