Sourgrape London Limited

Sourgrape London Limited

SOURGRAPE LONDON LIMITED - Company Information

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1 February 2019 false Taxfiler 2020.15 11158338business:PrivateLimitedCompanyLtd2019-02-012020-01-31 111583382019-01-31 111583382019-02-012020-01-31 11158338business:AuditExempt-NoAccountantsReport2019-02-012020-01-31 11158338business:FullAccounts2019-02-012020-01-31 111583382020-01-31 11158338business:Director12019-02-012020-01-31 11158338business:RegisteredOffice2019-02-012020-01-31 111583382019-01-31 11158338core:WithinOneYear2020-01-31 11158338core:WithinOneYear2019-01-31 11158338core:SharePremium2020-01-31 11158338core:SharePremium2019-01-31 11158338core:RetainedEarningsAccumulatedLosses2020-01-31 11158338core:RetainedEarningsAccumulatedLosses2019-01-31 11158338business:SmallEntities2019-02-012020-01-31 11158338countries:EnglandWales2019-02-012020-01-31 11158338core:ComputerEquipment2019-02-012020-01-31 11158338core:ComputerEquipment2019-01-31 11158338core:ComputerEquipment2020-01-31 111583382018-01-192019-01-31 iso4217:GBP xbrli:pure
Company Registration No. 11158338 (England and Wales)
Sourgrape London Limited Unaudited accounts for the year ended 31 January 2020
Sourgrape London Limited Unaudited accounts Contents
Page
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Sourgrape London Limited Company Information for the year ended 31 January 2020
Director
Tijen Hassan
Company Number
11158338 (England and Wales)
Registered Office
20 Silvercliffe Gardens, Barnet Hertfordshire EN4 9QT United Kingdom
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Sourgrape London Limited Statement of financial position as at 31 January 2020
2020 
2019 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
2,782 
- 
Current assets
Debtors
5
324,223 
182,416 
Cash at bank and in hand
12,531 
28,530 
336,754 
210,946 
Creditors: amounts falling due within one year
6
(259,288)
(141,414)
Net current assets
77,466 
69,532 
Net assets
80,248 
69,532 
Capital and reserves
Share premium
100 
100 
Profit and loss account
80,148 
69,432 
Shareholders' funds
80,248 
69,532 
For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 January 2021 and were signed on its behalf by
Tijen Hassan Director Company Registration No. 11158338
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Sourgrape London Limited Notes to the Accounts for the year ended 31 January 2020
1
Statutory information
Sourgrape London Limited is a private company, limited by shares, registered in England and Wales, registration number 11158338. The registered office is 20 Silvercliffe Gardens,, Barnet, Hertfordshire, EN4 9QT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% on reducing balance
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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Sourgrape London Limited Notes to the Accounts for the year ended 31 January 2020
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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Sourgrape London Limited Notes to the Accounts for the year ended 31 January 2020
Deferred taxation
Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 February 2019
- 
Additions
4,173 
At 31 January 2020
4,173 
Depreciation
Charge for the year
1,391 
At 31 January 2020
1,391 
Net book value
At 31 January 2020
2,782 
5
Debtors
2020 
2019 
£ 
£ 
Trade debtors
234,353 
127,817 
Other debtors
89,870 
54,599 
324,223 
182,416 
6
Creditors: amounts falling due within one year
2020 
2019 
£ 
£ 
Trade creditors
195,509 
98,212 
Taxes and social security
65,859 
39,406 
Other creditors
58 
- 
Loans from directors
(2,138)
3,796 
259,288 
141,414 
7
Average number of employees
During the year the average number of employees was 2 (2019: 1).
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