Sovereign Specialist Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08458538 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

SOVEREIGN SPECIALIST SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E T Lovell

J R Lovell

L I Elson

SECRETARY:

A J Company Formations Limited

REGISTERED OFFICE:

The Coach House

The Square

Sawbridgeworth

Hertfordshire

CM21 9AE

REGISTERED NUMBER:

08458538 (England and Wales)

ACCOUNTANTS:

Ashley James Limited

The Coach House

The Square

Sawbridgeworth

Hertfordshire

CM21 9AE

FIXED ASSETS

Tangible assets

4

33,380

16,776

CURRENT ASSETS

Stocks

29,570

34,250

Debtors

5

13,425

-

Cash at bank

49,761

28,052

92,756

62,302

CREDITORS

Amounts falling due within one year

6

(50,673

)

(76,293

)

NET CURRENT ASSETS/(LIABILITIES)

42,083

(13,991

)

TOTAL ASSETS LESS CURRENT LIABILITIES

75,463

2,785

CREDITORS

Amounts falling due after more than one year

7

(43,000

)

-

NET ASSETS

32,463

2,785

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

32,362

2,684

SHAREHOLDERS' FUNDS

32,463

2,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2021 and were signed on its behalf by:

J R Lovell - Director

1.	STATUTORY INFORMATION

Sovereign Specialist Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

48,280

Additions

27,730

At 31 March 2021

76,010

DEPRECIATION

At 1 April 2020

31,504

Charge for year

11,126

At 31 March 2021

42,630

NET BOOK VALUE

At 31 March 2021

33,380

At 31 March 2020

16,776

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

13,425

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Bank loans and overdrafts

-

8,494

Taxation and social security

41,442

61,084

Other creditors

9,231

6,715

50,673

76,293

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/21

31/3/20

£

£

Bank loans

43,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

43,000

-