Company registration number 10879384 (England and Wales)
SUDEL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
SUDEL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SUDEL LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
469,967
500,617
Tangible assets
4
23,027
25,347
492,994
525,964
Current assets
Stocks
20,758
24,928
Debtors
5
45,040
54,056
Cash at bank and in hand
5,832
12,925
71,630
91,909
Creditors: amounts falling due within one year
6
(389,652)
(377,108)
Net current liabilities
(318,022)
(285,199)
Total assets less current liabilities
174,972
240,765
Creditors: amounts falling due after more than one year
7
(191,819)
(249,727)
Provisions for liabilities
(2,726)
(2,858)
Net liabilities
(19,573)
(11,820)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(19,673)
(11,920)
Total equity
(19,573)
(11,820)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SUDEL LTD
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 November 2023
Miss O Muji
Director
Company Registration No. 10879384
SUDEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Sudel Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Elthorne Gate, 64 High Street, Pinner, Middlesex, HA5 5QA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SUDEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the lease term
Fixtures and fittings
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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.

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.

SUDEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10

Going concern

The company has net current liabilities of £313,181 and net liabilities of £14,732 at the balance sheet date.

 

Other creditors includes £138,054 payable to the director Ms O Muji. The director has confirmed that they will not demand repayment of the outstanding loan balance for at least 12 months from the date of signing of the financial statements. The director has also confirmed that they will support the company to meet its liabilities and obligations for at least 12 months from the date of approval of these financial statements.

 

The director is of the opinion that with this support it is appropriate to apply the going concern basis.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
613,000
Amortisation and impairment
At 1 March 2022
112,383
Amortisation charged for the year
30,650
At 28 February 2023
143,033
Carrying amount
At 28 February 2023
469,967
At 28 February 2022
500,617
SUDEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2022
16,276
35,745
52,021
Additions
-
0
4,090
4,090
At 28 February 2023
16,276
39,835
56,111
Depreciation and impairment
At 1 March 2022
5,969
20,705
26,674
Depreciation charged in the year
1,628
4,782
6,410
At 28 February 2023
7,597
25,487
33,084
Carrying amount
At 28 February 2023
8,679
14,348
23,027
At 28 February 2022
10,307
15,040
25,347
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
34,304
39,895
Other debtors
7,204
9,915
Prepayments and accrued income
3,532
4,246
45,040
54,056
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
73,958
62,817
Trade creditors
45,988
70,332
Taxation and social security
54,051
36,545
Other creditors
215,655
207,414
389,652
377,108
SUDEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
191,819
249,727
8
Loans and overdrafts
2023
2022
£
£
Bank loans
255,326
308,346
Bank overdrafts
10,451
4,198
265,777
312,544
Payable within one year
73,958
62,817
Payable after one year
191,819
249,727

Bank loans and overdrafts are secured by way of a legal charge over the assets of the business.

9
Operating lease commitments
Lessee

At the balance sheet date, the total financial commitments are £183,333 (2022: 208,333). The commitments are for operating lease commitment for rent of the premises.

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