Registered number
10377488
Sumal Investments Limited
Filleted Accounts
For the year ended 30 September 2022
ASVSH Accountancy Services Ltd
Chartered Certified Accountants
Sumal Investments Limited
Registered number: 10377488
Balance Sheet
as at 30 September 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 517,472 715,345
Current assets
Stocks 25,581 -
Cash at bank and in hand 2,337 100
27,918 100
Creditors: amounts falling due within one year 4 (151,268) (199,666)
Net current liabilities (123,350) (199,566)
Total assets less current liabilities 394,122 515,779
Creditors: amounts falling due after more than one year 5 (380,033) (519,695)
Net assets/(liabilities) 14,089 (3,916)
Capital and reserves
Called up share capital 100 100
Profit and loss account 13,989 (4,016)
Shareholder's funds 14,089 (3,916)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mandeep Sumal
Director
Approved by the board on 13 November 2023
Sumal Investments Limited
Notes to the Accounts
for the year ended 30 September 2022
1 Accounting policies
Turnover
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 when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. 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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). 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.
Taxation
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 financial statements 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2021 715,345
Disposals (197,873)
At 30 September 2022 517,472
Depreciation
At 30 September 2022 -
Net book value
At 30 September 2022 517,472
At 30 September 2021 715,345
4 Creditors: amounts falling due within one year 2022 2021
£ £
Director's loan account 146,092 198,346
Taxation and social security costs 3,436 -
Other creditors 1,740 1,320
151,268 199,666
5 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 380,033 519,695
6 Other information
Sumal Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
46 Camden Road
Camden Town
London
NW1 9DR
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