Registered number
03056929
Sumo Glazing Limited
Filleted Accounts
31 May 2023
Sumo Glazing Limited
Registered number: 03056929
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 357,203 396,856
Investments 4 10,000 10,000
367,203 406,856
Current assets
Stocks 5,000 5,000
Debtors 5 362,837 663,825
Cash at bank and in hand 300,169 6,957
668,006 675,782
Creditors: amounts falling due within one year 6 (131,515) (193,982)
Net current assets 536,491 481,800
Total assets less current liabilities 903,694 888,656
Creditors: amounts falling due after more than one year 7 (10,502) (63,031)
Provisions for liabilities (54,875) (52,864)
Net assets 838,317 772,761
Capital and reserves
Called up share capital 2 2
Revaluation reserve 8 95,389 95,389
Profit and loss account 742,926 677,370
Shareholders' funds 838,317 772,761
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 members have 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.
Mr S R Jenkins
Director
Approved by the board on 2 November 2023
Sumo Glazing Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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. Freehold property is revalued annually on a current use basis and any uplift or deficit taken directly to the revaulation reserve. Depreciation is provided on all other tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Office and computer equipment 25% straight line
Motor vehicles 25% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 234,201 114,324 279,326 627,851
Additions - 4,868 - 4,868
At 31 May 2023 234,201 119,192 279,326 632,719
Depreciation
At 1 June 2022 9,201 106,017 115,777 230,995
Charge for the year - 3,634 40,887 44,521
At 31 May 2023 9,201 109,651 156,664 275,516
Net book value
At 31 May 2023 225,000 9,541 122,662 357,203
At 31 May 2022 225,000 8,307 163,549 396,856
Freehold land and buildings: 2023 2022
£ £
Historical cost 115,867 115,867
Cumulative depreciation based on historical cost 9,201 9,201
106,666 106,666
4 Investments
Other
investments
£
Cost
At 1 June 2022 10,000
At 31 May 2023 10,000
5 Debtors 2023 2022
£ £
Trade debtors 234,168 364,251
Director's loan - 154,105
Other debtors 128,669 145,469
362,837 663,825
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 10,000
Obligations under finance lease and hire purchase contracts 21,696 23,951
Trade creditors 19,452 79,063
Director's loan 542 -
Taxation and social security costs 52,609 38,805
Other creditors 37,216 42,163
131,515 193,982
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 30,833
Obligations under finance lease and hire purchase contracts 10,502 32,198
10,502 63,031
8 Revaluation reserve 2023 2022
£ £
At 1 June 2022 95,389 95,389
At 31 May 2023 95,389 95,389
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr S R Jenkins
Advance 154,105 93,527 (248,174) (542)
154,105 93,527 (248,174) (542)
Interest of £1,520 (2022: £1,512) was charged to the director on the above loan.
10 Other information
Sumo Glazing Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ebenezer House
5a Poole Road
Bournemouth
Dorset
BH2 5QJ
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