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COMPANY REGISTRATION NUMBER: 12138033
SUMRAH PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
SUMRAH PROPERTIES LIMITED
FINANCIAL STATEMENTS
Year ended 31 August 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
SUMRAH PROPERTIES LIMITED
BALANCE SHEET
31 August 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
4
695,617
695,617
CURRENT ASSETS
Debtors
5
579
Cash at bank and in hand
18,156
9,334
--------
-------
18,735
9,334
CREDITORS: amounts falling due within one year
6
( 251,664)
( 241,868)
---------
---------
NET CURRENT LIABILITIES
( 232,929)
( 232,534)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
462,688
463,083
CREDITORS: amounts falling due after more than one year
7
( 440,125)
( 451,645)
---------
---------
NET ASSETS
22,563
11,438
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
22,463
11,338
--------
--------
SHAREHOLDERS FUNDS
22,563
11,438
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
Mr W Akhtar
Director
Company registration number: 12138033
SUMRAH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 August 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, NP10 8FY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income from investment property, stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. TANGIBLE ASSETS
Investment property
£
Cost
At 1 September 2022 and 31 August 2023
695,617
---------
Depreciation
At 1 September 2022 and 31 August 2023
---------
Carrying amount
At 31 August 2023
695,617
---------
At 31 August 2022
695,617
---------
Tangible assets held at valuation
The investment property was valued by the directors on 31 August 2023 by the directors who are of the opinion that the residual value of the investment property is not materially misstated at the balance sheet date.
5. DEBTORS
2023
2022
£
£
Other debtors
579
----
----
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,071
10,164
Corporation tax
3,482
2,159
Other creditors
237,111
229,545
---------
---------
251,664
241,868
---------
---------
The above includes secured creditors of £11,071 (2022 - £10,164). These balances are secured over the assets to which they relate.
7. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
440,125
451,645
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £392,845 (2022: £412,902) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above includes secured creditors of £440,125 (2022 - £451,645). These balances are secured over the assets to which they relate.
8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within creditors is a balance of £234,059 (2022 - £228,523) due to the directors. This balance is interest free and repayable on demand.