Company registration number 03034096 (England and Wales)
SUMARI BUSINESS SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SUMARI BUSINESS SYSTEMS LIMITED
COMPANY INFORMATION
Directors
Ms S Chadda
Mr I J Desjarlais
Mr A L Taft
Company number
03034096
Registered office
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
SUMARI BUSINESS SYSTEMS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SUMARI BUSINESS SYSTEMS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SUMARI BUSINESS SYSTEMS LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sumari Business Systems Limited for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sumari Business Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Sumari Business Systems Limited and state those matters that we have agreed to state to the Board of Directors of Sumari Business Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sumari Business Systems Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Sumari Business Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sumari Business Systems Limited. You consider that Sumari Business Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sumari Business Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Malcolm Piper & Company Limited
18 July 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
SUMARI BUSINESS SYSTEMS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,003
3,003
Tangible assets
4
3,757
5,764
6,760
8,767
Current assets
Debtors
5
49,143
57,253
Cash at bank and in hand
32,476
33,991
81,619
91,244
Creditors: amounts falling due within one year
6
(60,156)
(60,489)
Net current assets
21,463
30,755
Total assets less current liabilities
28,223
39,522
Creditors: amounts falling due after more than one year
7
(15,602)
(21,137)
Provisions for liabilities
(173)
(173)
Net assets
12,448
18,212
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
12,348
18,112
Total equity
12,448
18,212

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

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

SUMARI BUSINESS SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
Ms S Chadda
Director
Company registration number 03034096 (England and Wales)
SUMARI BUSINESS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information

Sumari Business Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Birmingham, West Midlands, United Kingdom, B44 8LS.

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, 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.

 

1.3
Intangible fixed assets - goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

 

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

No amortisation is provided against patent and licences, as the director is of the opinion that they are worth at least their cost value shown in the balance sheet.

1.5
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.

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:

Fixtures and fittings
15% on reducing balance
Computers
33% on reducing balance
Motor vehicles
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.

SUMARI BUSINESS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

.

1.8
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.

2
Employees

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

2023
2022
Number
Number
Total
5
6
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
1
3,002
3,003
Amortisation and impairment
At 1 December 2022 and 30 November 2023
-
0
-
0
-
0
Carrying amount
At 30 November 2023
1
3,002
3,003
At 30 November 2022
1
3,002
3,003
SUMARI BUSINESS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022 and 30 November 2023
3,507
9,224
5,575
18,306
Depreciation and impairment
At 1 December 2022
1,454
8,300
2,788
12,542
Depreciation charged in the year
308
305
1,394
2,007
At 30 November 2023
1,762
8,605
4,182
14,549
Carrying amount
At 30 November 2023
1,745
619
1,393
3,757
At 30 November 2022
2,053
924
2,787
5,764
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
43,160
47,392
Other debtors
5,983
9,861
49,143
57,253
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,165
14,235
Trade creditors
2,874
1,477
Taxation and social security
23,378
23,699
Other creditors
7,739
21,078
60,156
60,489
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,602
21,137
SUMARI BUSINESS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
8
Loans and overdrafts
2023
2022
£
£
Bank loans
18,380
21,137
Bank overdrafts
23,387
14,235
41,767
35,372
Payable within one year
26,165
14,235
Payable after one year
15,602
21,137

The bank loan provided by Lloyds Bank plc is unsecured on the assets of the company. In the event that the company is unable to repay the loan, HM Government are guarantors for the entirety of the unpaid loan.

9
Operating lease commitments
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of operating lease arrangements are as follows:

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
-
0
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