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Registration number: 01108302

Supreme Holdings (Enfield) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Supreme Holdings (Enfield) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Supreme Holdings (Enfield) Ltd

Company Information

Directors

A Sartori

P Sartori

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

Supreme Holdings (Enfield) Ltd

(Registration number: 01108302)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,536,276

1,861,692

Investments

5

152,500

152,500

 

1,688,776

2,014,192

Current assets

 

Debtors

6

28,045

28,045

Cash at bank and in hand

 

89,666

41,756

 

117,711

69,801

Creditors: Amounts falling due within one year

7

(213,844)

(212,020)

Net current liabilities

 

(96,133)

(142,219)

Total assets less current liabilities

 

1,592,643

1,871,973

Creditors: Amounts falling due after more than one year

7

(169,042)

(333,516)

Provisions for liabilities

(188,052)

(188,052)

Net assets

 

1,235,549

1,350,405

Capital and reserves

 

Called up share capital

8

225

300

Capital redemption reserve

75

-

Revaluation reserve

864,023

864,023

Retained earnings

371,226

486,082

Shareholders' funds

 

1,235,549

1,350,405

 

Supreme Holdings (Enfield) Ltd

(Registration number: 01108302)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 July 2024 and signed on its behalf by:
 

.........................................
P Sartori
Director

 

Supreme Holdings (Enfield) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
62 Browning Road
Enfield
Middlesex
EN2 0EW

These financial statements were authorised for issue by the Board on 24 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises rent receivable

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Supreme Holdings (Enfield) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Supreme Holdings (Enfield) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 January

1,861,692

Additions

150,078

Disposals

(475,494)

At 31 December

1,536,276

Investment Property is valued based upon an assessment of the property and the market by the company directors

The investment property has been recorded in the financial statements at historic cost which is considered by the directors to be equal to the fair value.

5

Investments

2023
£

2022
£

Investments in subsidiaries

152,500

152,500

 

Supreme Holdings (Enfield) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiaries

£

Cost or valuation

At 1 January 2023

152,500

Provision

Carrying amount

At 31 December 2023

152,500

At 31 December 2022

152,500

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Riverside Properties (Enfield) Ltd

UK

Ordinary

100%

100%

Subsidiary undertakings

Riverside Properties (Enfield) Ltd

The principal activity of Riverside Properties (Enfield) Ltd is Property investment. Its financial period end is 30 April. The profit for the financial period of Riverside Properties (Enfield) Ltd was £26,237 and the aggregate amount of Capital and reserves at the end of the period was £366,310.

6

Debtors

Current

2023
£

2022
£

Other debtors

28,045

28,045

 

28,045

28,045

 

Supreme Holdings (Enfield) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

86,748

-

Taxation and social security

31,839

56,939

Accruals and deferred income

3,080

4,780

Other creditors

92,177

150,301

213,844

212,020

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

169,042

333,516

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

91

91

100

100

Ordinary A shares of £1 each

134

134

200

200

225

225

300

300

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

119,042

133,506

Other borrowings

50,000

200,010

169,042

333,516

10

Dividends

 

Supreme Holdings (Enfield) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Related party transactions

Summary of transactions with entities with joint control or significant interest

Supreme Asphalte Co (Enfield) Ltd - Company under common control
 At the year end the company owed £92,177 (2022: £150,301) to Supreme Asphalte Co (Enfield) Ltd.
During the year the company received rent of £15,000 (2022: £15,000) from Supreme Asphalte Co (Enfield) Ltd.

 

Summary of transactions with subsidiaries

Riverside Properties (Enfield) Ltd
 At the year end the company was owed £28,045 (2022: £28,045) by its subsidiary company