Registered number
10466188
Susandan Limited
Unaudited Filleted Accounts
30 November 2023
Susandan Limited
Registered number: 10466188
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Current assets
Stocks 1,742 2,491
Cash at bank and in hand 11 112
1,753 2,603
Creditors: amounts falling due within one year 4 (11,484) (11,815)
Net current liabilities (9,731) (9,212)
Net liabilities (9,731) (9,212)
Capital and reserves
Called up share capital 1 1
Profit and loss account (9,732) (9,213)
Shareholder's funds (9,731) (9,212)
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006; and preparing financial statements which give a true and fair view of the state of the affairs of the company as at the end of each financial year and of its profit and loss for each financial year in accordance with the requirements of Sections 394 to 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject the the small companies' regime.
Daniel Wells
Director
Approved by the board on 31 August 2024
Susandan Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Statutory information
Susandan Limited is a company limited by shares and registered in England and Wales under company number 10466188. The address of the registered office is 21 Villard Close, Coombe Hill, Gloucester, GL19 4ER.
2 Summary of significant accounting policies
Basis of preparation of financial statements
The financial statements have been prepared in accordance with FRS 102 The financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities and under the historical cost convention.
Going concern
After reviewing the the company's forecasts and projections, the directors have a reasonable expection that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing these financial statements.
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 transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss. All other investments are subsequently measured ar cost less impairment. Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit and loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment , an impairment loss is recognised in profit and loss immediately. All equity instruments, regardless of significance , and other financial assets that are individually significant, are assesed individually for impairment. Other financial assets are either assessed individually or grouped on the similar basis of credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
Taxation
Current tax represents the amount of tax payable (receivable) in the respect profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
2 Summary of significant accounting policies (continued)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and discounts. Turnover is also measured net of the estimated value of customer returns and volume rebates.
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the company has transferred all the significant risks and rewards of ownership of the goods to
the buyer;
• the company retains neither continuing managerial involvement, nor effective control, over the
goods to the degree usually associated with ownership;
• the amount of the revenue can be relaibly measured;
• it is probable (ie, more likely than not) that the economic benefits associated with the sale will
flow through to the entity; and
• the costs (to be) incurred in respect of the transaction can be reliably measured. Turnover is
recognised on despatch of goods which is the point at which the company transfers the
significant risks and rewards of ownership of the goods to the customer. The company retains
legal title of the goods until the customer pays, but this does not constitute a retention of the
significant risks and rewards of ownership. Amounts received in advance of shipping goods to
customers are recongised as deferred income and presented within creditors: amounts falling
due within one year.
3 Average number of employees
The average number of employees, including directors employed under contracts of service, during the year was as follows:
2023 2022
Number Number
Employees - 1
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,367 4,169
Other creditors 7,117 7,646
11,484 11,815
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