REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 23rd March 2023 to 31st March 2024 |
for |
SUMARK HOLDINGS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 23rd March 2023 to 31st March 2024 |
for |
SUMARK HOLDINGS LIMITED |
SUMARK HOLDINGS LIMITED (REGISTERED NUMBER: 14753349) |
Contents of the Financial Statements |
for the Period 23rd March 2023 to 31st March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SUMARK HOLDINGS LIMITED |
Company Information |
for the Period 23rd March 2023 to 31st March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
SUMARK HOLDINGS LIMITED (REGISTERED NUMBER: 14753349) |
Balance Sheet |
31st March 2024 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SUMARK HOLDINGS LIMITED (REGISTERED NUMBER: 14753349) |
Balance Sheet - continued |
31st March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUMARK HOLDINGS LIMITED (REGISTERED NUMBER: 14753349) |
Notes to the Financial Statements |
for the Period 23rd March 2023 to 31st March 2024 |
1. | STATUTORY INFORMATION |
Sumark Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue is measured at the fair value of consideration received or receivable. Revenue represents rental income receivable during the period. |
Investment property |
Investment property is shown at the most recent valuation. They are initially measured at cost, including transaction costs. Subsequently, they are measured at fair value and are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair values are included in the statement of income in the period in which they arise. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic Financial liabilities |
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
All the companies financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
SUMARK HOLDINGS LIMITED (REGISTERED NUMBER: 14753349) |
Notes to the Financial Statements - continued |
for the Period 23rd March 2023 to 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | 23,984 |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
Fair value at 31st March 2024 is represented by: |
£ |
Valuation in 2024 | 23,984 |
Cost | 343,124 |
367,108 |
If investment property had not been revalued they would have been included at the following historical cost: |
£ |
Cost | 343,124 |
Investment property was valued on an open market basis on 31st March 2024 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Prepayments |
SUMARK HOLDINGS LIMITED (REGISTERED NUMBER: 14753349) |
Notes to the Financial Statements - continued |
for the Period 23rd March 2023 to 31st March 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Directors' current accounts | 3,986 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans more 5 yrs non-inst | 169,665 |
Other loans more 5yrs non-inst | 170,066 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Other loans more 5yrs non-inst |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Bank loans |
Bank loans are secured by way of fixed charges over 27 Alcester Street, Chadderton and 42 Cunnery Meadow, Leyland. |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, the company owned £3,986 to its directors. No interest has been charged on this loan and it is repayable on demand. |
10. | RELATED PARTY DISCLOSURES |
During the accounting period, the company received loans totalling £170,066 from Nationwide Lettings Ltd, a company controlled by the directors. No interest has been charged on this loan and while it is repayable on demand, repayment will not be sought until such time that company performance permits. |