3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,989,037 xbrli:pure xbrli:shares iso4217:GBP 03488833 2023-02-01 2024-01-31 03488833 2024-01-31 03488833 2023-01-31 03488833 2022-02-01 2023-01-31 03488833 2023-01-31 03488833 2022-01-31 03488833 core:FurnitureFittings 2023-02-01 2024-01-31 03488833 bus:Director3 2023-02-01 2024-01-31 03488833 core:FurnitureFittings 2024-01-31 03488833 core:WithinOneYear 2024-01-31 03488833 core:WithinOneYear 2023-01-31 03488833 core:AfterOneYear 2024-01-31 03488833 core:AfterOneYear 2023-01-31 03488833 core:ShareCapital 2024-01-31 03488833 core:ShareCapital 2023-01-31 03488833 core:RetainedEarningsAccumulatedLosses 2024-01-31 03488833 core:RetainedEarningsAccumulatedLosses 2023-01-31 03488833 core:FurnitureFittings 2023-01-31 03488833 core:DeferredTaxation 2024-01-31 03488833 bus:SmallEntities 2023-02-01 2024-01-31 03488833 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 03488833 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 03488833 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03488833 bus:FullAccounts 2023-02-01 2024-01-31 03488833 core:AllAssociates 2023-02-01 2024-01-31 03488833 1 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 03488833
Sumal Property Limited
Filleted Unaudited Financial Statements
31 January 2024
Sumal Property Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
22,467,852
22,202,402
Current assets
Cash at bank and in hand
746,514
931,988
Creditors: amounts falling due within one year
6
386,522
330,902
---------
---------
Net current assets
359,992
601,086
-------------
-------------
Total assets less current liabilities
22,827,844
22,803,488
Creditors: amounts falling due after more than one year
7
2,427,555
3,077,555
Provisions
Taxation including deferred tax
8
1,989,037
1,989,037
-------------
-------------
Net assets
18,411,252
17,736,896
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
18,411,152
17,736,796
-------------
-------------
Shareholders funds
18,411,252
17,736,896
-------------
-------------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 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 .
Sumal Property Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
Mr R Sumal
Director
Company registration number: 03488833
Sumal Property Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, 32-34 Staion Close, Herts, Potters Bar, EN6 1TL.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
The turnover shown in the profit and loss account represents rentals due during the year.
Income tax
Current tax is recognised on taxable profit for the current and past periods The tax currently payable is based on taxable profit for the year. The carrying amount of deferred tax assets is reviewed at each reporting date and deducted to the full extent that it is no longer probable that sufficient profits will allow it to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is is also dealt within equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current assets and liabilities and the deferred tax asset and liabilities relate to taxes levied by the same tax authority .
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Fixtures and fittings
Investment properties
Total
£
£
£
Cost
At 1 February 2023
29,676
22,202,402
22,232,078
Additions
265,450
265,450
--------
-------------
-------------
At 31 January 2024
29,676
22,467,852
22,497,528
--------
-------------
-------------
Depreciation
At 1 February 2023 and 31 January 2024
29,676
29,676
--------
-------------
-------------
Carrying amount
At 31 January 2024
22,467,852
22,467,852
--------
-------------
-------------
At 31 January 2023
22,202,402
22,202,402
--------
-------------
-------------
Tangible assets held at valuation
Investment Property The directors have assessed the fair value of each property within the portfolio, based upon local knowledge and advice of potential resale values from its property advisors. The increase in the valuation of £- (2023 :£-) has been included in the profit and loss account.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
213,365
157,745
Other creditors
173,157
173,157
---------
---------
386,522
330,902
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,427,555
3,077,555
------------
------------
8. Provisions
Deferred tax
£
At 1 February 2023 and 31 January 2024
1,989,037
------------
9. Related party transactions
Other creditors represents loans from the directors and their family members.
10. Controlling party
The company is under the day to day control of the directors RS Sumal, DS Sumal and AS Sumal. However, all key decisions are undertaken at shareholder level.