Registered number
00337255
SUPREME DISTRIBUTING COMPANY LIMITED
Unaudited Filleted Accounts
29 February 2024
API Partnership Ltd t/a Chandler & Georges
Chartered Accountants
75 Westow Hill
London
SE19 1TX
Ph: 0208 761 2213
www.cgca.co.uk
SUPREME DISTRIBUTING COMPANY LIMITED
Registered number: 00337255
Balance Sheet
as at 29 February 2024
Restated
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 770,010 790,480
Investments 4 508,266 508,266
1,278,276 1,298,746
Current assets
Stocks 2,676 2,676
Debtors 5 9,641 10,073
Cash at bank and in hand 131,251 21,353
143,568 34,102
Creditors: amounts falling due within one year 6 (88,786) (48,662)
Net current assets/(liabilities) 54,782 (14,560)
Total assets less current liabilities 1,333,058 1,284,186
Creditors: amounts falling due after more than one year 7 (5,000) (5,000)
Provisions for liabilities (271,526) (245,883)
Net assets 1,056,532 1,033,303
Capital and reserves
Called up share capital 3,212 3,212
Revaluation reserve 8 831,511 831,511
Profit and loss account 221,809 198,580
Shareholders' funds 1,056,532 1,033,303
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr V Jobanputra
Director
Approved by the board on 20 November 2024
SUPREME DISTRIBUTING COMPANY LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 915,068 9,251 924,319
At 29 February 2024 915,068 9,251 924,319
Depreciation
At 1 March 2023 124,588 9,251 133,839
Charge for the year 20,470 - 20,470
At 29 February 2024 145,058 9,251 154,309
Net book value
At 29 February 2024 770,010 - 770,010
At 28 February 2023 790,480 - 790,480
Freehold land and buildings: 2024 2023
£ £
Historical cost 66,614 66,614
Cumulative depreciation based on historical cost - -
66,614 66,614
4 Investments
Other
investments
£
Cost
At 1 March 2023 508,266
At 29 February 2024 508,266
Historical cost
At 1 March 2023 45,656
At 29 February 2024 45,656
5 Debtors 2024 2023
£ £
Trade debtors - 606
Other debtors 9,641 9,467
9,641 10,073
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 63 2,770
Taxation and social security costs 16,928 608
Other creditors 71,795 45,284
88,786 48,662
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 5,000 5,000
Restated
8 Revaluation reserve 2024 2023
£ £
At 1 March 2023 831,511 831,511
At 29 February 2024 831,511 831,511
9 Controlling party
The company is controlled equally by C Jobanputra & V Jobanputra.
10 Other information
SUPREME DISTRIBUTING COMPANY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
75 Westow Hill
London
SE19 1TX
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