REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
SUDECO INTERNATIONAL LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
SUDECO INTERNATIONAL LIMITED |
SUDECO INTERNATIONAL LIMITED (REGISTERED NUMBER: 01916648) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SUDECO INTERNATIONAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SUDECO INTERNATIONAL LIMITED (REGISTERED NUMBER: 01916648) |
BALANCE SHEET |
30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUDECO INTERNATIONAL LIMITED (REGISTERED NUMBER: 01916648) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
Preparation of consolidated financial statements |
The financial statements contain information about Sudeco International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements |
Turnover |
Turnover |
Turnover represents the value of goods sold and services provided, excluding Value Added Tax. Substantially 86% of the company's turnover was from overseas and 14% local. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Taxation |
Taxation for the year 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. |
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 year 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Net current liabilities |
The company has net current liabilities as at the year end. In the directors opinion, they will support the company in the foreseeable future. |
Fixed asset investments |
Fixed asset investments are stated at historical cost less any provision for permanent diminution in value. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SUDECO INTERNATIONAL LIMITED (REGISTERED NUMBER: 01916648) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st July 2023 |
and 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
4. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1st July 2023 |
and 30th June 2024 | 3,333 |
NET BOOK VALUE |
At 30th June 2024 | 3,333 |
At 30th June 2023 | 3,333 |
SUDECO INTERNATIONAL LIMITED (REGISTERED NUMBER: 01916648) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
4. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the balance sheet date in the share capital of companies include the following: |
Subsidiaries |
Sugar Development Corporation |
Country of incorporation: USA |
Nature of business: supplying equipment, etc to sugar industries |
% |
Class of shares: | Holding |
Ordinary | 100.00 |
31/12/24 | 31/12/23 |
£ | £ |
Aggregate capital and reserves | (577,893 | ) | (555,745 | ) |
Profit/(loss) for the year | (11,863 | ) | (9,200 | ) |
Sudeco (India) Private Ltd |
Country of incorporation: India |
Nature of business: supplying equipment, etc to sugar industries |
% |
Class of shares: | Holding |
Ordinary | 99.60 |
31/03/24 | 31/03/23 |
£ | £ |
Aggregate capital and reserves | (35,315 | ) | (43,295 | ) |
Profit/(loss) for the year | 8,312 | (332 | ) |
The aggregate capital and reserves and profit for the year are converted at the year end rate. |
Associated Company |
Omatics Solutions Private Limited |
Country of incorporation: India |
Nature of business: Software development and services |
% |
Class of shares: | Holding |
Ordinary | 49.04 |
31/03/24 | 31/03/23 |
£ | £ |
Aggregate capital and reserves | 55,000 | 53,354 |
Profit/(loss) | (2,440 | ) | (1 | ) |
The aggregate capital and reserves and loss for the year are converted at the year end rate. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
SUDECO INTERNATIONAL LIMITED (REGISTERED NUMBER: 01916648) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank Overdrafts | 1,261,979 | 1,230,673 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | £1 | 100,000 | 100,000 |
10. | CONTINGENT LIABILITIES |
The company's bankers have provided a performance guarantee of £Nil (2023: £Nil) to the customers of the company. The company and the directors have provided securities to the bank in connection to this guarantee. |
SUDECO INTERNATIONAL LIMITED (REGISTERED NUMBER: 01916648) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
11. | RELATED PARTY DISCLOSURES |
1. Amounts due (owed) by the Directors to (from) the company as at the year-end was (owed £80,246) (due 2023: £40,792). Amounts due to the Directors by other group companies as at the year-end was £Nil (2023: £Nil). |
2. The bank overdraft and bank facilities are secured by way of personal guarantees from the Directors and their close family members. |
3. During the year, the company undertook the following transactions with its wholly owned subsidiaries: |
Purchases |
Net Funds provided/(repaid) |
Balance at 30 June 2024 |
2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Sugar Development Corporation |
£Nil |
£Nil |
£22,957 |
£33,492 |
£886,990 |
£864,032 |
Sudeco India Private Limited |
£Nil |
£Nil |
£Nil |
£Nil |
(£313,575) |
(£313,575) |
4. During the year, an amount of £96,302 (2023: £96,302) was due from Omatics Solutions Private Limited, an associated company by virtue of the fact that Sugar Developments Corporation owns greater than 20% shareholdings in that company. |
5. At year end, Omatics Limited has provided an unsecured and interest free loan of £166,956 (2023: £167,092). a company in which Messrs. S.R. and A.R.Patel are the only directors and shareholders. This loan is unsecured and interest free and is not repayable within 12 months of the year end. |
12. | POST BALANCE SHEET EVENTS |
One of the projects which the company had undertaken has been suspended temporarily due to the political unrest in Syria. The directors are of the opinion that the situation in Syria will improve in the near future and that the company will be able to resume that project. |
13. | ULTIMATE CONTROLLING PARTY |
The company was controlled throughout the current and previous periods by its directors, Mr S.R. Patel and Mr A.R. Patel, by virtue of the fact that between them they own all of the company's ordinary share capital. |