Sangomas Associates Ltd 10139315 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is property investment and letting Digita Accounts Production Advanced 6.30.9574.0 true 10139315 2023-05-01 2024-04-30 10139315 2024-04-30 10139315 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-04-30 10139315 core:CurrentFinancialInstruments 2024-04-30 10139315 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 10139315 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 10139315 core:OtherResidualIntangibleAssets 2024-04-30 10139315 core:LandBuildings 2024-04-30 10139315 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 10139315 core:OfficeEquipment 2024-04-30 10139315 1 2024-04-30 10139315 bus:SmallEntities 2023-05-01 2024-04-30 10139315 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 10139315 bus:FilletedAccounts 2023-05-01 2024-04-30 10139315 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 10139315 bus:RegisteredOffice 2023-05-01 2024-04-30 10139315 bus:Director1 2023-05-01 2024-04-30 10139315 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10139315 core:IntangibleAssetsOtherThanGoodwill 2023-05-01 2024-04-30 10139315 core:OtherResidualIntangibleAssets 2023-05-01 2024-04-30 10139315 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 10139315 core:OfficeEquipment 2023-05-01 2024-04-30 10139315 core:PlantMachinery 2023-05-01 2024-04-30 10139315 countries:EnglandWales 2023-05-01 2024-04-30 10139315 1 2023-05-01 2024-04-30 10139315 2023-04-30 10139315 core:OtherResidualIntangibleAssets 2023-04-30 10139315 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 10139315 core:OfficeEquipment 2023-04-30 10139315 1 2023-04-30 10139315 2022-05-01 2023-04-30 10139315 2023-04-30 10139315 core:CurrentFinancialInstruments 2023-04-30 10139315 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 10139315 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 10139315 core:OtherResidualIntangibleAssets 2023-04-30 10139315 core:LandBuildings 2023-04-30 10139315 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 10139315 core:OfficeEquipment 2023-04-30 10139315 1 2023-04-30 10139315 1 2022-05-01 2023-04-30 10139315 1 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 10139315

Sangomas Associates Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Sangomas Associates Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Sangomas Associates Ltd

(Registration number: 10139315)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

418,847

219,921

Tangible assets

5

2,105,221

2,010,295

Other financial assets

6

5,000

5,000

 

2,529,068

2,235,216

Current assets

 

Debtors

7

3,607

5,672

Cash at bank and in hand

 

1,847

16,065

 

5,454

21,737

Creditors: Amounts falling due within one year

8

(1,251,752)

(1,219,980)

Net current liabilities

 

(1,246,298)

(1,198,243)

Total assets less current liabilities

 

1,282,770

1,036,973

Creditors: Amounts falling due after more than one year

8

(703,868)

(787,676)

Provisions for liabilities

(107,450)

(74,117)

Net assets

 

471,452

175,180

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

335,427

273,779

Profit and loss account

135,925

(98,699)

Shareholders' funds

 

471,452

175,180

 

Sangomas Associates Ltd

(Registration number: 10139315)
Statement of Financial Position as at 30 April 2024 (continued)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 3 January 2025 and signed on its behalf by:
 


A Marshall
Director

 

Sangomas Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Penlee Way Stoke
Plymouth
Devon
PL3 4AW

Principal activity

The principal activity of the company is property investment and letting

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured as the fair value of rent received or receivable under a lease.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Sangomas Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Impairment

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Sangomas Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Cryptocurrency

Not amortised

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 in
finance costs in profit or loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Sangomas Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

261,635

261,635

Revaluations

156,212

156,212

Additions acquired separately

1,000

1,000

At 30 April 2024

418,847

418,847

Amortisation

Carrying amount

At 30 April 2024

418,847

418,847

At 30 April 2023

219,921

219,921

5

Tangible assets

Investment property
£

Computer equipment
£

Total
£

Cost or valuation

At 1 May 2023

2,010,000

869

2,010,869

Revaluations

95,000

-

95,000

At 30 April 2024

2,105,000

869

2,105,869

Depreciation

At 1 May 2023

-

574

574

Charge for the year

-

74

74

At 30 April 2024

-

648

648

Carrying amount

At 30 April 2024

2,105,000

221

2,105,221

At 30 April 2023

2,010,000

295

2,010,295

Revaluation

The fair value of the company's Investment property was revalued on 30 April 2024. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,662,178 (2023 - £1,662,178).

 

Sangomas Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Investments

Other investments
£

Total
£

Investments

Cost or valuation

At 1 May 2023

5,000

5,000

At 30 April 2024

5,000

5,000

Impairment

Carrying amount

At 30 April 2024

5,000

5,000

7

Debtors

2024
£

2023
£

Trade debtors

466

-

Prepayments

3,060

419

Other debtors

81

5,253

3,607

5,672

 

Sangomas Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

21,989

25,572

Trade creditors

5

-

Accruals and deferred income

2,645

3,900

Other creditors

1,227,113

1,190,508

1,251,752

1,219,980

Included in creditors: due within one year is £21,989 (2022: £28,336) which are secured by a fixed and floating charge on the company's assets and trade. Included in creditors due within one year is £nil (2022: £3,000) for a Bounce Back loan which is secured by a government guarantee.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

680,920

787,676

Other non-current financial liabilities

22,948

-

703,868

787,676

Included in creditors: due after more than one year is £680,920 (2022: £901,602) which are secured by a fixed and floating charge on the company's assets and trade. Included in creditors due after more than one year is £nil (2022: £14,000) for a Bounce Back loan which is secured by a government guarantee.

Included in creditors: amounts falling due after more than one year is an amount of £591,916 (2022: £759,922) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Revaluation reserve:

This reserve records the revaluation of investment property and intangible fixed assets owned by the company. This reserve is made up of undistributable amounts.

 

Sangomas Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company:

2024

At 1 May 2023
£

Advances / (credits) to the director
£

At 30 April 2024
£

(513,298)

-

(513,298)

       
     

 

2023

At 1 May 2022
£

Advances / (credits) to the director
£

At 30 April 2023
£

(344,298)

(169,000)

(513,298)

       
     

 

Summary of transactions with entities with joint control or significant interest

During the year the company, along with associated companies New Leaf Sheds Limited and New Leaf Landscaping and Fencing Limited, elected to write off the intercompany loan balance of £28,010 by formal deed of waiver and release.