Registration number:
Sangomas Associates Ltd
for the Year Ended 30 April 2024
Sangomas Associates Ltd
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Sangomas Associates Ltd
(Registration number: 10139315)
Statement of Financial Position as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
5,000 |
5,000 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
335,427 |
273,779 |
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Profit and loss account |
135,925 |
(98,699) |
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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:
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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
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Sangomas Associates Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is property investment and letting
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sangomas Associates Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Revaluations |
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Additions acquired separately |
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At 30 April 2024 |
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Amortisation |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Tangible assets |
Investment property |
Computer equipment |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Revaluations |
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- |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
- |
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Charge for the year |
- |
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At 30 April 2024 |
- |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Revaluation
The fair value of the company's Investment property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Sangomas Associates Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Investments |
Other investments |
Total |
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Investments |
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Cost or valuation |
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At 1 May 2023 |
5,000 |
5,000 |
At 30 April 2024 |
5,000 |
5,000 |
Impairment |
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Carrying amount |
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At 30 April 2024 |
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5,000 |
Debtors |
2024 |
2023 |
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Trade debtors |
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- |
Prepayments |
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Other debtors |
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Sangomas Associates Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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- |
Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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- |
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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.
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)
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 |
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( |
- |
( |
2023 |
At 1 May 2022 |
Advances / (credits) to the director |
At 30 April 2023 |
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( |
(169,000) |
( |
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.