Company registration number 11007783 (England and Wales)
SULHUM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
SULHUM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SULHUM LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SULHUM LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sulhum Limited for the year ended 31 October 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Sulhum Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sulhum Limited and state those matters that we have agreed to state to the board of directors of Sulhum Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sulhum Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Sulhum Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sulhum Limited. You consider that Sulhum Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sulhum Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
30 January 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SULHUM LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
143,609
173,639
Investment property
4
6,157,288
4,578,848
6,300,897
4,752,487
Current assets
Debtors
5
288,319
196,273
Cash at bank and in hand
331,413
220,842
619,732
417,115
Creditors: amounts falling due within one year
6
(5,876,918)
(4,394,928)
Net current liabilities
(5,257,186)
(3,977,813)
Total assets less current liabilities
1,043,711
774,674
Provisions for liabilities
7
(102,366)
(43,410)
Net assets
941,345
731,264
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
941,245
731,164
Total equity
941,345
731,264
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SULHUM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
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The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Dr M S U Hassan
Director
Company registration number 11007783 (England and Wales)
SULHUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information
Sulhum Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% on cost
Computer equipment
33% on cost
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SULHUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset 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 is 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 also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
SULHUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 November 2023
306,477
23,742
330,219
Additions
4,083
4,083
At 31 October 2024
306,477
27,825
334,302
Depreciation and impairment
At 1 November 2023
136,073
20,507
156,580
Depreciation charged in the year
30,648
3,465
34,113
At 31 October 2024
166,721
23,972
190,693
Carrying amount
At 31 October 2024
139,756
3,853
143,609
At 31 October 2023
170,404
3,235
173,639
4
Investment property
2024
£
Fair value
At 1 November 2023
4,578,848
Additions
1,578,440
At 31 October 2024
6,157,288
It is in the opinion of the directors that the market value of investment property is not considered to be significantly different from the carrying value held at historical cost.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,976
Other debtors
268,343
196,273
288,319
196,273
SULHUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
159,394
71,776
Taxation and social security
111,258
Other creditors
5,717,524
4,211,894
5,876,918
4,394,928
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
102,366
43,410
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
70
70
70
70
Ordinary B of £1 each
30
30
30
30
100
100
100
100
9
Ultimate controlling party
The ultimate controlling party is Dr M S U Hassan.