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SULLEYCO LIMITED

Registered Number
15302057
(England and Wales)

Unaudited Financial Statements for the Period ended
30 November 2024

SULLEYCO LIMITED
Company Information
for the period from 22 November 2023 to 30 November 2024

Director

THOMAS, George

Registered Address

52 Shackleton Road
Crawley
RH10 5DE

Registered Number

15302057 (England and Wales)
SULLEYCO LIMITED
Balance Sheet as at
30 November 2024

Notes

2024

£

£

Fixed assets
Intangible assets35,400
Tangible assets4181
5,581
Current assets
Stocks512,541
Debtors65,550
Cash at bank and on hand4,183
22,274
Creditors amounts falling due within one year7(29,296)
Net current assets (liabilities)(7,022)
Total assets less current liabilities(1,441)
Net assets(1,441)
Capital and reserves
Called up share capital1
Profit and loss account(1,442)
Shareholders' funds(1,441)
The financial statements were approved and authorised for issue by the Director on 5 March 2025, and are signed on its behalf by:
THOMAS, George
Director
Registered Company No. 15302057
SULLEYCO LIMITED
Notes to the Financial Statements
for the period ended 30 November 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

2024
Average number of employees during the year1
3.Intangible assets

Goodwill

Total

££
Cost or valuation
Additions6,0006,000
At 30 November 246,0006,000
Amortisation and impairment
Charge for year600600
At 30 November 24600600
Net book value
At 30 November 245,4005,400
At 21 November 23--
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions237237
At 30 November 24237237
Depreciation and impairment
Charge for year5656
At 30 November 245656
Net book value
At 30 November 24181181
At 21 November 23--
5.Stocks

2024

£
Finished goods12,541
Total12,541
6.Debtors: amounts due within one year

2024

£
Trade debtors / trade receivables5,484
Other debtors66
Total5,550
7.Creditors: amounts due within one year

2024

£
Bank borrowings and overdrafts1,115
Amounts owed to related parties28,181
Total29,296
8.Related party transactions
During the year interest free loans were made available to the business by directors of £28,181.