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SUPREME ASSETS LTD

Registered Number
SC490198
(Scotland)

Unaudited Financial Statements for the Year ended
31 October 2023

SUPREME ASSETS LTD
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

ASGHAR, Adeel

Registered Address

Airhub, Pavilion 4 Marchburn Drive
Abbotsinch
Paisley
PA3 2SJ

Registered Number

SC490198 (Scotland)
SUPREME ASSETS LTD
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4600,000600,000
600,000600,000
Current assets
Debtors570,12023,769
Cash at bank and on hand7,87419,218
77,99442,987
Creditors amounts falling due within one year6(384,426)(327,417)
Net current assets (liabilities)(306,432)(284,430)
Total assets less current liabilities293,568315,570
Creditors amounts falling due after one year7(18,492)(27,965)
Provisions for liabilities8(73,515)(73,515)
Net assets201,561214,090
Capital and reserves
Called up share capital1010
Profit and loss account201,551214,080
Shareholders' funds201,561214,090
The financial statements were approved and authorised for issue by the Director on 16 May 2025, and are signed on its behalf by:
ASGHAR, Adeel
Director
Registered Company No. SC490198
SUPREME ASSETS LTD
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. 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).
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20232022
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 November 22600,000600,000
At 31 October 23600,000600,000
Net book value
At 31 October 23600,000600,000
At 31 October 22600,000600,000
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables24,11512,264
Other debtors46,00511,505
Total70,12023,769
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables320,544313,470
Taxation and social security6,4406,505
Other creditors50,000-
Accrued liabilities and deferred income7,4427,442
Total384,426327,417
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts18,49227,965
Total18,49227,965
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)73,51573,515
Total73,51573,515