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COMPANY REGISTRATION NUMBER: 2664575
Sumal & Sons (Properties) Limited
Filleted Unaudited Financial Statements
31 March 2025
Sumal & Sons (Properties) Limited
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
6
30,777,908
30,575,242
Current assets
Debtors
7
1,623,577
1,524,369
Cash at bank and in hand
1,227,719
788,471
------------
------------
2,851,296
2,312,840
Creditors: amounts falling due within one year
8
345,594
300,310
------------
------------
Net current assets
2,505,702
2,012,530
-------------
-------------
Total assets less current liabilities
33,283,610
32,587,772
Creditors: amounts falling due after more than one year
9
15,967
15,967
Provisions
Taxation including deferred tax
5,247,915
5,247,915
-------------
-------------
Net assets
28,019,728
27,323,890
-------------
-------------
Capital and reserves
Called up share capital
110,000
110,000
Revaluation reserve
11
15,743,748
15,743,748
Profit and loss account
11
12,165,980
11,470,142
-------------
-------------
Shareholders funds
28,019,728
27,323,890
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2025 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sumal & Sons (Properties) Limited
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 5 June 2025 , and are signed on behalf of the board by:
Mr D Sumal
Director
Company registration number: 2664575
Sumal & Sons (Properties) Limited
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, 32- 34 Station Close, Potters Bar, Herts, EN6 1TL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents rentals due during the year.
Income tax
The taxation expense represents the aggregate amount of tax currently payable and deferred tax The carrying amount of deferred tax assets is reviewed at each reporting date and deducted to the full extent that it is no longer probable that sufficient profits will allow it 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 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 is also dealt within equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current assets and liabilities and the deferred tax asset and liabilities relate to taxes levied by the same tax authority.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Furniture
-
25% reducing balance
Impairment of fixed assets
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.
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 as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2024: 4 ).
5. Tax on profit
Major components of tax expense
2025
2024
£
£
Current tax:
UK current tax expense
231,946
186,662
---------
---------
Tax on profit
231,946
186,662
---------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Investment property
Total
£
£
£
£
Cost
At 1 April 2024
46,852
6,162
30,573,014
30,626,028
Additions
202,666
202,666
--------
-------
-------------
-------------
At 31 March 2025
46,852
6,162
30,775,680
30,828,694
--------
-------
-------------
-------------
Depreciation
At 1 April 2024 and 31 March 2025
46,510
4,276
50,786
--------
-------
-------------
-------------
Carrying amount
At 31 March 2025
342
1,886
30,775,680
30,777,908
--------
-------
-------------
-------------
At 31 March 2024
342
1,886
30,573,014
30,575,242
--------
-------
-------------
-------------
Tangible assets held at valuation
Investment Property The directors have assessed the fair value of each property within the portfolio, based upon local knowledge and advice of potential resale values from its property advisors. The increase in the valuation of £Nil (2024:£-) has been included in the profit and loss account.
7. Debtors
2025
2024
£
£
Other debtors
1,623,577
1,524,369
------------
------------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
231,809
186,525
Other creditors
113,785
113,785
---------
---------
345,594
300,310
---------
---------
9. Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
15,967
15,967
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2025
2024
£
£
Included in provisions
5,247,915
5,247,915
------------
------------
11. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. It is non-distributable.
12. Related party transactions
The company has amounts due to it from companies that its management has related party relationships with. At the year end ,this amounted to £1,623,377 (2024:£1,583,577).
13. Controlling party
The company is under the day to day control of the directors MS Sumal, M S Sign, GS Singh and DS Sumal. However, all key decisions are undertaken at shareholder level.