| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
| FOR |
| SAMY LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
| FOR |
| SAMY LIMITED |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 10 |
| Other Comprehensive Income | 11 |
| Balance Sheet | 12 |
| Statement of Changes in Equity | 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 |
| SAMY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Certified Accountants |
| & Statutory Auditors |
| 12-16 Station Street East |
| Coventry |
| West Midlands |
| CV6 5FJ |
| BANKERS: |
| Witham, Leicester, Leicestershire, |
| LE87 2BB |
| Santander Bank |
| Bridle Road, Bootle, Merseyside, |
| L30 4BG |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| The principle activity of the company during the year continued to be fuel service station commission operator and retail off licence stores with food, beverage and tobacco predominating. |
| REVIEW OF BUSINESS |
| The turnover of the company is £39.5 million compared to the previous year's turnover of £35.4 million. The margins have been maintained at 19.6% compared to 16.7% in the previous year. The company achieved net profit before tax of £1.7 million compared to a profit of £1.4 million in the previous year. The director considers that the profit achieved on ordinary activities before taxation to be very satisfactory. The trading results for the year and the company's financial position at the end of the year are shown in the attached financial statements. The company is in a good position to take advantage of business opportunities and the director considers the state of affairs to be satisfactory. |
| Key performance indicators |
| The director considers that the following performance indicators are appropriate in terms of the assessment of the company's progress: |
| - Growth in revenue |
| - Increased efficiency of operational costs relative to revenues |
| - Achieving positive profit before tax |
| - Securing new stores for expansion to increase market share |
| Current trading and future developments |
| The company continues to make progress across all elements of its business. |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company is subject to a number of risks, principally external. The director regularly reviews the risks to which the company is exposed and has in place a strategy to mitigate these risks as far as possbible. The following summary, which is not exhaustive, outlines some of the key risks and uncertainties facing the company at its present stage of development. |
| The risks that are particularly important at the current time are:- |
| - Consumer attitude to the type of shopping particularly online presence of big brand groceries. |
| - Increase in power tariffs. |
| - Entry of new competitors in the company's geographical areas. |
| - Any outbreak of virus and its impact on the business. |
| - Financial risk e.g. credit control and any material increase in finance costs. |
| Financial Instrument Risk |
| a) The company seeks to operate within its agreed overdraft and loan facility with the bank. All the sales are to UK customers and all suppliers are UK based, the company has therefore not entered into any hedging arrangements in respect of risks relating to trade debtors or creditors. |
| b) The exposure of the company to price risk, credit risk, liquidity risk and cash flow risk; |
| Impact of COVID 19 |
| We are closely monitoring the coronavirus situation and following Government guidelines and are sharing these with all employees. We are prepared to take action to deal with this situation as it changes. We have considered the potential impact of COVID-19 in our risk analysis. |
| ON BEHALF OF THE BOARD: |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| The directors present their report with the financial statements of the company for the year ended 30th June 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company during the year was continued to be fuel service station commission operator and retail off licence stores with food, beverage and tobacco predominating. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30th June 2024 will be nil (30.06.23: £2,000). |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| AUDITORS |
| The auditors, R Pau & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SAMY LIMITED |
| Opinion |
| We have audited the financial statements of Samy Limited (the 'company') for the year ended 30th June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30th June 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SAMY LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| In light of our knowledge and understanding of the company and it's environment obtained on the course of the audit, we have not identified material misstatements in the Strategic Report and the Report of the Directors. |
| We have nothing to report of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - the financial statements are not in agreement with the accounting records and returns; or |
| - certain disclosures of directors' remuneration specified by law are not made; or |
| - we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SAMY LIMITED |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
| Based on our understanding of the company and the industry in which it operates, we identified the principal risks |
| of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition. |
| Audit procedures performed included: |
| o Review of the financial statement disclosures to underlying supporting documentation |
| o Enquiring of management and directors concerning actual and potential litigation and claims including knowledge of any non-compliance with laws and regulations |
| o In addressing the fraud risk in revenue recognition we have tested a sample of revenues recorded through agreement of booking period terms |
| o In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| There are inherent limitations in the audit procedures described above. We are less likely to become aware of non-compliance with laws and regulations that are not closely related to the events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SAMY LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Certified Accountants |
| & Statutory Auditors |
| 12-16 Station Street East |
| Coventry |
| West Midlands |
| CV6 5FJ |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 6,434,971 | 4,921,813 |
| 1,292,448 | 990,028 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| BALANCE SHEET |
| 30TH JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1st July 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30th June 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30th June 2024 |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Capital repayments in year | ( |
) |
| Amount introduced by directors | 16,000 | 2,000 |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
504,606 |
| Cash and cash equivalents at end of year | 2 | 2,224,943 | 2,876,501 |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance costs | 89,602 | 71,804 |
| 1,836,933 | 1,560,968 |
| Increase in stocks | ( |
) | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30th June 2024 |
| 30/6/24 | 1/7/23 |
| £ | £ |
| Cash and cash equivalents | 2,224,943 | 2,876,501 |
| Year ended 30th June 2023 |
| 30/6/23 | 1/7/22 |
| £ | £ |
| Cash and cash equivalents | 2,876,501 | 504,606 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/7/23 | Cash flow | At 30/6/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,876,501 | (651,558 | ) | 2,224,943 |
| 2,876,501 | ( |
) | 2,224,943 |
| Debt |
| Finance leases | (40,963 | ) | 21,827 | (19,136 | ) |
| Debts falling due within 1 year | (159,000 | ) | 6,591 | (152,409 | ) |
| Debts falling due after 1 year | (755,165 | ) | (433,581 | ) | (1,188,746 | ) |
| (955,128 | ) | (405,163 | ) | (1,360,291 | ) |
| Total | 1,921,373 | (1,056,721 | ) | 864,652 |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 1. | STATUTORY INFORMATION |
| Samy Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill and amortisation |
| Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
| Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its estimated useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. |
| Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: |
| Goodwill - over 5 years |
| If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Depreciation is caluclated 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: |
| Long leasehold property - over the lease terms |
| Short leasehold property - over the lease terms |
| Fixtures and fittings - 25% reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as at asset. |
| Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
| Defined contribution plans |
| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
| When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in ther period in which it arises. |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
| 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. |
| Debt instruments are subsequently measured at amortised cost. |
| Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. |
| Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversal of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administrative staff |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Goodwill amortisation |
| Auditors' remuneration |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| Bank loan interest |
| Hire purchase |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Profits multiplied by the higher rate of corporation tax | 102,472 | 20,770 |
| Accelerated capital allowances | 896 | 4,163 |
| Total tax charge | 423,853 | 288,746 |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of 1 each |
| Interim |
| 9. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1st July 2023 |
| and 30th June 2024 |
| AMORTISATION |
| At 1st July 2023 |
| Amortisation for year |
| At 30th June 2024 |
| NET BOOK VALUE |
| At 30th June 2024 |
| At 30th June 2023 |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Short | Long | and |
| property | leasehold | leasehold | fittings | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st July 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30th June 2024 |
| DEPRECIATION |
| At 1st July 2023 |
| Charge for year |
| At 30th June 2024 |
| NET BOOK VALUE |
| At 30th June 2024 |
| At 30th June 2023 |
| 11. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Hire purchase contracts (see note 16) |
| Trade creditors |
| Other creditors | - | 192,000 |
| Amounts owed to group undertakings |
| Corporation taxation |
| Social security and other taxes |
| Pension contributions | 7,312 | 3,532 |
| VAT | 45,222 | 39,204 |
| Directors' current accounts | 80,258 | 64,258 |
| Accrued expenses |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 15) |
| Hire purchase contracts (see note 16) |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-5 years |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| SAMY LIMITED (REGISTERED NUMBER: 07689168) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH JUNE 2024 |
| 17. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 18,362 | 17,467 |
| Deferred |
| tax |
| £ |
| Balance at 1st July 2023 |
| Accelerated capital allowances | 895 |
| Balance at 30th June 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At 30th June 2024 the company owed £80,258 (2023: £64,258) to Mohan Periyasamy Palani Samy. These amounts are interest free and repayable on demand. During the year dividends credited to the director were nil (2023: £2,000) and amounts drawn by the director were nil. |
| 20. | RELATED PARTY DISCLOSURES |
| At 30th June 2024 amounts owed from related undertakings was £2,021,102 (2023: £65,354). These amounts are interest free and repayable on demand. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr Mohan Periyasamy Palani Samy. |
| 22. | CHARGES ON ASSETS |
| There is a fixed and floating charge in favour of Santander Bank and Barlcays Bank Plc against all properties and undertakings of the company. |