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Registration number: 01208426

Suma (Developments) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Suma (Developments) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Suma (Developments) Limited

Company Information

Directors

A F McLoughlin F.C.A.

T P McLoughlin B. Com B.Sc (Hons)

Company secretary

D B Vaughan B.A. (Hons) A.C.A.

Registered office

Mercury House
Sitka Drive
Shrewsbury Business Park
Shrewsbury
SY2 6LG

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Suma (Developments) Limited

(Registration number: 01208426)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

65,119

86,428

Investment property

5

13,582,799

13,637,519

 

13,647,918

13,723,947

Current assets

 

Debtors

6

42,866

77,084

Cash at bank and in hand

 

669,367

2,051,760

 

712,233

2,128,844

Creditors: Amounts falling due within one year

7

(1,043,861)

(1,075,059)

Net current (liabilities)/assets

 

(331,628)

1,053,785

Total assets less current liabilities

 

13,316,290

14,777,732

Creditors: Amounts falling due after more than one year

7

(5,678,115)

(6,019,805)

Net assets

 

7,638,175

8,757,927

Capital and reserves

 

Called up share capital

8

2,454

2,454

Share premium reserve

1,499,120

1,499,120

Capital redemption reserve

108

108

Retained earnings

6,136,493

7,256,245

Shareholders' funds

 

7,638,175

8,757,927

For the financial year ending 31 December 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Suma (Developments) Limited

(Registration number: 01208426)
Balance Sheet as at 31 December 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 June 2025 and signed on its behalf by:
 


T P McLoughlin B. Com B.Sc (Hons)
Director

 

Suma (Developments) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mercury House
Sitka Drive
Shrewsbury Business Park
Shrewsbury
SY2 6LG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from property rentals and cost recharges in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The company recognises government grants received on the performance basis. Grant income is included in the profit and loss account once there is reasonable assurance that the company has complied with the conditions attaching to them and that the grants will be received.

 

Suma (Developments) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% straight line

Motor vehicles

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Suma (Developments) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

116,493

105,768

222,261

Additions

1,110

-

1,110

At 31 December 2024

117,603

105,768

223,371

Depreciation

At 1 January 2024

114,679

21,154

135,833

Charge for the year

1,265

21,154

22,419

At 31 December 2024

115,944

42,308

158,252

Carrying amount

At 31 December 2024

1,659

63,460

65,119

At 31 December 2023

1,814

84,614

86,428

The carrying value of tangible fixed assets includes £63,461 (2023 - £84,614) of assets held under hire purchase agreements. Depreciation charged in the year in respect of such assets totalled £21,154 (2023 - £21,154).

 

Suma (Developments) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Investment properties

2024
£

At 1 January

13,637,519

Disposals

(4,398)

Fair value adjustments

(50,322)

At 31 December

13,582,799

The investment properties have been revalued on an open market basis by the director, T P McLoughlin B.Com. B. SC (Hons) PG. Dip.PropInv (RICS) at 31 December 2024.

Valuations were carried out by external surveyors during 2024 and determined an open market value for the investment properties.

These valuations have formed the basis of the directors' valuation.

6

Debtors

2024
£

2023
£

Trade debtors

28,496

19,069

Prepayments

14,370

26,015

Other debtors

-

32,000

42,866

77,084

 

Suma (Developments) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

351,538

355,351

Trade creditors

 

6,786

20,811

Taxation and social security

 

235,209

222,563

Accruals and deferred income

 

47,781

14,555

Other creditors

 

402,547

461,779

 

1,043,861

1,075,059

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,678,115

6,019,805

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' of £0.10 each

5,470

547

5,470

547

Ordinary 'B' of £0.10 each

12,324

1,232

12,324

1,232

Ordinary 'C' of £0.10 each

2,630

263

2,630

263

Ordinary 'D' of £0.10 each

4,108

411

4,108

411

24,532

2,453

24,532

2,453

 

Suma (Developments) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,614,250

5,944,500

Hire purchase contracts

63,865

75,305

5,678,115

6,019,805

Current loans and borrowings

2024
£

2023
£

Bank borrowings

330,250

330,250

Hire purchase contracts

21,288

25,101

351,538

355,351

The bank borrowings are secured by a debenture dated 10 May 2011 from Suma (Developments) Limited and by legal charges over a number of investment properties held by the company.

The company has entered into a interest hedge agreement with Handelsbanken in order to manage the interest risk rate on its bank loans.

Liabilities under hire purchase agreements are secured against the assets to which they relate.

10

Parent and ultimate parent undertaking

The company's immediate parent is Suma Property Limited, incorporated in England and Wales.

 

The ultimate controlling entity is T P McLoughlin due to his controlling interest in the issued share capital of Suma Property Limited, the ultimate parent.