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SUPREME ASSETS LTD

Registered Number
SC490198
(Scotland)

Unaudited Financial Statements for the Year ended
31 October 2024

SUPREME ASSETS LTD
Company Information
for the year from 1 November 2023 to 31 October 2024

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 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investments1,600,000600,000
1,600,000600,000
Current assets
Debtors5111,16670,120
Cash at bank and on hand17,874
111,16777,994
Creditors amounts falling due within one year6(1,149,991)(384,426)
Net current assets (liabilities)(1,038,824)(306,432)
Total assets less current liabilities561,176293,568
Creditors amounts falling due after one year7(7,727)(18,492)
Provisions for liabilities8(73,515)(73,515)
Net assets479,934201,561
Capital and reserves
Called up share capital1010
Revaluation reserve274,000-
Profit and loss account205,924201,551
Shareholders' funds479,934201,561
The financial statements were approved and authorised for issue by the Director on 23 July 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 2024

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).
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

20242023
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.Revaluation of fixed asset investments
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables60,16311,117
Other debtors43,70546,005
Total103,86857,122
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,061,802320,544
Taxation and social security21,2186,440
Other creditors65,34650,000
Accrued liabilities and deferred income1,6257,442
Total1,149,991384,426
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts7,72718,492
Total7,72718,492
8.Provisions for liabilities

2024

2023

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