| Sumosan Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparing the financial statements |
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These financial statements have been prepared in accordance with Financial Reporting Standard "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section lA "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Fixtures and fittings |
15% on reducing balance |
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Computer equipment |
25% straight line |
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Investments in Joint venture & Associate |
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Investments in Joint Venture and assocaite undertakings are initial recognised at cost and subsequently |
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measured at fair value. |
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Debtors |
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Debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Deferred tax |
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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 different from those in which they are recognised in financial statements. Deferred tax is measured expected to apply to the reversal of the timing difference. |
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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 that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currency translation |
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Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
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The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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| 2 |
Other Operating Income |
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2024 |
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2023 |
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£ |
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£ |
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Creditors adjustment previous year |
70,266 |
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| 3 |
Employees |
2024 |
|
2023 |
| Number |
Number |
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Average number of persons employed by the company |
6 |
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5 |
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| 4 |
Comparable figures |
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Previous year figures have been regrouped or rearranged to make them comparable with current year figures. |
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| 5 |
Operating Profit |
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The operating profit is stated after charging: |
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2024 |
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2023 |
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£ |
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£ |
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Depreciation - owned assets |
924 |
|
522 |
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| 6 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 January 2024 |
14,146 |
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Additions |
1,497 |
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At 31 December 2024 |
15,643 |
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Depreciation |
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At 1 January 2024 |
12,016 |
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Charge for the year |
924 |
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At 31 December 2024 |
12,940 |
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Net book value |
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At 31 December 2024 |
2,703 |
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At 31 December 2023 |
2,130 |
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| 7 |
Fixed Asset Investments |
2024 |
|
2023 |
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£ |
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£ |
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Joint Ventures |
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|
1,791,648 |
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1,791,648 |
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Other investments |
715,295 |
|
715,295 |
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2,506,943 |
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2,506,943 |
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| 8 |
Investments |
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Investment Joint Ventures |
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Other investments |
Total |
| £ |
£ |
£ |
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Cost |
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At 1 January 2024 |
1,791,648 |
|
715,295 |
|
2,506,943 |
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At 31 December 2024 |
1,791,648 |
|
715,295 |
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2,506,943 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Joint venture |
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Sumosan Twiga Limited |
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Registered office: The Courtyard, 14a Sydenham Road, Croydon, CR0 2EE |
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Nature of business: Restaurateurs |
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Shares held in the Joint Venture are 743,725 ordinary shares and are the company's investment of 45% |
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shareholding in Sumosan Twiga Limited, a UK incorporated entity. This investment includes ordinary share |
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capital value of £743,725 and a Capitalised Contribution Loan of £1,047,923 (2023:£1,047,923) |
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% |
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Class of shares: |
holding |
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Ordinary |
45 |
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2024 |
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2023 |
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£ |
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£ |
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Investment in Sumosan Twiga Limited |
743,725 |
|
743,725 |
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Capitalised Contribution Loan |
1,047,923 |
|
1,047,923 |
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1,791,648 |
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1,791,648 |
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2024 |
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2023 |
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£ |
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£ |
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CAPITAL AND RESERVES(Sumosan Twiga Limited) |
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Shareholders fund |
551,980 |
|
551,980 |
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Loss for the year |
(335,030) |
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(335,030) |
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The unlisted investment of £715,295 comprises two components related to the acquisition of 20% ordinary |
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share capital in Sumosan Restaurants LLC, a company incorporated in Dubai (UAE). The initial investment |
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amounted to £262,374, with subsequent additions of £452,921 made during the year. |
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2024 |
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2023 |
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£ |
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£ |
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Investment in Sumosan Restaurants LLC |
715,295 |
|
262,374 |
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Additions during the year |
- |
|
452,921 |
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715,295 |
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715,295 |
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In the opinion of the director all the above investments represent a fair value of the shares held. |
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| 9 |
Fixed Asset Investments - Continued |
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Loans to |
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joint |
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ventures |
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£ |
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At 1st January 2024 |
1,047,923 |
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Repayment in year |
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At 31st December 2024 |
1,047,923 |
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| 10 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
Trade debtors |
184,147 |
|
142,563 |
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Other debtors |
1,229,286 |
|
796,163 |
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1,413,433 |
|
938,726 |
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| 11 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
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Bank loans and overdrafts |
10,270 |
|
5,039 |
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Amounts owed to joint ventures |
50,101 |
|
50,101 |
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Trade creditors |
19,053 |
|
140,167 |
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Taxation and social security costs |
111,253 |
|
49,155 |
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Other creditors |
2,338,595 |
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2,473,667 |
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2,529,272 |
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2,718,129 |
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| 12 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
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Bank loans |
9,642 |
|
19,911 |
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Amounts owed to group undertakings |
2,605,942 |
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2,552,747 |
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2,615,584 |
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2,572,658 |
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| 13 |
Related Party Disclosures |
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At the end of the period, the director Ms J Wolkow, owed £15,691(2023: £61,280) to the company. |
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No interest was charged on the amount outstanding. |
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As at the balance sheet date the company owed £50,101 (2023: £50,101) to Sumosan Twiga Limited a |
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partly owned company. |
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During the period the company charged £1,28,333.34 for management fees to Sumosan Twiga Limited. |
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The company is connected to Sumosan Restaurant Limited, a company incorporated in Cyprus. At the |
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balance sheet date, the company owed Sumosan Restaurant Limited £2,605,942 (2023 £:2,552,748 ). |
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At the balance sheet date, the company owed £ 2,307,757 for royalties (2023: £2,426,527) owed to |
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Sumosan Restaurant Limited. |
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As at the balance sheet date the company was owed £1,500 (2023: £5012) from Oro Management Ltd. |
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Miss J Wolkow the director of Sumosan Ltd is also a director of Oro Management Ltd. |
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| 14 |
Ultimate Controlling Party |
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The ultimate controlling party is Miss Janina Wolkow by virtue of 100% owership of the share capital. |
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| 15 |
Going Concern |
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The director of the company has a reasonable expectation that the company will continue to receive financial support from it's associated companies and has adequate resources to continue in its operational existence for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly the company continues to adopt a going concern basis in preparing the financial statements despite having the negative reserves. |
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| 16 |
Other information |
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Sumosan Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Office 217, |
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33 Cavendish Square, |
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London, |
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W1G 0PW |