|
(1) General Information
|
| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 3 Pullman Lane, Godalming, GU7 1XY. |
|
|
|
(2) Statement of compliance
|
| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
|
|
|
|
(3) Significant Accounting Policies
|
|
Basis of Preparation
|
|
| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
|
|
Revenue recognition
|
|
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
|
|
|
Sale of goods
|
|
| Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
|
|
|
Rendering of Services
|
|
| Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
|
|
Rental income
|
|
| Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease. Rental Income is included within other income from fixed assets. |
|
|
Borrowing costs
|
|
| All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
|
|
Financial instruments
|
|
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. |
|
|
|
Loans and borrowings
|
|
| These are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. Borrowing costs arising on bank borrowings are expensed as incurred within financial expense using the effective interest method. |
|
|
Taxation
|
|
| Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
|
|
|
Current Tax
|
|
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
|
|
Investments
|
|
All investment properties are carried at fair value determined annually and derived from the current market rents and
investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss
account. |
|
|
|
|
(4) Employees
|
| During the year, the average number of employees including director was 0 (2023 : 0). |
|
|
|
|
(5) Related party transactions
|
Supremity Consulting Limited is related to Supremity Investment Holdings Limited, which shares common directors and
shareholders. As at 31 December 2024, an amount of £153,979 (2023: £147,129) was owed by Supremity Investment Holdings Limited. |
|
|
|
(6) Fixed assets
|
| Investments
Property
£ | | Cost | | | As at 01 January 2024 | 225,000 | | Revaluation | (19,000) | | As at 31 December 2024 | 206,000 | | Depreciation/Amortisation | | | As at 31 December 2024 | - | | Net book value | | | As at 31 December 2024 | 206,000 | | As at 31 December 2023 | 225,000 |
|
|
|
|
(7) Mortgage (Creditors > 1 year)
|
| The mortgage is secured by the property known as Flat 19 Thornbrook House. |
|
|
|
(8) Investment Properties
|
These financial statements for the year ended 31st December 2024 are the financial statements of the company prepared in
accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The property is being measured at fair value under FRS 102 and fair value gains and losses are reported in profit or loss.
FRS 102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, deferred tax of £3,610 was recognised at 31st December 2024 to reflect the provisions of FRS 102.
The loss on revaluation at 31st December 2024 has been reported in profit or loss and the effect on profit for the yearended 31st December 2024 is decrease in the profit for the amount £15,390 is after deferred tax |
|