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REGISTERED NUMBER: 07294151 (England and Wales)

















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Sun Bright Property Limited

Sun Bright Property Limited (Registered number: 07294151)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sun Bright Property Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs Ai Lin Sun
Mr Wei Zhou





REGISTERED OFFICE: 50 Liverpool Street
Salford
M5 4LT





REGISTERED NUMBER: 07294151 (England and Wales)





ACCOUNTANTS: Sterling Partners Limited
Chartered Accountants
Chartered Tax Advisors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR

Sun Bright Property Limited (Registered number: 07294151)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 36,277 12,025
Investment property 5 5,178,629 5,077,087
5,214,906 5,089,112

CURRENT ASSETS
Debtors 6 2,585,241 2,449,344
Cash at bank and in hand 6,223 217,203
2,591,464 2,666,547
CREDITORS
Amounts falling due within one year 7 (153,735 ) (131,125 )
NET CURRENT ASSETS 2,437,729 2,535,422
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,652,635

7,624,534

CREDITORS
Amounts falling due after more than one
year

8

(2,743,305

)

(2,739,323

)

PROVISIONS FOR LIABILITIES (6,893 ) (2,285 )
NET ASSETS 4,902,437 4,882,926

CAPITAL AND RESERVES
Called up share capital 3,570,100 3,570,100
Revaluation reserve 10 208,245 208,245
Retained earnings 1,124,092 1,104,581
SHAREHOLDERS' FUNDS 4,902,437 4,882,926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sun Bright Property Limited (Registered number: 07294151)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





Mrs Ai Lin Sun - Director


Sun Bright Property Limited (Registered number: 07294151)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Sun Bright Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover in respect of property sales is recognised where a legally binding contract of sales is in place.

Turnover in respect of rental income represents net invoiced rent , excluding value added tax, with income matched to the period to which the agreement relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

Sun Bright Property Limited (Registered number: 07294151)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2022 12,886 63,018 75,904
Additions 16,498 19,846 36,344
At 31 March 2023 29,384 82,864 112,248
DEPRECIATION
At 1 April 2022 10,751 53,128 63,879
Charge for year 4,658 7,434 12,092
At 31 March 2023 15,409 60,562 75,971
NET BOOK VALUE
At 31 March 2023 13,975 22,302 36,277
At 31 March 2022 2,135 9,890 12,025

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 5,077,087
Revaluations 101,542
At 31 March 2023 5,178,629
NET BOOK VALUE
At 31 March 2023 5,178,629
At 31 March 2022 5,077,087

Investment property was valued on an open market basis on 31st March 2023 by the director, Mrs Ai Lin Sun.

Sun Bright Property Limited (Registered number: 07294151)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payment on Account - 3,600
Amounts owed by group undertakings 2,580,004 2,436,648
VAT 3,638 7,580
Prepayments 1,599 1,516
2,585,241 2,449,344

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 19,070 12,774
Social security and other taxes 2,073 2,884
Pension liability 535 569
Other creditors 2,977 827
Rent deposit 4,795 4,982
Tenant payments on account 26,058 613
Directors' current accounts 94,408 100,054
Accrued expenses 3,819 8,422
153,735 131,125

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 31,583 42,553
Other loans - 2-5 years 2,711,722 2,696,770
2,743,305 2,739,323

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 2,742,241 2,739,323

The loans are secured against the assets of the company.

10. RESERVES
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 208,245

11. OTHER FINANCIAL COMMITMENTS

The company had outstanding commitments in respect of loans as 31st March 2023 of £2,710,658 (2022: £2,696,770).

Sun Bright Property Limited (Registered number: 07294151)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mrs Ai Lin Sun
Balance outstanding at start of year 100,054 105,107
Amounts repaid (5,646 ) (5,053 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 94,408 100,054

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs Ai Lin Sun.