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COMPANY REGISTRATION NUMBER: 9385231
Sunrise Plants Ltd
Filleted Unaudited Financial Statements
Year ended
29 January 2023
Sunrise Plants Ltd
Financial Statements
Year ended 29 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Sunrise Plants Ltd
Statement of Financial Position
29 January 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
73,756
74,715
Current assets
Stocks
3,500
4,000
Debtors
6
250
Cash at bank and in hand
13,074
2,097
--------
-------
16,574
6,347
Creditors: amounts falling due within one year
7
44,378
39,273
--------
--------
Net current liabilities
27,804
32,926
--------
--------
Total assets less current liabilities
45,952
41,789
Creditors: amounts falling due after more than one year
8
36,119
40,863
--------
--------
Net assets
9,833
926
--------
--------
Capital and reserves
Profit and loss account
9,833
926
-------
----
Shareholders funds
9,833
926
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sunrise Plants Ltd
Statement of Financial Position (continued)
29 January 2023
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Mrs R Levick
Director
Company registration number: 9385231
Sunrise Plants Ltd
Notes to the Financial Statements
Year ended 29 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middle Farm, Gainsborough Road, Saundby, Nr Retford, DN22 9ER.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it, and does not believe that it it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the sale is agreed with the customer.
(d) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Government grants
Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the performance model. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
(j) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 7 ).
5. Tangible assets
Improv'mts to landlords property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 30 January 2022 and 29 January 2023
68,436
16,587
2,000
10,457
97,480
--------
--------
-------
--------
--------
Depreciation
At 30 January 2022
12,382
2,000
8,383
22,765
Charge for the year
301
658
959
--------
--------
-------
--------
--------
At 29 January 2023
12,683
2,000
9,041
23,724
--------
--------
-------
--------
--------
Carrying amount
At 29 January 2023
68,436
3,904
1,416
73,756
--------
--------
-------
--------
--------
At 29 January 2022
68,436
4,205
2,074
74,715
--------
--------
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
250
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,744
3,276
Trade creditors
151
380
Accruals
2,036
3,699
Corporation tax
738
420
Social security and other taxes
5,273
662
Directors Loan Account
31,436
30,836
--------
--------
44,378
39,273
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
36,119
40,863
--------
--------
9. Related party transactions
During the year, the director , had a loan account with the company. The balance owing to the director at 29 January 2023 was £ 31,436 (2022 - £30,836) This loan was interest free.