Registered number
04320476
Sunday Best 1 Limited
Unaudited Filleted Accounts
28 February 2023
Sunday Best 1 Limited
Registered number: 04320476
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 242,880 248,400
Tangible assets 4 7,211 6,568
250,091 254,968
Current assets
Stocks 68,947 59,341
Debtors 5 8,705 3,712
Cash at bank and in hand 301,022 323,329
378,674 386,382
Creditors: amounts falling due within one year 6 (155,398) (209,823)
Net current assets 223,276 176,559
Total assets less current liabilities 473,367 431,527
Creditors: amounts falling due after more than one year 7 - (16,477)
Provisions for liabilities (1,026) (1,168)
Net assets 472,341 413,882
Capital and reserves
Called up share capital 2 2
Profit and loss account 472,339 413,880
Shareholders' funds 472,341 413,882
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs JS Shutt
Director
Approved by the board on 9 November 2023
Sunday Best 1 Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
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).
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales / value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
The director is of the opinion that the goodwill included in the accounts has a useful life of at least 50 years. The director carries out an impairment review annually to confirm the validity of this opinion.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 15% on written down value
Office equipment 20% straight line
Computer equipment 33.33% on written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 276,000
At 28 February 2023 276,000
Amortisation
At 1 March 2022 27,600
Provided during the year 5,520
At 28 February 2023 33,120
Net book value
At 28 February 2023 242,880
At 28 February 2022 248,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 50 years.
4 Tangible fixed assets
Fixtures, fittings & equipment Office equipment Computer equipment Total
£ £ £ £
Cost
At 1 March 2022 41,526 4,715 17,299 63,540
Additions - 2,144 - 2,144
At 28 February 2023 41,526 6,859 17,299 65,684
Depreciation
At 1 March 2022 36,222 3,635 17,115 56,972
Charge for the year 795 645 61 1,501
At 28 February 2023 37,017 4,280 17,176 58,473
Net book value
At 28 February 2023 4,509 2,579 123 7,211
At 28 February 2022 5,304 1,080 184 6,568
5 Debtors 2023 2022
£ £
Other debtors 8,705 3,712
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 42,500
Trade creditors 44,154 60,295
Taxation and social security costs 22,426 16,708
Other creditors 88,818 90,320
155,398 209,823
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - 16,477
8 Related party transactions
The company is controlled by Mrs JS Shutt by virtue of her shareholding. The company trades from premises owned by Mrs Shutt. The company paid no rent during the period. The company also has a loan from Mrs Shutt. At 28 February 2023 the balance outstanding on this loan amounted to £58902 (2022: £76477).
Dividends totalling £30000 (2022: £34000) were paid to the director, Mrs J Shutt during the year.
9 Other information
Sunday Best 1 Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16 Eastway Business Village
Olivers Place
Fulwood
Preston
PR2 9WT
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