Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-312023-01-01No description of principal activityfalsefalse00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10005406 2023-01-01 2023-12-31 10005406 2022-01-01 2022-12-31 10005406 2023-12-31 10005406 2022-12-31 10005406 1 2023-01-01 2023-12-31 10005406 d:Director1 2023-01-01 2023-12-31 10005406 d:Director2 2023-01-01 2023-12-31 10005406 d:Director3 2023-01-01 2023-12-31 10005406 d:Director4 2023-01-01 2023-12-31 10005406 d:RegisteredOffice 2023-01-01 2023-12-31 10005406 c:Buildings c:ShortLeaseholdAssets 2023-01-01 2023-12-31 10005406 c:FurnitureFittings 2023-01-01 2023-12-31 10005406 c:ComputerEquipment 2023-01-01 2023-12-31 10005406 c:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10005406 c:CurrentFinancialInstruments 2023-12-31 10005406 c:CurrentFinancialInstruments 2022-12-31 10005406 c:CurrentFinancialInstruments 3 2023-12-31 10005406 c:CurrentFinancialInstruments 3 2022-12-31 10005406 c:Non-currentFinancialInstruments 1 2023-12-31 10005406 c:Non-currentFinancialInstruments 1 2022-12-31 10005406 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 10005406 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10005406 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 10005406 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 10005406 c:ShareCapital 2023-12-31 10005406 c:ShareCapital 2022-12-31 10005406 c:SharePremium 2023-01-01 2023-12-31 10005406 c:SharePremium 2023-12-31 10005406 c:SharePremium 2022-12-31 10005406 c:CapitalRedemptionReserve 2023-01-01 2023-12-31 10005406 c:CapitalRedemptionReserve 2023-12-31 10005406 c:CapitalRedemptionReserve 2022-12-31 10005406 c:ForeignCurrencyTranslationReserve 2023-01-01 2023-12-31 10005406 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10005406 c:RetainedEarningsAccumulatedLosses 2023-12-31 10005406 c:RetainedEarningsAccumulatedLosses 2022-12-31 10005406 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10005406 d:OrdinaryShareClass1 2023-12-31 10005406 d:OrdinaryShareClass1 2022-12-31 10005406 d:OrdinaryShareClass2 2023-01-01 2023-12-31 10005406 d:OrdinaryShareClass2 2023-12-31 10005406 d:OrdinaryShareClass2 2022-12-31 10005406 d:PreferenceShareClass1 2023-01-01 2023-12-31 10005406 d:PreferenceShareClass1 2022-12-31 10005406 d:PreferenceShareClass2 2023-01-01 2023-12-31 10005406 d:PreferenceShareClass2 2022-12-31 10005406 d:FRS102 2023-01-01 2023-12-31 10005406 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10005406 d:FullAccounts 2023-01-01 2023-12-31 10005406 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10005406 c:Subsidiary1 2023-01-01 2023-12-31 10005406 c:Subsidiary1 1 2023-01-01 2023-12-31 10005406 c:Subsidiary2 2023-01-01 2023-12-31 10005406 c:Subsidiary2 1 2023-01-01 2023-12-31 10005406 c:Subsidiary3 2023-01-01 2023-12-31 10005406 c:Subsidiary3 1 2023-01-01 2023-12-31 10005406 d:Consolidated 2023-12-31 10005406 d:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 10005406 2 2023-01-01 2023-12-31 10005406 6 2023-01-01 2023-12-31 10005406 3 2023-12-31 10005406 3 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 10005406












SUNSHINE PARTNERS GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

SUNSHINE PARTNERS GROUP LIMITED

CONTENTS



Page
Company information
 
1
Consolidated balance sheet
 
2 - 3
Company balance sheet
 
4 - 5
Notes to the financial statements
 
6 - 19


 

SUNSHINE PARTNERS GROUP LIMITED
 
COMPANY INFORMATION


Directors
J Barnet 
A Maccuish 
E Warren 
T McNicholl 




Registered number
10005406



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10005406
SUNSHINE PARTNERS GROUP LIMITED

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
64,306
66,287

Investments
 6 
895
914

  
65,201
67,201

Current assets
  

Debtors: amounts falling due within one year
 7 
1,303,161
2,054,396

Cash at bank and in hand
  
2,531,143
2,604,863

  
3,834,304
4,659,259

Creditors: amounts falling due within one year
 8 
(1,496,769)
(2,765,815)

Net current assets
  
 
 
2,337,535
 
 
1,893,444

Creditors: amounts falling due after more than one year
 9 
-
(1,332)

Net assets
  
2,402,736
1,959,313


Capital and reserves
  

Called up share capital 
 10 
6,415
6,415

Share premium account
 11 
-
1,248,755

Capital redemption reserve
 11 
645
645

Foreign exchange reserve
 11 
(172,978)
(188,733)

Profit and loss account
 11 
2,568,654
892,231

Total equity
  
2,402,736
1,959,313


Page 2


 
REGISTERED NUMBER:10005406
SUNSHINE PARTNERS GROUP LIMITED
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the consolidated profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T McNicholl
Director

Date: 4 March 2024

The notes on pages 6 to 19 form part of these financial statements.

Page 3


 
REGISTERED NUMBER:10005406
SUNSHINE PARTNERS GROUP LIMITED

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
2,196
2,215

Current assets
  

Debtors: amounts falling due within one year
 7 
506,895
1,824,225

  
506,895
1,824,225

Creditors: amounts falling due within one year
 8 
(1,301)
(556,485)

Net current assets
  
 
 
505,594
 
 
1,267,740

  

Creditors: amounts falling due after more than one year
 9 
-
(1,332)

  

Net assets
  
507,790
1,268,623


Capital and reserves
  

Called up share capital 
 10 
6,415
6,415

Share premium account
 11 
-
1,248,755

Capital redemption reserve
 11 
645
645

Profit and loss account
 11 
500,730
12,808

Total equity
  
507,790
1,268,623


Page 4


 
REGISTERED NUMBER:10005406
SUNSHINE PARTNERS GROUP LIMITED
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The company has opted not to file the consolidated profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


T McNicholl
Director

Date: 4 March 2024

The notes on pages 6 to 19 form part of these financial statements.

Page 5

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sunshine Partners Group Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 6

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5 years
Fixtures and fittings
-
5 years
Computer equipment
-
3 years
Other fixed assets
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.


2.7

Financial instruments

The Group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Group becomes party to the contractual provisions of the instrument. 
Page 7

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)


Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. 
 
The Group’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Group would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 8

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.9

Share capital

Ordinary shares are classified as equity.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 9

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.15

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.16

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 10

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.17

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 25).


4.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The profit after tax of the parent company for the year was £1,733,238 (2022- loss £168,470).

Page 11

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
46,617
103,325
271,804
1,824
423,570


Additions
3,381
1,041
22,672
-
27,094


Disposals
(36,117)
-
(224,979)
(1,824)
(262,920)



At 31 December 2023

13,881
104,366
69,497
-
187,744



Depreciation


At 1 January 2023
40,536
80,229
234,694
1,824
357,283


Charge for the year on owned assets
2,226
5,265
20,467
-
27,958


Disposals
(36,117)
-
(223,862)
(1,824)
(261,803)



At 31 December 2023

6,645
85,494
31,299
-
123,438



Net book value



At 31 December 2023
7,236
18,872
38,198
-
64,306



At 31 December 2022
6,081
23,096
37,110
-
66,287




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
7,236
6,081


Page 12

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments

Group





Unlisted investments

£



Cost or valuation


At 1 January 2023
914


Foreign exchange movement
(19)



At 31 December 2023
895






Net book value



At 31 December 2023
895



At 31 December 2022
914

Company





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
1,301
914
2,215


Foreign exchange movement
-
(19)
(19)



At 31 December 2023
1,301
895
2,196






Net book value



At 31 December 2023
1,301
895
2,196



At 31 December 2022
1,301
914
2,215

Page 13

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Sunshine Partners limited
England & Wales
Ordinary
100%
HMS Partners Limited
England & Wales
Ordinary
100%
Sunshine Partners Inc (previously known as Ray Luxury Inc)
United States
Ordinary
100%


7.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,075,683
835,159
-
-

Amounts owed by group undertakings
-
-
504,206
1,812,743

Other debtors
132,933
171,879
-
8,793

Called up share capital not paid
1,404
1,404
2,689
2,689

Prepayments and accrued income
93,141
1,045,954
-
-

1,303,161
2,054,396
506,895
1,824,225


Amounts owed by group undertakings are interest free, unsecured, have no fixed repayment date and are repayable on demand.


8.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
144
-
-
-

Trade creditors
232,000
659,294
-
-

Amounts owed to group undertakings
-
-
1,301
1,301

Corporation tax
741,343
335,196
-
-

Other taxation and social security
176,332
283,128
-
-

Other creditors
5,859
120,917
-
-

Accruals and deferred income
341,091
815,446
-
3,350

Share premium treated as debt
-
551,834
-
551,834

1,496,769
2,765,815
1,301
556,485


Amounts owed to group undertakings are interest free, unsecured, have no fixed repayment date and are repayable on demand.

Page 14

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Share capital treated as debt
-
1,332
-
1,332


The preference shares attract an annual interest rate of 5.5% and an annual dividend of 5.5% on the subscription price paid on the preference shares. The preference shares are treated as a liability due to the mandatory coupon rate applied to the outstanding balance. All preference shares and their associated liabilities were repaid in full during the year and the shares were cancelled.

Page 15

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



606,400 (2022 - 606,400) A Ordinary shares of £0.01 each
6,064
6,064
35,135 (2022 - 35,135) B Ordinary shares of £0.01 each
351
351

6,415

6,415

2022
£
Shares classified as debt

Allotted, called up and fully paid



Nil (2022 - 88,927) Preferred A shares shares of £0.01 each
-
889
Nil (2022 - 44,309) Preferred B shares shares of £0.01 each
-
443

-

1,332


Page 16

 

SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.Share capital (continued)

Shares capital classified as equity
A and B Ordinary shares
Each share entitles its holder to a) one vote on any shareholder resolutions, b) receive a pro rata proportion of any dividend (other than preferred dividends) declared, c) a pro rata proportion on any distributions on a winding up after Preferred A and B shareholders have received preferential amounts they are entitled to. The shares are not liable to be redeemed unless converted into deferred shares in accordance with the articles.
On 15 April 2021 there was an allotment of 338,000 ordinary A shares of £0.01 with £3,380 increase in nominal value of share capital. On the same date the company, under the EMI Share Option Scheme, granted certain employees the option to acquire 59,950 ordinary A share of £0.01 each in the capital of the company.  At the balance sheet date 10,503 of these shares remained unallocated for future grants.  
Shares capital classified as debt
A Preference shares
Each share entitles it holder to a) one vote on any shareholder resolutions, b) preferential right to receive dividends in accordance with the Articles on a pro rata basis with other preferred shareholders, c) a preferential right to receive distributions on a winding up on a pro rata basis with other preferred shareholders. The shares may be redeemed in accordance with the Articles at the option of the shareholder. The shares are entitled to a coupon of 5.5% compounded annually. During the year the company bought back 88,927 Preferred A shares for a consideration of £2,023,192. The shareholders wanted to relinquish their interest in the company.
B Preference shares
Each share entitles its holders to a) one vote on any shareholder resolutions, b) a preferential right to receive dividends in accordance with the Articles on a pro rata basis with other preferred shareholders, c) a preferential right to receive distributions on a winding up on a pro rata basis with other preferred shareholders. The shares may be redeemed in accordance with the Articles at the option of the shareholders and may also in certain circumstances be converted into deferred shares which may be redeemed at the option of the company. The shares are entitled to a coupon of 5.5% compounded annually. During the year the company bought back 44,309 Preferred B shares for a consideration of £1,000,081. The shareholders wanted to relinquish their interest in the company.

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SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve arising from the redemption or purchase of a company's own shares. 

Foreign exchange reserve

The foreign exchange reserve represents the cumulative translation differences arising on translation of the net investment subsidiary undertakings in the current year and prior years.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


12.


Pension commitments

The group contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £26,446 (2022 - £25,278). Contributions totalling £5,859 (2022 - £3,816) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 31 December 2023 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
125,099
125,000

Later than 1 year and not later than 5 years
406,421
36,301

531,520
161,301

14.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


15.


Post balance sheet events

On 4 March 2024 the company received dividend income of £1,000,000 from a subsidiary undertaking and declared a dividend of the same amount.

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SUNSHINE PARTNERS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Prior year restatement

When preparing the 31 December 2023 financial statements it was identified that translation losses relating to the Group’s foreign investment were incorrectly put through administrative expenses in the prior year. The value of this adjustment was £162,339 (loss) in the year ended 31 December 2022. For the year ended 31 December 2023 these are reclassified into the statement of other comprehensive income. Profit after taxation as originally stated for the year ended 31 December 2022 was £2,087,999 and the restated profit after taxation is £2,250,338.  Overall total comprehensive income per these restated financial statements at 31 December 2022 is £2,087,999. 
The effect of the restatement is to create a foreign exchange reserve as detailed in the consolidated statement of changes in equity. Overall the net asset position of the group at 31 December 2022 remains unchanged at £1,959,313.
This is a material error that required adjustment to show the nature of foreign exchange adjustments on the financial statements.

 
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