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Company Registration No. SC605328 (Scotland)
Sunnyside Avenue Limited Unaudited accounts for the year ended 31 August 2023
Sunnyside Avenue Limited Unaudited accounts Contents
Page
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Sunnyside Avenue Limited Company Information for the year ended 31 August 2023
Directors
Mr Stephen Small Dr Diana Raj
Secretary
Mr Stephen Small
Company Number
SC605328 (Scotland)
Registered Office
18 Sunnyside Avenue Brightons Falkirk FK2 0GE
Accountants
Armet Accounting Ltd Room 31 Haypark Business Centre Polmont FK2 0NZ
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Sunnyside Avenue Limited Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Investment property
497,000 
389,000 
Current assets
Debtors
297 
350 
Cash at bank and in hand
1,131 
6,079 
1,428 
6,429 
Creditors: amounts falling due within one year
(4,780)
(2,424)
Net current (liabilities)/assets
(3,352)
4,005 
Total assets less current liabilities
493,648 
393,005 
Creditors: amounts falling due after more than one year
(411,041)
(347,382)
Provisions for liabilities
Deferred tax
(12,328)
(7,526)
Net assets
70,279 
38,097 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
70,277 
38,095 
Shareholders' funds
70,279 
38,097 
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by
Mr Stephen Small Director Company Registration No. SC605328
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Sunnyside Avenue Limited Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
Sunnyside Avenue Limited is a private company, limited by shares, registered in Scotland, registration number SC605328. The registered office is 18 Sunnyside Avenue, Brightons, Falkirk, FK2 0GE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property
Investment property is included at market fair value. Gains and losses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Sunnyside Avenue Limited Notes to the Accounts for the year ended 31 August 2023
Financial instruments
Basic financial instruments are recognised at amortised cost determined using the effective interest method, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Investment property
2023 
£ 
Fair value at 1 September 2022
389,000 
Additions
82,716 
Net gain from fair value adjustments
25,284 
At 31 August 2023
497,000 
The value of the investment property has been determined with reference to online property valuation resources.
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
297 
350 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
2,744 
426 
Accruals
1,236 
1,212 
Deferred income
800 
786 
4,780 
2,424 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
285,167 
229,930 
Loans from directors
125,874 
117,452 
411,041 
347,382 
Aggregate of amounts that fall due for payment after five years
285,167 
229,930 
Interest only mortgages totalling £285,167 (2022: £229,930) are secured on the properties owned by the company. The carrying value of mortgages has been adjusted to account for arrangement fees spread over the mortgage term with the change in value being taken to the income statement. The directors have lent £125,874 (2022: £117,451) to the company to fund the purchase of the properties. There are currently no fixed terms for the repayment of this loan. Interest is charged at 1% per annum on this balance.
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Sunnyside Avenue Limited Notes to the Accounts for the year ended 31 August 2023
8
Deferred taxation
2023 
2022 
£ 
£ 
Revaluation of investment property
12,328 
7,526 
2023 
2022 
£ 
£ 
Provision at start of year
7,526 
4,150 
Charged to the profit and loss account
4,802 
3,376 
Provision at end of year
12,328 
7,526 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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