Sugar Town Inc Limited 12757576 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of holding investments and providing funding. Digita Accounts Production Advanced 6.30.9574.0 true true 12757576 2022-08-01 2023-07-31 12757576 2023-07-31 12757576 core:CurrentFinancialInstruments 2023-07-31 12757576 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 12757576 bus:SmallEntities 2022-08-01 2023-07-31 12757576 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 12757576 bus:FullAccounts 2022-08-01 2023-07-31 12757576 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 12757576 bus:RegisteredOffice 2022-08-01 2023-07-31 12757576 bus:Director1 2022-08-01 2023-07-31 12757576 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12757576 countries:EnglandWales 2022-08-01 2023-07-31 12757576 2021-08-01 2022-07-31 12757576 2022-07-31 12757576 core:CurrentFinancialInstruments 2022-07-31 12757576 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 12757576

Prepared for the registrar

Sugar Town Inc Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Sugar Town Inc Limited

(Registration number: 12757576)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Current assets

 

Cash at bank and in hand

 

8,367

18,547

Creditors: Amounts falling due within one year

4

(248,302)

(259,900)

Net liabilities

 

(239,935)

(241,353)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(240,035)

(241,453)

Shareholders' deficit

 

(239,935)

(241,353)

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 February 2024
 


M S M Dunkley
Director

 

Sugar Town Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

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 and after eliminating sales within the company.

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.

Tax

The tax expense for the period comprises of corporation tax and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sugar Town Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

4

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

5

244,900

259,900

Accrued expenses

 

3,402

-

 

248,302

259,900

 

5

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

244,900

259,900

 

6

Related party transactions

During 2022 the loan to the company's associated undertaking of £145,000 was provided for in full. The value of the company's investment in the associated undertaking of £105,000 was also impaired in full.

 

7

Parent and ultimate parent undertaking

The company's immediate parent is Friday Street Inc Limited, incorporated in United Kingdom.