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Company No: 04697536 (England and Wales)

SUNSEEKERS SUNBEDS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

SUNSEEKERS SUNBEDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

SUNSEEKERS SUNBEDS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SUNSEEKERS SUNBEDS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
DIRECTORS Mrs D Hodgin
Mr B J Smith
REGISTERED OFFICE Richard House
Winckley Square
Preston
Lancashire
PR1 3HP
United Kingdom
COMPANY NUMBER 04697536 (England and Wales)
ACCOUNTANT MHA
Richard House
9 Winckley Square
Preston
Lancashire
PR1 3HP
SUNSEEKERS SUNBEDS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
SUNSEEKERS SUNBEDS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,492,454 1,458,056
1,492,454 1,458,056
Current assets
Stocks 16,200 15,000
Debtors 5 497,507 383,827
Cash at bank and in hand 2,397,589 1,961,347
2,911,296 2,360,174
Creditors: amounts falling due within one year 6 ( 1,452,656) ( 1,479,995)
Net current assets 1,458,640 880,179
Total assets less current liabilities 2,951,094 2,338,235
Creditors: amounts falling due after more than one year 7 ( 319,143) ( 640,473)
Provision for liabilities ( 324,926) ( 310,131)
Net assets 2,307,025 1,387,631
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 2,306,925 1,387,531
Total shareholders' funds 2,307,025 1,387,631

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sunseekers Sunbeds Limited (registered number: 04697536) were approved and authorised for issue by the Board of Directors on 04 July 2024. They were signed on its behalf by:

Mr B J Smith
Director
Mrs D Hodgin
Director
SUNSEEKERS SUNBEDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
SUNSEEKERS SUNBEDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sunseekers Sunbeds Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Richard House, Winckley Square, Preston, Lancashire, PR1 3HP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover in the profit and loss account represents amounts invoiced during the year, exclusive of VAT.

Revenue from rents are recognised by reference to the period to which the rents relate.

Revenue for services are recognised in accordance to when the service is carried out.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Goodwill is amortised so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 164 157

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 123,998 123,998
At 31 December 2023 123,998 123,998
Accumulated amortisation
At 01 January 2023 123,998 123,998
At 31 December 2023 123,998 123,998
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 321,858 3,461,717 3,783,575
Additions 0 381,448 381,448
At 31 December 2023 321,858 3,843,165 4,165,023
Accumulated depreciation
At 01 January 2023 308,481 2,017,038 2,325,519
Charge for the financial year 2,292 344,758 347,050
At 31 December 2023 310,773 2,361,796 2,672,569
Net book value
At 31 December 2023 11,085 1,481,369 1,492,454
At 31 December 2022 13,377 1,444,679 1,458,056

5. Debtors

2023 2022
£ £
Corporation tax 17,757 4,744
Other debtors 479,750 379,083
497,507 383,827

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 329,670 302,271
Trade creditors 53,313 380,490
Taxation and social security 719,956 539,404
Obligations under finance leases and hire purchase contracts (secured) 7,887 28,876
Other creditors 341,830 228,954
1,452,656 1,479,995

Creditors contains £7,887 (2022: £28,876) which is secured upon the assets to which the balance relates and £329,670 (2022: £302,271) which is secured on the company's assets which are not otherwise secured.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 295,546 626,411
Obligations under finance leases and hire purchase contracts (secured) 23,597 14,062
319,143 640,473

Creditors contains £23,597 (2022: £14,062) which is secured upon the assets to which the balance relates, and £295,546 (2022: £626,411) which is secured on the company's assets which are not otherwise secured.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
90 Ordinary shares of £ 1.00 each 90 90
10 A Ordinary shares of £ 1.00 each 10 10
100 100

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 427,626 357,199

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to key management personnel 23,596 33,307
Amounts due from key management personnel 53,154 27,847

At 1st January 2023, one of the directors owed the company £27,847. Amounts totaling £24,297 were drawn, and no repayments were made. Interest was charged on the balance throughout the year at 2% up until 5th April 2023, and 2.25% thereafter. The total amount of interest charged was £1,010. At 31 December 2023, the director owed the company £53,154.