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Registered number: 02203567









SUGARICE LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
SUGARICE LIMITED
REGISTERED NUMBER: 02203567

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,532,405
1,618,966

Cash at bank and in hand
  
1,304
912

  
1,533,709
1,619,878

Creditors: amounts falling due within one year
 5 
(6,740)
(7,122)

Net assets
  
1,526,969
1,612,756


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,526,967
1,612,754

  
1,526,969
1,612,756


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 statement of comprehensive income 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 on 10 June 2024.




M.G. Khaku
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
SUGARICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Sugarice Limited ("the Company") is a private company limited by shares incorporated in England and Wales. The address of its registered office is 61 Charlotte Street, London, W1T 4PF.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Taxation

Tax is recognised in profit or loss 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.

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.3

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.4

Cash and cash equivalents

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

 
2.5

Creditors

Short term creditors are measured at the transaction price.

Page 2

 
SUGARICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
For financial assets measured at cost less impairment, the impairment loss is measured as teh difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would recieve for the asset if it were to be sold at the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,532,389
1,618,949

Other debtors
16
17

1,532,405
1,618,966



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
6

Amounts owed to group undertakings
6,740
7,116

6,740
7,122



6.Financial commitments, guarantees and contingent liabilities

The Company has given cross guarantees to secure the borrowings of fellow subsidiary undertakings. The amount secured at the year end was £12,847,522 (2022 - £24,922,385).

Page 3

 
SUGARICE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Related party transactions

Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS 102 Section 1AC.35.


8.


Controlling party

Holbud Group Limited is the parent of the group for which consolidated financial statements are prepared. The registered office is 61 Charlotte Street, London, W1T 4PF.


9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 October 2023 was unqualified.

The audit report was signed on 17 June 2024 by Andrew May ACCA (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 4