REGISTERED NUMBER: |
SUNKARI LTD |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
SUNKARI LTD |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
SUNKARI LTD (REGISTERED NUMBER: 12564681) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
SUNKARI LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
SUNKARI LTD (REGISTERED NUMBER: 12564681) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Inventories | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SUNKARI LTD (REGISTERED NUMBER: 12564681) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUNKARI LTD (REGISTERED NUMBER: 12564681) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Sunkari Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 12564681 and its registered office address is 3 Redthorne Grove, Kenilworth, CV8 2EF. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company has been profitable during the year, and is expected to make further profits on sales of developments currently in progress within the next 12 months. The company also benefits from the ongoing support of its directors for cashflow management. Therefore, the directors consider it reasonable to prepare the financial statements on a going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about Sunkari Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Critical accounting judgements and estimates |
The are currently no accounting judgements or estimates that are considered critical by the directors. |
Revenue |
Revenue comprises the aggregate of the fair value of the sale of goods and services, net of rebates, discounts and VAT. |
Revenue from the sale of properties is recognised at the date of exchange of contracts. |
Revenue from development work is recognised based on a percentage of completion as at the reporting date. Unbilled revenue is recognised in the statement of financial position as amounts recoverable on contract. |
Revenue from project management services are recognised as those services are delivered. |
Property, plant and equipment |
Plant and machinery etc | - |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
Investments in subsidiaries |
Investments in subsidiary undertakings and joint ventures are recognised at cost less accumulated impairment. |
Inventories |
Inventories comprise the purchase and development costs of property and are valued at the lower of cost and net realisable value. Borrowing costs are capitalised as part of inventory to the extent that they are directly attributable to the development of property. Capitalisation of borrowing costs will cease once the asset is ready for sale. |
SUNKARI LTD (REGISTERED NUMBER: 12564681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets that are 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 income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined benefit contribution pension scheme. Contributions payable to the company's pensions scheme are charged to the income statement in the period to which they relate. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the statement of financial position and depreciated over their estimated useful lives. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SUNKARI LTD (REGISTERED NUMBER: 12564681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The net book value of assets held under hire purchase is £61,623 (2023: £80,254). |
5. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 100 |
Additions | 1,500 |
At 30 April 2024 | 1,600 |
NET BOOK VALUE |
At 30 April 2024 | 1,600 |
At 30 April 2023 | 100 |
6. | INVENTORIES |
2024 | 2023 |
£ | £ |
Inventories |
Inventory relates to a number of property development projects. The most significant of these projects being the development of residential property at 35a Dane Road, Coventry. The latest market valuation of this property was undertaken by Centrick Valuation & Professional Services on 20 November 2023. |
Accounting standards dictate that inventory is measured at the lower of cost and net realisable value. Inventory has been impaired in the current year to reflect the most recent valuers assessment of its net realisable value. |
SUNKARI LTD (REGISTERED NUMBER: 12564681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contracts |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 48,451 | 57,302 |
Hire purchase liabilities are secured on the assets to which they relate. |
A fixed charge is held over assets being constructed at 35a Dane Road, Coventry. |