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REGISTERED NUMBER: SC716757 (Scotland)



















SUN & SKY INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






SUN & SKY INVESTMENTS LIMITED (REGISTERED NUMBER: SC716757)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SUN & SKY INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Lap Kei Kong
Mrs Suet Lai Shirley Kong





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC716757 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

SUN & SKY INVESTMENTS LIMITED (REGISTERED NUMBER: SC716757)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 55,046 144
Investment property 5 380,708 380,708
435,754 380,852

CURRENT ASSETS
Debtors 6 2,542 832
Cash at bank 150,030 -
152,572 832
CREDITORS
Amounts falling due within one year 7 587,678 378,897
NET CURRENT LIABILITIES (435,106 ) (378,065 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

648

2,787

PROVISIONS FOR LIABILITIES 251 -
NET ASSETS 397 2,787

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 297 2,687
397 2,787

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

SUN & SKY INVESTMENTS LIMITED (REGISTERED NUMBER: SC716757)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 18 July 2024 and were signed on its behalf by:




Lap Kei Kong - Director



Mrs Suet Lai Shirley Kong - Director


SUN & SKY INVESTMENTS LIMITED (REGISTERED NUMBER: SC716757)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Sun & Sky Investments Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the rental income receivable for the year. Income is recognised on the basis of rent due for the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost
Motor vehicles - 20% on cost

Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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 balance sheet date.


SUN & SKY INVESTMENTS LIMITED (REGISTERED NUMBER: SC716757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Equipment
and Motor
Fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 150 - 150
Additions 299 67,608 67,907
At 31 December 2023 449 67,608 68,057
DEPRECIATION
At 1 January 2023 6 - 6
Charge for year 47 12,958 13,005
At 31 December 2023 53 12,958 13,011
NET BOOK VALUE
At 31 December 2023 396 54,650 55,046
At 31 December 2022 144 - 144

SUN & SKY INVESTMENTS LIMITED (REGISTERED NUMBER: SC716757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 380,708
NET BOOK VALUE
At 31 December 2023 380,708
At 31 December 2022 380,708

The directors consider the valuation of the properties at the year end to be equivalent to the cost.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax recoverable 801 -
Prepayments and accrued income 1,741 832
2,542 832

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation Tax - 801
Social security and other taxes 149 -
Directors' current accounts 586,285 375,500
Accrued expenses 1,244 2,596
587,678 378,897

The directors loan is interest free and repayable on demand.

8. RELATED PARTY DISCLOSURES

The loan balance due to the directors amounted to £586,285 (2022: £375,500) at the year end.