Company registration number 13177516 (England and Wales)
SUN GENERATION (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SUN GENERATION (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SUN GENERATION (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
13,546
28,849
Debtors
3
33,464
10,659
Cash at bank and in hand
21,513
18,583
68,523
58,091
Creditors: amounts falling due within one year
4
(681,945)
(401,482)
Net current liabilities
(613,422)
(343,391)
Creditors: amounts falling due after more than one year
5
(142,157)
(137,172)
Net liabilities
(755,579)
(480,563)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(756,579)
(481,563)
Total equity
(755,579)
(480,563)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 14 August 2024
Mr F O'Driscoll
Director
Company registration number 13177516 (England and Wales)
SUN GENERATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Sun Generation (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Princes Street, Bath, BA1 1HL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
During the year, despite an increase in sales, the company has continued to generate losses, and as at the year end date, the company's Balance Sheet showed a net deficit. The company has been provided with funding by both its parent company, Sun Generation Limited and its fellow subsidiary company, SG Poland Sp z.o.o. On the basis that this support will continue to be provided, the director remains confident that that the company remains a going concern, and accordingly the accounts for the year are prepared on that basis.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no more complex financial instruments that require measurement at amortised cost using the effective interest method.
SUN GENERATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
1
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
24,823
1,177
Other debtors
8,641
9,482
33,464
10,659
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
113,228
44,917
Taxation and social security
8,630
9,648
Other creditors
560,087
346,917
681,945
401,482
SUN GENERATION (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
142,157
137,172
6
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
148,500
148,500
At 31 December 2023, the following amounts were owed to related parties:
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
544,669
326,403
Other related parties
142,157
137,172
Throughout the year, the company continued to benefit from an interest-free loan provided by it's parent company, Sun Generation Limited. This loan is interest-free and is repayable after one month, based on notice being served by the lender. At 31 December 2023, an amount of £544,669 (2022: £326,403) was outstanding under this arrangement.
During the previous year, SG Poland Sp z.o.o., a fellow subsidiary of Sun Generation Limited advanced an interest-free loan to the company. This loan is repayable 10 years from the date on which the loan was advanced. The balance outstanding under this arrangement at 31 December 2023 amounted to £142,157 (2022: £137,172).
7
Parent company
Throughout the period, the company was controlled by its parent company, Sun Generation Limited, a company registered in England and Wales, with a registered office of Market House, 10 Market Walk, Saffron Walden, Essex, CB10 1JZ. As the overall group under the parent company constitutes a small group, the parent company does not prepare consolidated accounts.