Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalsefalse2023-01-01No description of principal activity88trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01458205 2023-01-01 2023-12-31 01458205 2022-01-01 2022-12-31 01458205 2023-12-31 01458205 2022-12-31 01458205 c:CompanySecretary1 2023-01-01 2023-12-31 01458205 c:Director1 2023-01-01 2023-12-31 01458205 c:Director2 2023-01-01 2023-12-31 01458205 c:Director2 2023-12-31 01458205 c:Director4 2023-01-01 2023-12-31 01458205 c:Director5 2023-01-01 2023-12-31 01458205 c:RegisteredOffice 2023-01-01 2023-12-31 01458205 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01458205 d:OtherPropertyPlantEquipment 2023-12-31 01458205 d:OtherPropertyPlantEquipment 2022-12-31 01458205 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01458205 d:FreeholdInvestmentProperty 2023-12-31 01458205 d:FreeholdInvestmentProperty 2022-12-31 01458205 d:CurrentFinancialInstruments 2023-12-31 01458205 d:CurrentFinancialInstruments 2022-12-31 01458205 d:Non-currentFinancialInstruments 2023-12-31 01458205 d:Non-currentFinancialInstruments 2022-12-31 01458205 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01458205 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01458205 d:ShareCapital 2023-12-31 01458205 d:ShareCapital 2022-12-31 01458205 d:SharePremium 2023-12-31 01458205 d:SharePremium 2022-12-31 01458205 d:RetainedEarningsAccumulatedLosses 2023-12-31 01458205 d:RetainedEarningsAccumulatedLosses 2022-12-31 01458205 c:FRS102 2023-01-01 2023-12-31 01458205 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01458205 c:FullAccounts 2023-01-01 2023-12-31 01458205 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01458205 2 2023-01-01 2023-12-31 01458205 4 2023-01-01 2023-12-31 01458205 6 2023-01-01 2023-12-31 01458205 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 01458205







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


SUNLEY HOLDINGS LIMITED






































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SUNLEY HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Directors
James B Sunley 
Rory W M Gleeson (resigned 29 December 2023)
Laura Stradling 
Lisa H Sunley 




Company secretary
Sunley Securities Limited



Registered number
01458205



Registered office
7-8 Stratford Place

London

W1C 1AY




Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


SUNLEY HOLDINGS LIMITED
REGISTERED NUMBER:01458205



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,264
27,116

Investments
 5 
35,900,147
41,458,557

Investment property
 6 
320,000
320,000

  
36,235,411
41,805,673

Current assets
  

Stocks
 7 
3,333,317
3,084,918

Debtors: amounts falling due after more than one year
 8 
100,000
138,897

Debtors: amounts falling due within one year
 8 
3,403,751
1,673,425

Cash at bank and in hand
  
1,049,212
1,022,364

  
7,886,280
5,919,604

Creditors: amounts falling due within one year
 9 
(26,952,011)
(30,224,169)

Net current liabilities
  
 
 
(19,065,731)
 
 
(24,304,565)

Total assets less current liabilities
  
17,169,680
17,501,108

Provisions for liabilities
  

Deferred tax
  
(401,082)
(681,690)

  
 
 
(401,082)
 
 
(681,690)

Net assets
  
16,768,598
16,819,418


Capital and reserves
  

Called up share capital 
  
4,150,000
4,150,000

Share premium account
  
250,000
250,000

Profit and loss account
  
12,368,598
12,419,418

  
16,768,598
16,819,418


Page 1

 


SUNLEY HOLDINGS LIMITED
REGISTERED NUMBER:01458205


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 by: 




James B Sunley
Director

Date: 22 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 


SUNLEY HOLDINGS LIMITED
 


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

1.


General information

Sunley Holdings Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 


SUNLEY HOLDINGS LIMITED
 


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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue comprises of rental income, management fee income and property and land sales recognised by the company in respect of the year.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental income is recognised on a straight line basis ove rthe term of the lease. Amounts invoiced in advance are deferred accordingly and recognised in the period to which they relate.
Management feess and other income are recognised when the management services are provided, in the period to which they relate.
The following creiteria must be met before revenue is recognised:
Sale of properties classified as stock
It is company policy to recognise sold properties previously recognised as stock in turnover if the contracts are exchanged before the year end, providing completion takes place not more than one month after the year end.
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive consideration due to the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 


SUNLEY HOLDINGS LIMITED
 


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

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting 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 reporting 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 reporting date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 


SUNLEY HOLDINGS LIMITED
 


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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 


SUNLEY HOLDINGS LIMITED
 


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

2.Accounting policies (continued)

 
2.15

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 


SUNLEY HOLDINGS LIMITED
 


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

3.


Employees

2023
2022
£
£

Wages and salaries
1,102,776
2,038,530

Social security costs
81,542
78,014

Cost of defined contribution scheme
69,204
67,555

1,253,522
2,184,099


The average monthly number of employees, including directors, during the year was 8 (2022 - 8).


4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 January 2023
205,769


Additions
5,978



At 31 December 2023

211,747



Depreciation


At 1 January 2023
178,653


Charge for the year on owned assets
17,830



At 31 December 2023

196,483



Net book value



At 31 December 2023
15,264



At 31 December 2022
27,116

Page 8

 


SUNLEY HOLDINGS LIMITED
 


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

5.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
32,042,005
9,416,552
41,458,557


Additions
-
341,911
341,911


Disposals
-
(8,357)
(8,357)


Revaluations
(5,947,000)
55,036
(5,891,964)



At 31 December 2023
26,095,005
9,805,142
35,900,147





6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
320,000



At 31 December 2023
320,000

The 2023 valuations were made by annually by the directors, on an open market value for existing use basis.



At 31 December 2023





7.


Stocks

2023
2022
£
£

Work in progress
3,333,317
3,084,918

3,333,317
3,084,918


Included within work in progress at 31 December 2023 are borrowing costs of £382,592 (2022: £242,089).

Page 9

 


SUNLEY HOLDINGS LIMITED
 


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

8.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
100,000
138,897

100,000
138,897


2023
2022
£
£

Due within one year

Trade debtors
62,453
200,505

Amounts owed by group undertakings
2,628,442
945,490

Other debtors
658,289
426,065

Prepayments and accrued income
54,567
101,365

3,403,751
1,673,425



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,145,000
1,430,000

Trade creditors
88,091
110,796

Amounts owed to group undertakings
23,131,679
28,243,151

Other taxation and social security
97,695
137,410

Other creditors
1,408,204
270,026

Accruals and deferred income
81,342
32,786

26,952,011
30,224,169


The bank loans are secured by a fixed and floating charge including a negative pledge against property and undertaking within the company.


10.


Controlling party

The ultimate parent company is Sunley Family Holding Limited, a company registered in England and Wales.
The company is exempt from preparing consolidated accounts on the grounds that it is part of a small group. 
The directors do not consider there to be an ultimate controlling party.

 
Page 10