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COMPANY REGISTRATION NUMBER: 10372631
Sunrise Research Limited
Filleted Unaudited Financial Statements
29 February 2024
Sunrise Research Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Sunrise Research Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
31,309
39,156
Investments
6
251,877
230,836
---------
---------
283,186
269,992
Current assets
Debtors
7
61,536
117,627
Cash at bank and in hand
222,066
185,370
---------
---------
283,602
302,997
Creditors: amounts falling due within one year
8
14,748
23,255
---------
---------
Net current assets
268,854
279,742
---------
---------
Total assets less current liabilities
552,040
549,734
Creditors: amounts falling due after more than one year
9
2,317
9,267
Provisions
Taxation including deferred tax
7,827
9,789
---------
---------
Net assets
541,896
530,678
---------
---------
Capital and reserves
Called up share capital
10
1
1
Profit and loss account
541,895
530,677
---------
---------
Shareholders funds
541,896
530,678
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sunrise Research Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Mr J E Purdie
Director
Company registration number: 10372631
Sunrise Research Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Meadow Road, Hullbridge, Essex, SS5 6BW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
52,800
3,328
56,128
--------
-------
--------
Depreciation
At 1 March 2023
16,896
76
16,972
Charge for the year
7,181
666
7,847
--------
-------
--------
At 29 February 2024
24,077
742
24,819
--------
-------
--------
Carrying amount
At 29 February 2024
28,723
2,586
31,309
--------
-------
--------
At 28 February 2023
35,904
3,252
39,156
--------
-------
--------
6. Investments
Shares in participating interests
Other investments other than loans
Total
£
£
£
Fair Value
At 1 March 2023
100,000
130,836
230,836
Additions
480
480
Disposals
( 12,579)
( 12,579)
Revaluations
33,140
33,140
---------
---------
---------
At 29 February 2024
100,000
151,877
251,877
---------
---------
---------
Impairment
At 1 March 2023 and 29 February 2024
---------
---------
---------
Carrying amount
At 29 February 2024
100,000
151,877
251,877
---------
---------
---------
At 28 February 2023
100,000
130,836
230,836
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
13,984
Amounts owed by group undertakings and undertakings in which the company has a participating interest
25,947
68,412
Other debtors
35,589
35,231
--------
---------
61,536
117,627
--------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,278
9,203
Social security and other taxes
934
5,555
Obligations under finance leases and hire purchase contracts
6,950
6,950
Director loan accounts
3,586
1,547
--------
--------
14,748
23,255
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
2,317
9,267
-------
-------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Related party transactions
At the year end the company owed the director £3,586 (2023 - £1,547) by way of a directors loan account. At the year end the company was owed £35,000 (2023 - £35,000) from a related party which is shown amongst debtors. The company has taken advantage of the exemption conferred by Section 33 of FRS 102 and not disclosed transactions with wholly owned group companies.
12. Controlling party
The company's parent company is Alba Sunrise Limited with its registered office located at 25 Meadow Road, Hullbridge, Essex. SS5 6BW