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COMPANY REGISTRATION NUMBER: 07956386
Alba Sunrise Limited
Filleted Unaudited Financial Statements
29 February 2024
Alba Sunrise Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Alba Sunrise Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
250,000
250,188
Investments
6
1
1
---------
---------
250,001
250,189
Current assets
Debtors
7
8,916
Cash at bank and in hand
69,628
103,537
--------
---------
69,628
112,453
Creditors: amounts falling due within one year
8
31,766
71,729
--------
---------
Net current assets
37,862
40,724
---------
---------
Total assets less current liabilities
287,863
290,913
Creditors: amounts falling due after more than one year
9
167,888
167,888
Provisions
Taxation including deferred tax
22,669
17,597
---------
---------
Net assets
97,306
105,428
---------
---------
Capital and reserves
Called up share capital
10
10
10
Profit and loss account
97,296
105,418
--------
---------
Shareholders funds
97,306
105,428
--------
---------
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 .
Alba Sunrise Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mr J E Purdie
Director
Company registration number: 07956386
Alba Sunrise 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, England, SS5 6BW. Alba Sunrise Limited is a business to business company and does not deal with individuals. Additionally, it does not rent villas.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
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:
Equipment
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Average number of employees
During the year the average number of employees was 2 (2023 - 2).
5. Tangible assets
Investment Property
Equipment
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
250,000
1,859
251,859
---------
-------
---------
Depreciation
At 1 March 2023
1,671
1,671
Charge for the year
188
188
---------
-------
---------
At 29 February 2024
1,859
1,859
---------
-------
---------
Carrying amount
At 29 February 2024
250,000
250,000
---------
-------
---------
At 28 February 2023
250,000
188
250,188
---------
-------
---------
The directors have valued the investment property at its open market value as at 29 February 2024. The historical cost of the investment property is £145,632.
6. Investments
Shares in group undertakings
£
Cost
At 1 March 2023 and 29 February 2024
1
----
Impairment
At 1 March 2023 and 29 February 2024
----
Carrying amount
At 29 February 2024
1
----
At 28 February 2023
1
----
The company has investments in the following subsidiary undertakings, which are incorporated in England and Wales at the registered office, 25 Meadow Road, Hullbridge, Essex, United Kingdom, SS5 6BW.
Sunrise Research Limited
7. Debtors
2024
2023
£
£
Other debtors
8,916
----
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
25,946
68,413
Accruals and deferred income
2,555
2,425
Social security and other taxes
49
Director loan accounts
3,265
842
--------
--------
31,766
71,729
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
167,888
167,888
---------
---------
The bank loan is secured by a legal charge over the freehold investment property included in the accounts.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
10
10
----
----
----
----
11. Related party transactions
At the year end date the company owed the director £3,265 (2023 - £842) by way of a directors loan account. No interest has been charged on this loan. The company has taken advantage of the exemption conferred by Section 33 of FRS 102 by not disclosing transactions with wholly owned group companies.