Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity33falsetrue 02266458 2023-01-01 2023-12-31 02266458 2022-01-01 2022-12-31 02266458 2023-12-31 02266458 2022-12-31 02266458 c:CompanySecretary1 2023-01-01 2023-12-31 02266458 c:Director1 2023-01-01 2023-12-31 02266458 c:Director2 2023-01-01 2023-12-31 02266458 c:Director2 2023-12-31 02266458 c:Director3 2023-01-01 2023-12-31 02266458 c:Director4 2023-01-01 2023-12-31 02266458 c:Director5 2023-01-01 2023-12-31 02266458 c:RegisteredOffice 2023-01-01 2023-12-31 02266458 d:FurnitureFittings 2023-01-01 2023-12-31 02266458 d:FurnitureFittings 2023-12-31 02266458 d:FurnitureFittings 2022-12-31 02266458 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02266458 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 02266458 d:FreeholdInvestmentProperty 2023-12-31 02266458 d:FreeholdInvestmentProperty 2022-12-31 02266458 d:CurrentFinancialInstruments 2023-12-31 02266458 d:CurrentFinancialInstruments 2022-12-31 02266458 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02266458 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02266458 d:ShareCapital 2023-12-31 02266458 d:ShareCapital 2022-12-31 02266458 d:RetainedEarningsAccumulatedLosses 2023-12-31 02266458 d:RetainedEarningsAccumulatedLosses 2022-12-31 02266458 c:FRS102 2023-01-01 2023-12-31 02266458 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02266458 c:FullAccounts 2023-01-01 2023-12-31 02266458 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02266458 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 02266458







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


SUNLEY ESTATES LIMITED






































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SUNLEY ESTATES LIMITED
 


 
COMPANY INFORMATION


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




Company secretary
Sunley Securities Limited



Registered number
02266458



Registered office
1 Town Mill Bagshot Road

Chobham

Woking

GU24 8BZ




Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


SUNLEY ESTATES LIMITED
REGISTERED NUMBER:02266458



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
202
11

Investment property
 5 
2,879,317
2,318,237

  
2,879,519
2,318,248

Current assets
  

Stocks
  
633,887
978,017

Debtors: amounts falling due within one year
 6 
18,374,904
22,108,031

Cash at bank and in hand
  
30,480
38,528

  
19,039,271
23,124,576

Creditors: amounts falling due within one year
 7 
(2,205,632)
(6,902,533)

Net current assets
  
 
 
16,833,639
 
 
16,222,043

Total assets less current liabilities
  
19,713,158
18,540,291

Provisions for liabilities
  

Deferred tax
  
(43,976)
(296,674)

  
 
 
(43,976)
 
 
(296,674)

Net assets
  
19,669,182
18,243,617

Page 1

 


SUNLEY ESTATES LIMITED
REGISTERED NUMBER:02266458


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

2023
2022
Note
£
£

Capital and reserves
  

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

Profit and loss account
  
15,519,182
14,093,617

  
19,669,182
18,243,617


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 9 form part of these financial statements.

Page 2

 


SUNLEY ESTATES LIMITED
 


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

1.


General information

Sunley Estates 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

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:
Sale of properties
It is company policy to recognise sold properties in turnover if 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 properties 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 properties sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

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

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 


SUNLEY ESTATES LIMITED
 


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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

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 4

 


SUNLEY ESTATES LIMITED
 


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

2.Accounting policies (continued)


2.8
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:

Fixtures and fittings
-
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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by directors or 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.

 
2.10

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. 

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 


SUNLEY ESTATES LIMITED
 


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

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.15

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 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.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 


SUNLEY ESTATES LIMITED
 


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

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
3,943


Additions
200



At 31 December 2023

4,143



Depreciation


At 1 January 2023
3,931


Charge for the year on owned assets
10



At 31 December 2023

3,941



Net book value



At 31 December 2023
202



At 31 December 2022
11

Page 7

 


SUNLEY ESTATES LIMITED
 


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

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
2,318,237


Additions at cost
561,080



At 31 December 2023
2,879,317

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




Page 8

 


SUNLEY ESTATES LIMITED
 


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

6.


Debtors

2023
2022
£
£


Trade debtors
53
-

Amounts owed by group undertakings
17,201,285
15,555,532

Other debtors
71,150
175,402

Prepayments and accrued income
30,587
6,377,097

Tax recoverable
1,071,829
-

18,374,904
22,108,031



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,980,000
1,980,000

Trade creditors
12,545
35,408

Amounts owed to group undertakings
92,000
2,606,450

Corporation tax
-
1,457,064

Other taxation and social security
16,967
39,003

Other creditors
750
11,400

Accruals and deferred income
103,370
773,208

2,205,632
6,902,533


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


8.


Controlling party

The immediate parent company is Sunley Holdings Limited and the ultimate parent company is Sunley Family Holding Limited, both companies are 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 9