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Registration number: 05367138

Sundrew Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Sundrew Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sundrew Limited

Company Information

Director

Marco Zanazzi

Registered office

5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

 

Sundrew Limited

(Registration number: 05367138)
Balance Sheet as at 31 December 2023

Note

2023

2022

Fixed assets

 

Tangible assets

4

841,342

831,357

Investments

5

1,001,689

1,001,689

 

1,843,031

1,833,046

Current assets

 

Debtors

6

40,660

36,921

Cash at bank and in hand

 

91,938

10,192

 

132,598

47,113

Creditors: Amounts falling due within one year

7

(44,412)

(127,667)

Net current assets/(liabilities)

 

88,186

(80,554)

Total assets less current liabilities

 

1,931,217

1,752,492

Creditors: Amounts falling due after more than one year

7

(174,500)

-

Net assets

 

1,756,717

1,752,492

Capital and reserves

 

Called up share capital

8

1,773,044

1,773,044

Other reserves

(275,322)

(275,322)

Retained earnings

258,995

254,770

Shareholders' funds

 

1,756,717

1,752,492

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 August 2024
 

 

Sundrew Limited

(Registration number: 05367138)
Balance Sheet as at 31 December 2023

.........................................
Marco Zanazzi
Director

 

Sundrew Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
England

These financial statements were authorised for issue by the director on 16 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Sundrew Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

12,5% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sundrew Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Land and buildings

Fixtures and fittings

Total

Cost or valuation

At 1 January 2023

809,027

145,826

954,853

Additions

-

16,340

16,340

At 31 December 2023

809,027

162,166

971,193

Depreciation

At 1 January 2023

-

123,496

123,496

Charge for the year

-

6,355

6,355

At 31 December 2023

-

129,851

129,851

Carrying amount

At 31 December 2023

809,027

32,315

841,342

At 31 December 2022

809,027

22,330

831,357

Included within the net book value of land and buildings above is €809,027 (2022 - €809,027) in respect of freehold land and buildings.
 

 

Sundrew Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023

2022

Investments in subsidiaries

1,001,689

1,001,689

Subsidiaries

Cost or valuation

At 1 January 2023

1,001,689

Provision

Carrying amount

At 31 December 2023

1,001,689

At 31 December 2022

1,001,689

 

Sundrew Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023

2022

Trade debtors

20,658

24,376

Prepayments

5,630

5,630

Other debtors

14,372

6,915

 

40,660

36,921

 

Sundrew Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023

2022

Due within one year

Trade creditors

(20,602)

1,609

Taxation and social security

2,256

4,020

Accruals and deferred income

15,135

24,802

Other creditors

47,623

97,236

44,412

127,667

Creditors: amounts falling due after more than one year

2023

2022

Due after one year

Other non-current financial liabilities

174,500

-

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary Class 2 of €1 each

1,771,932

1,771,932

1,771,932

1,771,932

       

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary Class 1 of £1 each

1,000

1,112

1,000

1,112

       

9

Dividends

Interim dividends paid

2023

2022

Interim dividend of €Nil (2022 - €0.0621) per each Ordinary Class 2

-

110,000