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Registration number: 01887972

Sundial Lodge Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Sundial Lodge Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Sundial Lodge Limited

(Registration number: 01887972)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

974,066

969,474

Current assets

 

Stocks

6

1,400

1,400

Debtors

7

361,202

165,403

Cash at bank and in hand

 

519,105

661,087

 

881,707

827,890

Creditors: Amounts falling due within one year

8

(206,198)

(178,524)

Net current assets

 

675,509

649,366

Total assets less current liabilities

 

1,649,575

1,618,840

Creditors: Amounts falling due after more than one year

8

(617)

-

Provisions for liabilities

(56,374)

(45,734)

Net assets

 

1,592,584

1,573,106

Capital and reserves

 

Called up share capital

50,000

50,000

Capital redemption reserve

90,000

90,000

Revaluation reserve

8,344

8,344

Profit and loss account

1,444,240

1,424,762

Shareholders' funds

 

1,592,584

1,573,106

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

 

Sundial Lodge Limited

(Registration number: 01887972)
Statement of Financial Position as at 31 December 2023 (continued)


Mr S C Vans Colina
Director

 

Sundial Lodge 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 and Wales.

The address of its registered office is:
Park Hill Road
Torquay
Devon
TQ1 2EA

Principal activity

The principal activity of the company is rest home for the elderly.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Sundial Lodge Limited

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Sundial Lodge Limited

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

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold property

75 years straight line

Fixtures, fittings and equipment

12.5% straight line

Motor vehicles

20% straight line

Impairment

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

 

Sundial Lodge Limited

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

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2022 - 37).

 

Sundial Lodge Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

9,200

9,200

At 31 December 2023

9,200

9,200

Amortisation

At 1 January 2023

9,200

9,200

At 31 December 2023

9,200

9,200

Carrying amount

At 31 December 2023

-

-

 

Sundial Lodge Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,197,338

627,995

66,132

1,891,465

Additions

7,500

7,499

74,598

89,597

Disposals

-

-

(49,632)

(49,632)

At 31 December 2023

1,204,838

635,494

91,098

1,931,430

Depreciation

At 1 January 2023

343,861

531,852

46,278

921,991

Charge for the year

16,642

29,859

18,650

65,151

Eliminated on disposal

-

-

(29,778)

(29,778)

At 31 December 2023

360,503

561,711

35,150

957,364

Carrying amount

At 31 December 2023

844,335

73,783

55,948

974,066

At 31 December 2022

853,477

96,143

19,854

969,474

Included within the net book value of land and buildings above is £844,335 (2022 - £853,477) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Raw materials and consumables

1,400

1,400

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

69,715

60,086

Amounts owed by related parties

11

261,685

9,810

Other debtors

 

10,755

78,256

Prepayments

 

9,825

7,457

Accrued income

 

9,222

9,794

 

361,202

165,403

 

Sundial Lodge Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

7,342

-

Trade creditors

 

9,716

11,305

Taxation and social security

 

105,000

116,113

Accruals and deferred income

 

67,328

38,214

Other creditors

 

16,812

12,892

 

206,198

178,524

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

617

-

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Sundial Lodge Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

617

-

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

7,342

-

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors' loans

68,256

170,737

(240,000)

(1,007)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors' loans

38,453

210,303

(180,500)

68,256

 

Other transactions with directors

The directors run a trust which owes the company £261,685 (2022 - £9,810).