Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
COMPANY INFORMATION
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SUNVIL INTERNATIONAL SALES LIMITED
CONTENTS
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SUNVIL INTERNATIONAL SALES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their Strategic Report for the year ended 31 December 2023.
Consolidated revenues in FY23 decreased to £23.5m as business returned to normal levels following the post pandemic spike in 2022.
Our specialist long haul businesses saw a decrease in turnover during the year as the impact of limited sales team capacity in 2022 resulted in lower enquiry conversion. With long booking lead times, the benefits of strong sales in 2023 will be seen in 2024. Short haul business revenues were maintained at similar levels to the prior year, but the margin was impacted by several climate and weather related events affecting Greece during the summer. The Group continues to evolve its business model to provide more agility, this has not only protected the Group by reducing its risk profile, but it has also allowed it to take advantage of new opportunities with access to product from new markets. The Group remains adequately funded and continues to protect liquidity where possible.
The Group has exposure to foreign currency movements. These are managed at the time of booking by purchasing currency to match future liabilities. The objective is to reduce the impact of exchange rate volatility on short term profits. This exposure is reviewed monthly by the Directors.
Exposure to liquidity risk is considered to be low. The Group traded profitably generating sufficient levels of liquidity to continue to grow. This risk is closely monitored by the Directors and sufficient measures have been put in place to protect Group liquidity.
Consolidated turnover has decreased to £23.5m in 2023.
Consolidated pre-tax profits of £412k have been recorded, compared to pre-tax profits of £1.6m in 2022.
This report was approved by the board and signed on its behalf.
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SUNVIL INTERNATIONAL SALES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £239,724 (2022 - £957,990).
The Company paid dividends of £nil (2022: nil) during the year. No dividends have been declared post year-end
(2022: £nil).
The Directors who served during the year were:
The Group continues to nurture and develop existing products & brands, whilst actively researching new destinations and potential opportunities.
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SUNVIL INTERNATIONAL SALES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED
We have audited the financial statements of Sunvil International Sales Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the Group's or the parent Company's ability to continue as a going concern. The Group and parent Company reported a profit for the year ended 31 December 2023 and, as of that date, the Group and parent Company's current liabilities exceeded its current assets.
The financial statements do not include any adjustments that would result from a failure to continue as a going concern.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED (CONTINUED)
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: ABTA and ATOL compliance recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED (CONTINUED)
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SUNVIL INTERNATIONAL SALES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUNVIL INTERNATIONAL SALES LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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SUNVIL INTERNATIONAL SALES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
REGISTERED NUMBER: 00984970
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
REGISTERED NUMBER: 00984970
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 40 form part of these financial statements.
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SUNVIL INTERNATIONAL SALES LIMITED
REGISTERED NUMBER: 00984970
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 40 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Sunvil International Sales Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registed office is given on the Company Information page of these financial statements. The nature of the Company's operations and principal activities are recorded in the Directors' Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.
The directors continued to take steps to reduce outgoings by controlling overhead expenses. They have seen a significant increase in the level of bookings and tours departing post year end along with and influx of forward bookings for future years.
Based on the above, the directors are confident that the company, will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Landing rights Capitalised landing rights based in the EU are not amortised as regulations provide that landing Rights are perpetual.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
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.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income statement
Functional and presentation currency
Transactions and balances
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payments obligations. The contributions are recognised as an expense in the Consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. Provisions are charged as an expense to profit or loss in the year that the Group 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.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
All revenue received relating to bookings that depart after the Statement of Financial Position date is treated as advance receipts and is separately disclosed under accruals and deferred income.
Payments made to suppliers relating to bookings that depart after the Statement of Financial Position date are treated as advance payments and are separately disclosed under prepayments and accrued income.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Critical judgements The directors are of the view that there are no further citical judgements (apart from those involving estimates) in applying their accounting policies that have had a significant effect on amounts recognised in the financial statements. Key sources of estimation uncertainty The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
The whole of the turnover is attributable to sales of holidays and other services supplied to customers whilst acting as a tour operator and licensed travel agency.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Both Land and Buildings and Boats classes of fixed assets above are accounted for under the revaluation method. In respect of the most recent revaluations carried out on these classes of assets:
Freehold Land and Buildings The last valuation was conducted on 31 December 2017, when the freehold land and buildings at 7-8 Upper Square and 10-12 Upper Square were revalued by Stiles Harold Williams Partnership LLP (Chartered Surveyors) on an open market basis. This is reflected in the financial statements as above. In accordance with the accounting policies on note 2.6 , Freehold Land is not depreciated and, at the year end, the amount included in the above net book value in respect of Freehold Land was £1,226,600 (2022: £1,226,600). Boats (shown with Plant and machinery) The boat (known as "Genevieve") was last revalued on 16 April 2010 by Peter Freebody & Co - a reputable and professional boat design, sale and building company. The revalued amount is reflected in the financial statements.
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16.Tangible fixed assets (continued)
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Other loans of £12,000 (2022: £12,000) are shareholders’ loans which have no fixed payment date and no interest is payable.
The bank loans are secured by way of debenture comprising fixed and floating charges over all the assets and undertaking of the company including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery. The other loans are secured by fixed charge and negative pledge.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
23.Deferred taxation (continued)
Revaluation reserve
Other reserves
Profit and loss account
Included within the reserve is £nil (2022: £nil) of unrealised gains which are non-distributable.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £120,441 (2022: £130,742). Contributions totalling £13,623 (2022: £238 ) were payable to the fund at the reporting date.
The Group enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2023, there were 14 (2022: nil) outstanding contracts.
The Group is committed to buying 2,500,000 EUR / 981,373 USD / 10,000,000 ZAR and paying a fixed sterling amount of £3,420,638 as at the year end. As at 31 December 2023, the recognised net loss on currency cash flow hedging instruments amounted to £42,735 (2022: £nil) which is reflected within the Statement of Comprehensive Income.
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SUNVIL INTERNATIONAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Sunvil International Sales Limited is the largest and smallest group for which group accounts are prepared. Copies of the Sunvil International Sales Limited consolidated financial statements can be obtained from its registered office: Sunvil House, Upper Square, Isleworth, Middlesex, TW7 7BJ.
The Directors consider that the Company has no individual controlling party.
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