Company registration number 13065869 (England and Wales)
Sun's Tide Ltd
Unaudited financial statements
For the year ended 31 December 2023
Sun's Tide Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Sun's Tide Ltd
Statement of financial position
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
2
200,000
155,510
Investments
3
191,002
-
0
391,002
155,510
Current assets
Debtors
4
4,201
-
0
Cash at bank and in hand
65,246
59,108
69,447
59,108
Creditors: amounts falling due within one year
5
(221,250)
(214,518)
Net current liabilities
(151,803)
(155,410)
Total assets less current liabilities
239,199
100
Provisions for liabilities
(8,450)
-
0
Net assets
230,749
100
Capital and reserves
Called up share capital
152
100
Share premium account
190,950
-
0
Revaluation reserve
6
36,040
-
0
Profit and loss reserves
3,607
-
0
Total equity
230,749
100

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Sun's Tide Ltd
Statement of financial position (continued)
As at 31 December 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr S M Lee
Director
Company registration number 13065869 (England and Wales)
Sun's Tide Ltd
Notes to the financial statements
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Sun's Tide Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Sun's Tide Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Investment property
2023
£
Fair value
At 1 January 2023
155,510
Revaluations
44,490
At 31 December 2023
200,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors as at the 31 December 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
191,002
-
0
Sun's Tide Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
-
Additions
191,002
At 31 December 2023
191,002
Carrying amount
At 31 December 2023
191,002
At 31 December 2022
-
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,201
-
0
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
846
261
Other creditors
220,404
214,257
221,250
214,518
6
Revaluation reserve
2023
2022
£
£
At the beginning of the year
-
0
-
0
Other movements
36,040
-
At the end of the year
36,040
-
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