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REGISTERED NUMBER: 07294151 (England and Wales)

















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Sun Bright Property Limited

Sun Bright Property Limited (Registered number: 07294151)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Sun Bright Property Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs Ai Lin Sun
Mr Wei Zhou





REGISTERED OFFICE: 50 Liverpool Street
Salford
Manchester
M5 4LT





REGISTERED NUMBER: 07294151 (England and Wales)





ACCOUNTANTS: Sterling Partners Limited
Chartered Accountants
Chartered Tax Advisors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR

Sun Bright Property Limited (Registered number: 07294151)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 45,237 36,277
Investment property 5 5,294,296 5,178,629
5,339,533 5,214,906

CURRENT ASSETS
Debtors 6 2,775,585 2,585,241
Cash at bank and in hand 2,262 6,223
2,777,847 2,591,464
CREDITORS
Amounts falling due within one year 7 (258,075 ) (153,735 )
NET CURRENT ASSETS 2,519,772 2,437,729
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,859,305

7,652,635

CREDITORS
Amounts falling due after more than one
year

8

(2,775,086

)

(2,742,241

)

PROVISIONS FOR LIABILITIES (55,561 ) (6,893 )
NET ASSETS 5,028,658 4,903,501

CAPITAL AND RESERVES
Called up share capital 3,570,100 3,570,100
Revaluation reserve 10 243,941 208,245
Retained earnings 1,214,617 1,125,156
SHAREHOLDERS' FUNDS 5,028,658 4,903,501

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sun Bright Property Limited (Registered number: 07294151)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:





Mrs Ai Lin Sun - Director


Sun Bright Property Limited (Registered number: 07294151)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Sun Bright Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover in respect of property sales is recognised where a legally binding contract of sales is in place.

Turnover in respect of rental income represents net invoiced rent , excluding value added tax, with income matched to the period to which the agreement relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Sun Bright Property Limited (Registered number: 07294151)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 29,384 82,864 112,248
Additions - 24,040 24,040
At 31 March 2024 29,384 106,904 136,288
DEPRECIATION
At 1 April 2023 15,409 60,562 75,971
Charge for year 3,494 11,586 15,080
At 31 March 2024 18,903 72,148 91,051
NET BOOK VALUE
At 31 March 2024 10,481 34,756 45,237
At 31 March 2023 13,975 22,302 36,277

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 5,178,629
Additions 22,750
Revaluations 92,917
At 31 March 2024 5,294,296
NET BOOK VALUE
At 31 March 2024 5,294,296
At 31 March 2023 5,178,629

Investment property was valued on an open market basis on 31st March 2024 by the director, Mr W G Zhou.

Sun Bright Property Limited (Registered number: 07294151)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,700 -
Payment on Account 1,325 -
Amounts owed by group undertakings 2,760,020 2,580,004
VAT 8,976 3,638
Prepayments 1,564 1,599
2,775,585 2,585,241

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,756 -
Trade creditors 76,758 19,070
Social security and other taxes 2,638 2,073
Pension liability 697 535
Other creditors 1,688 2,977
Rent deposit 42,011 4,795
Tenant payments on account 55,297 26,058
Directors' current accounts 66,600 94,408
Accrued expenses 3,630 3,819
258,075 153,735

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 21,652 31,583
Other loans - 2-5 years 2,753,434 2,710,658
2,775,086 2,742,241

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 2,775,086 2,742,241

The loans are secured against the assets of the company.

10. RESERVES
Revaluation
reserve
£   
At 1 April 2023 208,245
Revaluation of investments 35,696

At 31 March 2024 243,941

Sun Bright Property Limited (Registered number: 07294151)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mrs Ai Lin Sun
Balance outstanding at start of year 94,408 100,054
Amounts advanced 36,560 -
Amounts repaid (64,368 ) (5,646 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 66,600 94,408

12. RELATED PARTY DISCLOSURES

Sloegrin Limited

A company in which Mrs A L Sun is also a director


2024 2023
£    £   
Amount due from related party at the balance sheet date 2,404,315 2,263,142

Shuntech Medical Group Limited

A company in which Mrs A L Sun is also a director


2024 2023
£    £   
Amount due from related party at the balance sheet date 354,991 316,862

Sloegrin Holdings Limited

A company in which Mr W Zhou and Mrs A L Sun are also directors


2024 2023
£    £   
Amount due from related party at the balance sheet date 450 -

Sunshine Currency Ltd

A company in which Mrs A L Sun is also a director


2024 2023
£    £   
Amount due from related party at the balance sheet date 264 -

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Sun Bright Property Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sun Bright Property Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Sun Bright Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sun Bright Property Limited and state those matters that we have agreed to state to the Board of Directors of Sun Bright Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sun Bright Property Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sun Bright Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sun Bright Property Limited. You consider that Sun Bright Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sun Bright Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sterling Partners Limited
Chartered Accountants
Chartered Tax Advisors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR


Date: .............................................