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Registered number: 11818370
Sunnylives Support Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Goldwyns London LLP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 11818370
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 34,880 34,875
34,880 34,875
CURRENT ASSETS
Debtors 4 59,855 4,565
Cash at bank and in hand 22,421 33,054
82,276 37,619
Creditors: Amounts Falling Due Within One Year 5 (103,949 ) (36,354 )
NET CURRENT ASSETS (LIABILITIES) (21,673 ) 1,265
TOTAL ASSETS LESS CURRENT LIABILITIES 13,207 36,140
PROVISIONS FOR LIABILITIES
Deferred Taxation 6 (830 ) -
NET ASSETS 12,377 36,140
CAPITAL AND RESERVES
Called up share capital 7 100 100
Income Statement 12,277 36,040
SHAREHOLDERS' FUNDS 12,377 36,140
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Ms S Waterfield
Director
18/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
These financial statements for the year ended 29 February 2024 are the first financial statements of Sunnylives Support Limited prepared in accordance with FRS 102 (Section 1A), The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 (Section 1A) was 1 March 2023. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
1.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The Director has also pledged her financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold 0%
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 33% Straight Line
Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
1.5. 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 statement of financial position 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 profit and loss account, 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.
1.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.7. Financial Instruments
The company only enters into basic financial transactions that result in the recoginition of financial assets and liabilities like trade and other debtors,creditors, loans from banks and other parties, loans to related parties and investments in non- puttable ordinary shares.
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1.8. 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.
1.9. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 46 (2023: 41)
46 41
3. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 33,500 8,847 - 42,347
Additions - - 1,277 1,277
As at 29 February 2024 33,500 8,847 1,277 43,624
Depreciation
As at 1 March 2023 2,010 5,462 - 7,472
Provided during the period - 846 426 1,272
As at 29 February 2024 2,010 6,308 426 8,744
Net Book Value
As at 29 February 2024 31,490 2,539 851 34,880
As at 1 March 2023 31,490 3,385 - 34,875
4. Debtors
2024 2023
£ £
Due within one year
Other debtors 1,987 3,370
Shareholder's loan accounts 24,000 -
Net wages - 1,195
Director's loan account 33,868 -
59,855 4,565
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5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 50,925 27,831
Other taxes and social security 12,587 5,436
Net wages 34,866 -
Pensions payable 1,419 1,172
Accruals and deferred income 4,152 1,652
Director's loan account - 263
103,949 36,354
6. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Deferred Tax 830 -
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
The nominal value of each share is £1 and as at the year-end there are 60 Ordinary shares, 30 Ordinary A shares and 10 Ordinary B shares in issue.
8. Pension Commitments
The company operates a defined contribution pension scheme for staff. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £1,419 were due to the fund. They are included in creditors and shown seperatly.
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Ms Susan Waterfield (262 ) 96,784 (62,653 ) - 33,868
The above outstanding amount is to be repaid within nine months of the the year-end.
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 100,000 76,000
100,000 76,000
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11. Related Party Transactions
As at the year-end, the directors' loan account balance of Ms S Waterfield (a director and shareholder of the company) is £33,868. This amount is a current asset, of which interest is charged at a rate of 2.25% per annum on any overdrawn balance in the year that is above £10,000. This outstanding amount will be repaid to the company within nine months of the year-end.
As at the year-end, amounts owed to shareholders' totalled £24,000. This amount is a current asset, interest free and will be repaid within nine months of the year end.
12. General Information
Sunnylives Support Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11818370 . The registered office is C/O LAS Accountants LLP, No.1 Royal Exchange, London, EC3V 3DG.
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