REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 28 August 2023 to 30 June 2024 |
for |
SUGAR BIRD INVESTMENTS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 28 August 2023 to 30 June 2024 |
for |
SUGAR BIRD INVESTMENTS LIMITED |
SUGAR BIRD INVESTMENTS LIMITED (REGISTERED NUMBER: 15098785) |
Contents of the Financial Statements |
FOR THE PERIOD 28 AUGUST 2023 TO 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SUGAR BIRD INVESTMENTS LIMITED |
Company Information |
FOR THE PERIOD 28 AUGUST 2023 TO 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3rd Floor |
St George’s House |
56 Peter Street |
Manchester |
M2 3NQ |
SUGAR BIRD INVESTMENTS LIMITED (REGISTERED NUMBER: 15098785) |
Balance Sheet |
30 JUNE 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
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. |
SUGAR BIRD INVESTMENTS LIMITED (REGISTERED NUMBER: 15098785) |
Balance Sheet - continued |
30 JUNE 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUGAR BIRD INVESTMENTS LIMITED (REGISTERED NUMBER: 15098785) |
Notes to the Financial Statements |
FOR THE PERIOD 28 AUGUST 2023 TO 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Sugar Bird Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Rental income from investment property is recognised in the profit or loss on a straight line basis over the lease term. Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which they are earned. Rent reviews are recognised when such reviews have been agreed with tenants. Surrender premiums receivable are recognised on completion of the surrender. |
Where a rent free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. |
Lease incentives and costs associated with entering into tenant leases are amortised over the period from the date of lease commencement to the earlier of the first break option or the lease termination date. Property operating expenses are expensed as incurred and any property operating expenditure not recovered from tenants through service charges is charged to profit or loss. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Furniture and fittings - Straight-line 20% on cost |
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. |
Taxation |
Taxation for the period 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. |
SUGAR BIRD INVESTMENTS LIMITED (REGISTERED NUMBER: 15098785) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 28 AUGUST 2023 TO 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Reporting date |
The company's reporting date was shortened to 30 June 2024. The financial statements represent a period of 10 months and therefore future periods may not be entirely comparable |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Furniture |
& Fittings |
£ |
COST |
Additions |
At 30 June 2024 |
DEPRECIATION |
Charge for period |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
SUGAR BIRD INVESTMENTS LIMITED (REGISTERED NUMBER: 15098785) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 28 AUGUST 2023 TO 30 JUNE 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
During the year additions were acquired at a cost £879,187. The directors consider that the cost is equivalent to its fair value as at 30 June 2024. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors | 100 |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Directors' loan accounts | 883,118 |
Accruals and deferred income |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year, the company operated loan accounts with its directors, Mr G K Hobbs and Mrs Z Minchukova. As at 30 June 2024, the Company owed £733,188 and £150,000 to Mr G K Hobbs and Mrs Z Minchukova respectively. The loan is interest free and has no set repayment terms. |