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REGISTERED NUMBER: SC472785 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 NOVEMBER 2023

FOR

SUNSHINE DEVELOPMENTS SCOTLAND LTD

SUNSHINE DEVELOPMENTS SCOTLAND LTD (REGISTERED NUMBER: SC472785)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SUNSHINE DEVELOPMENTS SCOTLAND LTD

COMPANY INFORMATION
for the year ended 29 November 2023







DIRECTOR: J J Chen





REGISTERED OFFICE: Unit 9 Hayfield Place
Hayfield Industrial Estate
Kirkcaldy
Fife
KY2 5DH





REGISTERED NUMBER: SC472785 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

SUNSHINE DEVELOPMENTS SCOTLAND LTD (REGISTERED NUMBER: SC472785)

STATEMENT OF FINANCIAL POSITION
29 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 165 165
Investment properties 5 1,483,105 1,402,450
1,483,270 1,402,615

CURRENT ASSETS
Debtors 6 203,233 102,450
Cash at bank 7,122 242,382
210,355 344,832
CREDITORS
Amounts falling due within one year 7 225,815 341,000
NET CURRENT (LIABILITIES)/ASSETS (15,460 ) 3,832
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,467,810

1,406,447

CREDITORS
Amounts falling due after more than one
year

8

(914,549

)

(884,913

)

PROVISIONS FOR LIABILITIES 10 (66,986 ) (66,986 )
NET ASSETS 486,275 454,548

CAPITAL AND RESERVES
Called up share capital 2 2
Non distributable reserve 170,589 170,589
Retained earnings 315,684 283,957
486,275 454,548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

SUNSHINE DEVELOPMENTS SCOTLAND LTD (REGISTERED NUMBER: SC472785)

STATEMENT OF FINANCIAL POSITION - continued
29 November 2023


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 director and authorised for issue on 15 November 2024 and were signed by:





J J Chen - Director


SUNSHINE DEVELOPMENTS SCOTLAND LTD (REGISTERED NUMBER: SC472785)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 November 2023

1. STATUTORY INFORMATION

Sunshine Developments Scotland Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Sunshine developments Scotland Limited as an individual company only. Group accounts have not been prepared as exemption has been taken as a small group.

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

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract

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 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.

SUNSHINE DEVELOPMENTS SCOTLAND LTD (REGISTERED NUMBER: SC472785)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 November 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 30 November 2022
and 29 November 2023 165
NET BOOK VALUE
At 29 November 2023 165
At 29 November 2022 165

5. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 30 November 2022 1,402,450
Additions 80,655
At 29 November 2023 1,483,105
NET BOOK VALUE
At 29 November 2023 1,483,105
At 29 November 2022 1,402,450

The investment properties have been valued at 31 March 2022 by an independent valuer at open market value. The property assets have been pledged as security on all sums due.

Fair value at 29 November 2023 is represented by:
£   
Valuation in 2017 4,822
Valuation in 2021 375,128
Valuation in 2022 (142,375 )
Cost 1,245,530
1,483,105

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 203,233 102,450

SUNSHINE DEVELOPMENTS SCOTLAND LTD (REGISTERED NUMBER: SC472785)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 November 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 77,804 71,311
Trade creditors 600 3,317
Taxation and social security 7,567 7,385
Other creditors 139,844 258,987
225,815 341,000

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 914,549 884,913

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after more than five years
and repayable by instalments

531,249

530,472

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 992,353 956,224

Standard securities and floating charges are held over the properties and undertakings of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 66,986 66,986

Deferred
tax
£   
Balance at 30 November 2022 66,986
Balance at 29 November 2023 66,986

SUNSHINE DEVELOPMENTS SCOTLAND LTD (REGISTERED NUMBER: SC472785)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 November 2023

11. RELATED PARTY DISCLOSURES

Included within 'Other creditors' is an amount due to the director of £52,070 (2022 - £169,950). The loan is interest free and there are no fixed terms or repayment.

The company has taken advantage of exemption, under the terms of section 35AC of the Financial Reporting Standard 102 1a 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.