REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 NOVEMBER 2023 |
FOR |
SUNSHINE DEVELOPMENTS SCOTLAND LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment properties | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve |
Retained earnings |
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 were approved by the director and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 30 November 2022 |
and 29 November 2023 |
NET BOOK VALUE |
At 29 November 2023 |
At 29 November 2022 |
5. | INVESTMENT PROPERTIES |
Total |
£ |
FAIR VALUE |
At 30 November 2022 |
Additions |
At 29 November 2023 |
NET BOOK VALUE |
At 29 November 2023 |
At 29 November 2022 |
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 |
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 |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
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 |
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 |
Balance at 29 November 2023 |
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. |