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Registered number: 05942992
Sure Options Limited
Financial Statements
For The Year Ended 31 March 2024
Alexander Myerson & Co Limited
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: 05942992
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 73,108 77,815
73,108 77,815
CURRENT ASSETS
Debtors 5 22,932 33,678
Cash at bank and in hand 91,239 92,702
114,171 126,380
Creditors: Amounts Falling Due Within One Year 6 (136,759 ) (130,337 )
NET CURRENT ASSETS (LIABILITIES) (22,588 ) (3,957 )
TOTAL ASSETS LESS CURRENT LIABILITIES 50,520 73,858
Creditors: Amounts Falling Due After More Than One Year 7 (16,018 ) (24,998 )
NET ASSETS 34,502 48,860
Income and Expenditure Account 34,502 48,860
MEMBERS' FUNDS 34,502 48,860
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 and Expenditure Account.
On behalf of the board
Miss N Williams
Director
4 December 2024
The notes on pages 2 to 5 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Sure Options Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 05942992 . The registered office is Life Bank, 23 Quorn Street, Liverpool, L7 2QR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of  section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Sure Options Limited is a wholly owned trading subsidiary of parks Options Limited ant the results of Sure Options Limited are included in the consolidated financial statements of Parks Options Limited which are available from its registered office, Life Bank, 23 Quorn Street, Liverpool, L7 2QR.
2.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources, despite the net current liabilities of £22,588, to continue in operational existence for the foreseeable future and has the continued support of the parent charity. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Over 12 - 24 months
Fixtures & Fittings 15% Reducing balance
Computer Equipment 25% Straight Line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the revoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.5. Cash and Cash Equivalents
Cash and cash equivalents 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.
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the comapny after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using, the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.7. Taxation
The tax expense represents the sum of the tax currently payable.
2.8. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.9. Pensions
Payments to defined contribution retirement benefit scheme are charged as an expense as they fall due.
2.10. Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. 
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Nursery Team 21 27
Sports Centre Team 1 1
22 28
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 28,020 99,862 127,882
Additions - 8,200 8,200
As at 31 March 2024 28,020 108,062 136,082
Depreciation
As at 1 April 2023 28,020 22,047 50,067
Provided during the period - 12,907 12,907
As at 31 March 2024 28,020 34,954 62,974
Net Book Value
As at 31 March 2024 - 73,108 73,108
As at 1 April 2023 - 77,815 77,815
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,353 8,728
Other debtors 16,579 24,950
22,932 33,678
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 16,977 20,941
Bank loans and overdrafts 10,648 10,648
Amounts owed to group undertakings 97,993 69,046
Other creditors 6,698 24,586
Taxation and social security 4,443 5,116
136,759 130,337
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,018 24,998
8. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 10,648 10,648
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 16,018 24,998
9. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
10. Exceptional Items
2024
2023
£
£
Intercompany debt forgiven
-
(76,400)
image
image
-
image
(76,400)
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11. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
12. Parent company
The ultimate parent comapny is Parks Options Limited, a company limited by guarantee registered in England and Wales (company number : 03828083, charity number : 1078076).
Parks Options Limited prepares group financial statements and copies can be obtained from its registered office, Life Bank, 23 Quorn Street, Liverpool, L7 2QR.
13. Audit Information
The auditors report on the account of Sure Options Limited for the year ended 31 March 2024 was unqualified
The auditor's report was signed by Paul Burns BSc BFP FCA (Senior Statutory Auditor) for and on behalf of Alexander Myerson & Co Limited , Statutory Auditor
Alexander Myerson & Co Limited
61 Rodney Street
Liverpool
L1 9ER
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