Company registration number 05450717 (England and Wales)
SUNHURST PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SUNHURST PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SUNHURST PROPERTIES LIMITED
BALANCE SHEET
AS AT
23 APRIL 2024
23 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
731
1,818
Investment properties
4
505,000
475,000
505,731
476,818
Current assets
Debtors
5
6,652
4,208
Cash at bank and in hand
970
2,917
7,622
7,125
Creditors: amounts falling due within one year
6
(407,336)
(360,641)
Net current liabilities
(399,714)
(353,516)
Total assets less current liabilities
106,017
123,302
Creditors: amounts falling due after more than one year
7
(253,573)
(294,387)
Net liabilities
(147,556)
(171,085)
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
65,376
35,376
Profit and loss reserves
(212,933)
(206,462)
Total equity
(147,556)
(171,085)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 23 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SUNHURST PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
23 APRIL 2024
23 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 January 2025
Mrs S M Ryan
Director
Company Registration No. 05450717
SUNHURST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 APRIL 2024
- 3 -
1
Accounting policies
Company information
Sunhurst Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
1.1
Accounting convention
These financial statements have been 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the support of its director to continue trading. The financial statements have been prepared on a going concern basis on the assumption that this support will continue for the foreseeable future.true
1.3
Turnover
Turnover represents amounts receivable for the rental of investment properties.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets include investment properties valued by the director on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
33% on straight line basis
1.5
Investment properties
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Cash at bank and in hand
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.
SUNHURST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 23 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.
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. 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 24 April 2023 and 23 April 2024
13,651
Depreciation and impairment
At 24 April 2023
11,833
Depreciation charged in the year
1,087
At 23 April 2024
12,920
Carrying amount
At 23 April 2024
731
At 23 April 2023
1,818
SUNHURST PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 23 APRIL 2024
- 5 -
4
Investment property
2024
£
Fair value
At 24 April 2023
475,000
Revaluations
30,000
At 23 April 2024
505,000
Investment properties have been valued by the director at fair value. The historical cost of the properties is £448,816 (2023 - £448,816).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
400
Other debtors
6,252
4,208
6,652
4,208
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
407,336
360,641
Other creditors include £402,377 (2023 : £354,135) in respect of a loan from the director.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
253,573
294,387
The bank borrowings are secured by fixed and floating charges over the assets of the company. The director has also given personal guarantees in respect of the borrowings of the company.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1