REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SUN 99 LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SUN 99 LIMITED |
SUN 99 LIMITED (REGISTERED NUMBER: 01914818) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Report of the Accountants | 8 |
SUN 99 LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
'Danesbury House' |
49 Cardiff Road |
Luton |
Bedfordshire |
LU1 1PP |
SUN 99 LIMITED (REGISTERED NUMBER: 01914818) |
ABRIDGED BALANCE SHEET |
31 March 2024 |
2023 | 2024 |
£ | Notes | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
( |
) | Amounts falling due within one year | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
8 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
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. |
SUN 99 LIMITED (REGISTERED NUMBER: 01914818) |
ABRIDGED BALANCE SHEET - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUN 99 LIMITED (REGISTERED NUMBER: 01914818) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
SUN 99 LIMITED is a private company, limited by shares, registered in England and Wales. The company's registered number is 01914818 and its registered address is 365 Euston Road, London, NW1 3AR. |
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 Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
The company is thoughtful to the challenges that continue to prevail following the pandemic and will remain resilient and innovative in their approach to ensure the long term success of the business. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 '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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible fixed asset being the 'Storm' trademark is amortized at cost less its residual value, over the useful life of 20 years. The trademark brands the activities of the company and its group, forging its future and further its growth. Its fair value can be measured with sufficient reliability. If there is an indication that there ia a significant change in its residual value its fair value is revised prospectively to reflect the new expectations. |
Tangible fixed assets |
Freehold property | - |
Furniture, fixtures & fittings | - |
Motor vehicles | - |
At each reporting date fixed assets are reviewed to determine whether there is an indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared width its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognized immediately in profit and loss. |
Investments in subsidiaries |
These are stated at fair value and any impairment loss is recognized immediately in profit and loss. |
Investment properties |
Investment properties are carried at fair values. Revaluation surpluses are recognized in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
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 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. |
SUN 99 LIMITED (REGISTERED NUMBER: 01914818) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 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 year 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Revaluations |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
SUN 99 LIMITED (REGISTERED NUMBER: 01914818) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Totals |
£ |
Valuation in 2024 | 2,200,000 |
Cost | 3,529,262 |
5,729,262 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 5,900 |
NET BOOK VALUE |
At 31 March 2024 | 5,900 |
At 31 March 2023 | 5,900 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2020 | 1,514,185 |
Cost | 5,948,294 |
7,462,479 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
SUN 99 LIMITED (REGISTERED NUMBER: 01914818) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The Bank loans are secured by a fixed and floating charge over the assets and undertaking of the group both present and future and unlimited Cross Company Guarantee to secure the liabilities of the group with a first legal mortgage over the freehold property of SUN 99 Limited known as 365 Euston Road. |
10. | CALLED UP SHARE CAPITAL |
The called up share capital comprises 16 preference shares issued at a nominal value of £272,188 each. |
The preference shares were issued following an agreement with the holder of the loan debt of £4.355m to convert the whole of the debt into preference shares in the company. These preference shares carry no voting rights and with a right to dividend, the amount to be decided and declared by the company. The terms of the conversion and rights and duties attaching to these preference shares are set out in an Investment Agreement dated 23 November 2020. |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
Investment properties | 1,782,000 |
At 31 March 2024 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
£70,000 have been declared and paid on the shares held by Mr Y L Sun. Ms A Lee has waived her rights to the dividends. |
A preference dividend of £10,182 has been declared and paid on the preference shares in issue. |
. |
SUN 99 LIMITED |
REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF |
SUN 99 LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages three to ten and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
'Danesbury House' |
49 Cardiff Road |
Luton |
Bedfordshire |
LU1 1PP |