REGISTERED NUMBER: |
SUGARHILL BRIGHTON LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
SUGARHILL BRIGHTON LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
SUGARHILL BRIGHTON LIMITED (REGISTERED NUMBER: 06557759) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
SUGARHILL BRIGHTON LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
56 West Street |
Shoreham-by-Sea |
West Sussex |
BN43 5WG |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SUGARHILL BRIGHTON 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 Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sugarhill Brighton Limited for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Sugarhill Brighton Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sugarhill Brighton Limited and state those matters that we have agreed to state to the Board of Directors of Sugarhill Brighton Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sugarhill Brighton Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Sugarhill Brighton Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sugarhill Brighton Limited. You consider that Sugarhill Brighton Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Sugarhill Brighton Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
56 West Street |
Shoreham-by-Sea |
West Sussex |
BN43 5WG |
SUGARHILL BRIGHTON LIMITED (REGISTERED NUMBER: 06557759) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings | 8 |
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. |
SUGARHILL BRIGHTON LIMITED (REGISTERED NUMBER: 06557759) |
BALANCE SHEET - continued |
30 APRIL 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 |
SUGARHILL BRIGHTON LIMITED (REGISTERED NUMBER: 06557759) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Sugarhill Brighton Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. |
Revenue from the sale of goods is recognised when all the following conditions are satisfied: |
- The Company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- The amount of revenue can be measured reliably; |
- It is probable that the economic benefits associated with the transaction will flow to the Company; and |
- The costs incurred or to be incurred in respect of the transaction can be measured reliably |
Specifically, revenue from the sale of goods is recognised when they physically leave the premises to be delivered to the customer. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
At each balance sheet date the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
SUGARHILL BRIGHTON LIMITED (REGISTERED NUMBER: 06557759) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is computed on an invoiced basis. Net realisable value is based on selling price less the estimated cost of sale. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expenses in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Taxation |
Taxation represents the sum of the tax currently payable and deferred tax. |
The company's liability to tax is calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period to which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or substantively enacted by the end of the reporting period. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Invoice factoring |
The company is party to contracts with invoice factoring companies. The trade debtors remain as such under current assets and the financial position with the factoring companies is shown under other creditors (or other debtors) due within one year. Charges levied by the invoice factoring companies are charged to profit and loss in the period to which they relate. |
Website costs |
Website development costs are capitalised as tangible fixed assets within computer costs. |
SUGARHILL BRIGHTON LIMITED (REGISTERED NUMBER: 06557759) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Cryptocurrency assets |
Cryptocurrency assets are recorded as intangible assets and can be measured at either cost or revaluation. The company has elected to measure them at revaluation as there is now an active market across many digital exchanges. Therefore, these are recognised at fair value. The assets are held for investment purposes and therefore cannot be recognised as stock as they are not being held for sale in the ordinary course of business. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
SUGARHILL BRIGHTON LIMITED (REGISTERED NUMBER: 06557759) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 30 April 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2024 | 877,730 |
If cryptocurrency had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 822,342 | - |
The cryptocurrency was valued at 30 April 2024 by the directors at fair value. |
The value is not based on a valuation by an independent valuer who holds a relevant professional qualification, but has been valued by looking at the historical prices on Koinly and Yahoo Finance. |
A provision has been made for the additional taxation which would accrue if the cryptocurrency was disposed of at their revalued amounts. The estimated charge that would arise if all the cryptocurrency was sold would amount to £13,847. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
SUGARHILL BRIGHTON LIMITED (REGISTERED NUMBER: 06557759) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 3,085,267 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation | ( |
) |
At 30 April 2024 | 3,120,691 |
Fair value reserves represent the unrealised gain net of deferred taxation on the cryptocurrency. |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year an interest free advance of £821 was made to one of the directors of the company and this was fully repaid by the year end. |
10. | RELATED PARTY DISCLOSURES |
Included in other creditors is an amount of £75,952 (2023: £17,536) owed to the directors of the company. The loans are interest free and repayable on demand. |