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REGISTERED NUMBER: 06557759 (England and Wales)














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: A Aldous
P D Przedpelski





SECRETARY: A Aldous





REGISTERED OFFICE: 56 West Street
Shoreham-by-Sea
West Sussex
BN43 5WG





REGISTERED NUMBER: 06557759 (England and Wales)





ACCOUNTANTS: Flint Accounting Ltd.
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.






Flint Accounting Ltd.
Chartered Accountants
56 West Street
Shoreham-by-Sea
West Sussex
BN43 5WG


28 January 2025

SUGARHILL BRIGHTON LIMITED (REGISTERED NUMBER: 06557759)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,098 7,201
Investments 5 877,730 -
884,828 7,201

CURRENT ASSETS
Stocks 923,303 1,212,966
Debtors 6 344,286 636,321
Cash at bank and in hand 2,283,365 2,412,945
3,550,954 4,262,232
CREDITORS
Amounts falling due within one year 7 1,299,051 1,182,364
NET CURRENT ASSETS 2,251,903 3,079,868
TOTAL ASSETS LESS CURRENT LIABILITIES 3,136,731 3,087,069

PROVISIONS FOR LIABILITIES 16,038 1,800
NET ASSETS 3,120,693 3,085,269

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 8 41,541 -
Retained earnings 8 3,079,150 3,085,267
3,120,693 3,085,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 27 January 2025 and were signed on its behalf by:




P D Przedpelski - Director



A Aldous - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33.33% on cost

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 13 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 1,592 24,815 52,770 79,177
Additions - - 4,994 4,994
At 30 April 2024 1,592 24,815 57,764 84,171
DEPRECIATION
At 1 May 2023 1,281 22,717 47,978 71,976
Charge for year 78 525 4,494 5,097
At 30 April 2024 1,359 23,242 52,472 77,073
NET BOOK VALUE
At 30 April 2024 233 1,573 5,292 7,098
At 30 April 2023 311 2,098 4,792 7,201

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
Additions 978,764
Disposals (101,034 )
At 30 April 2024 877,730
NET BOOK VALUE
At 30 April 2024 877,730

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 304,765 368,031
Other debtors 39,521 268,290
344,286 636,321

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 489,533 631,446
Taxation and social security 446,160 309,932
Other creditors 363,358 240,986
1,299,051 1,182,364

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 - 3,085,267
Profit for the year 885,424 885,424
Dividends (850,000 ) (850,000 )
Revaluation (41,541 ) 41,541 -
At 30 April 2024 3,079,150 41,541 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.