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Registration number: 11335526

Sullivan's (SW) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Sullivan's (SW) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Sullivan's (SW) Limited

Company Information

Director

Mr Phillip Patrick O'Neill

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co.
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Sullivan's (SW) Limited

(Registration number: 11335526)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

7,000

7,000

Cash at bank and in hand

 

-

570

 

7,000

7,570

Creditors: Amounts falling due within one year

5

(322,495)

(322,325)

Net liabilities

 

(315,495)

(314,755)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(315,595)

(314,855)

Shareholders' deficit

 

(315,495)

(314,755)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 January 2025
 

.........................................
Mr Phillip Patrick O'Neill
Director

 

Sullivan's (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

The principal place of business is:
St Francis
Green Lane
Marazion
Cornwall
TR17 0HQ

These financial statements were authorised for issue by the director on 13 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company ceased to trade during the previous year, but the Director and companies under common control will continue to provide financial support for the company and hence the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Sullivan's (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Debtors

Current

2024
£

2023
£

Other debtors

7,000

7,000

 

Sullivan's (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

321,995

243,142

Taxation and social security

 

-

45,166

Accruals and deferred income

 

500

200

Director's loan account

 

-

33,817

 

322,495

322,325

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

321,995

243,142

8

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr Phillip Patrick O'Neill

Interest-free loan from Director, repayable on demand

33,817

(34,401)

584

-

         

 

Sullivan's (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr Phillip Patrick O'Neill

Interest-free loan from Director, repayable on demand

24,769

9,048

33,817

       
     

 

Sullivan's (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

Summary of transactions with entities with joint control or significant interest

Cottage Developments (South West) Limited
(A company under common control.)

 Loan to related party.
 

Summary of transactions with other related parties

Cottage Developments (SW) Limited
(A company under common control.)
Loan from related party.

 

Loans (to)/from related parties

2024

Cottage Developments (South West) Limited
£

Cottage Developments (SW) Limited
£

Total
£

At 1 May 2023

(7,000)

243,142

236,142

Advanced

-

79,437

79,437

Repaid

-

(584)

(584)

At 30 April 2024

(7,000)

321,995

314,995

2023

Cottage Developments (South West) Limited
£

Cottage Developments (SW) Limited
£

Total
£

At 1 May 2022

(7,000)

510,867

503,867

Advanced

-

3,750

3,750

Repaid

-

(271,475)

(271,475)

At 30 April 2023

(7,000)

243,142

236,142