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Company No: 07540309 (England and Wales)

SUNBIRTH INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

SUNBIRTH INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

SUNBIRTH INVESTMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
SUNBIRTH INVESTMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTORS Mr S M West
Mr I J West
REGISTERED OFFICE Court Lodge Valley Road
Fawkham
Longfield
DA3 8NA
United Kingdom
COMPANY NUMBER 07540309 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
SUNBIRTH INVESTMENTS LIMITED

BALANCE SHEET

As at 29 February 2024
SUNBIRTH INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 792 3,804
Investment property 4 3,930,000 3,930,000
3,930,792 3,933,804
Current assets
Debtors 5 220,548 667,080
Cash at bank and in hand 540,455 186,584
761,003 853,664
Creditors: amounts falling due within one year 6 ( 22,104) ( 53,804)
Net current assets 738,899 799,860
Total assets less current liabilities 4,669,691 4,733,664
Creditors: amounts falling due after more than one year 7 ( 2,626,281) ( 2,662,687)
Provision for liabilities ( 536,076) ( 536,076)
Net assets 1,507,334 1,534,901
Capital and reserves
Called-up share capital 100 100
Profit and loss account 9 1,507,234 1,534,801
Total shareholders' funds 1,507,334 1,534,901

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sunbirth Investments Limited (registered number: 07540309) were approved and authorised for issue by the Board of Directors on 03 February 2025. They were signed on its behalf by:

Mr S M West
Director
SUNBIRTH INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
SUNBIRTH INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sunbirth Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Court Lodge Valley Road, Fawkham, Longfield, DA3 8NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for services related to property investment.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

Fixtures and fittings 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 March 2023 18,645 18,645
At 29 February 2024 18,645 18,645
Accumulated depreciation
At 01 March 2023 14,841 14,841
Charge for the financial year 3,012 3,012
At 29 February 2024 17,853 17,853
Net book value
At 29 February 2024 792 792
At 28 February 2023 3,804 3,804

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 3,930,000
As at 29 February 2024 3,930,000

The investment properties were professionally valued on 3 October 2022 at £3,930,000. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The evidence of the current property prices indicate the market value has not significantly changed and as such, the directors consider this valuation to be appropriate as at 29 February 2024.

5. Debtors

2024 2023
£ £
Trade debtors 65,400 2,060
Amounts owed by directors 36,029 40,000
Prepayments 4,748 4,702
VAT recoverable 11,843 75,812
Corporation tax 2,367 0
Other debtors 100,161 544,506
220,548 667,080

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,359 6,182
Trade creditors 4,391 9,104
Accruals 3,600 3,600
Taxation and social security 1,927 19,409
Other creditors 5,827 15,509
22,104 53,804

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 37,770 44,176
Other loans 2,588,511 2,618,511
2,626,281 2,662,687

In 2020, the company received a loan of £50,000 that is for a period of 6 years from 5th of June 2020. The loan is part of the government backed Coronavirus Bounce Back Loan Scheme (BBLS) and bares interest of 2.49% per annum over Base Rate. The scheme provides a full financial guarantee to the lender, Royal Bank of Scotland. As such there is no fixed charge over the company's assets. Interest payable for the first 12 months is paid by the Secretary of State for Business, Energy & Industrial Strategy via a business interruption payment. In 2021, the bank has amended the agreement where only interest is payable for 6 months. The amount of £37,770 is the present value of the loan as at the year end date discounted at 2.5% using the effective interest rate method as required by FRS 102 Financial Instruments.

8. Related party transactions

**Transactions with related parties**

During the year the Company entered into the following transactions with related parties.

**Other Information**

At the Balance sheet date, the Company was owed £nil ( 2023: £140,000) by Art of Living (Hamble) Limited a company controlled by the directors.

At the Balance sheet date, the Company was owed £92,750 ( 2023: £Nil) by Sunbirth Otford Limited a company controlled by the directors.

At the Balance sheet date, the Company was owed £nil ( 2023: £112,000) by Sunbirth (Turnstone) Limited a company controlled by the directors.

9. Profit and loss reserves

Included within the profit and loss reserves is an amount of £1,457,143 (2023: £1,457,143) in relation to unrealised revaluation gains on investment properties, net of deferred tax. The amount is not available for distribution until the investment properties are disposed of.

10. Director's transactions

At the year end date, the company was owed net £36,029 (2023 : £40,000) by the directors of the company.