Company registration number 6295120 (England and Wales)
SUNDANCE INVESTMENTS LIMITED
(FORMERLY CONSORTIA DEVELOPMENTS LIMITED)
Unaudited financial statements
For the year ended 31 March 2024
Pages for filing with registrar
SUNDANCE INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
SUNDANCE INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
4
97,615
97,615
Current assets
Trade and other receivables
5
3,419
Cash and cash equivalents
8,793
17,876
12,212
17,876
Current liabilities
6
(820,637)
(805,263)
Net current liabilities
(808,425)
(787,387)
Net liabilities
(710,810)
(689,772)
Equity
Called up share capital
7
2
2
Retained earnings
(710,812)
(689,774)
Total equity
(710,810)
(689,772)
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 19 December 2024
C M Edwards
Director
Company registration number 6295120 (England and Wales)
SUNDANCE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024
- 2 -
1
Accounting policies
Company information
Sundance Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is dependent on the financial support provided by the company shareholder who is also the sole director of the company. The director has confirmed this financial support will continue to be provided for the foreseeable future. The director has a reasonable expectation the company has adequate resources to continue in operational existence for the foreseeable future and accordingly the company will continue to adopt the going concern basis of accounting in preparing the financial statements
1.3
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
SUNDANCE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
3,740
3,740
Loans
93,875
93,875
97,615
97,615
SUNDANCE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
4
Fixed asset investments
(Continued)
- 4 -
Movements in non-current investments
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 April 2023
3,740
93,875
97,615
At 31 March 2024
3,740
93,875
97,615
Carrying amount
At 31 March 2024
3,740
93,875
97,615
At 31 March 2023
3,740
93,875
97,615
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
3,419
6
Current liabilities
2024
2023
£
£
Trade payables
6,745
4,380
Taxation and social security
(1,838)
Other payables
813,892
802,721
820,637
805,263
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
8
Related party transactions
During the year the director provided a working capital loan to the company. At the year end a balance of £739,103 (2023: £797,169) was due to the director. These balances are included as other payables in current liabilities and are interest free and payable on demand.