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Registration number: 03117103

Sunrisestar Limited

Financial Statements

for the Year Ended 31 October 2024

 

Sunrisestar Limited

(Registration number: 03117103)

Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

13,937,466

13,998,037

Current assets

 

Debtors

4

1,241,394

1,409,753

Investments

5

99,018

137,258

Cash at bank and in hand

 

418,922

1,435,937

 

1,759,334

2,982,948

Creditors: Amounts falling due within one year

6

(1,103,429)

(2,481,453)

Net current assets

 

655,905

501,495

Total assets less current liabilities

 

14,593,371

14,499,532

Creditors: Amounts falling due after more than one year

6

(4,805,028)

(4,824,025)

Provisions for liabilities

(1,782,000)

(1,782,000)

Net assets

 

8,006,343

7,893,507

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

7,837,775

7,837,775

Retained earnings

168,567

55,731

Shareholders' funds

 

8,006,343

7,893,507

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Statement of Comprehensive Income has been taken.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 March 2025 was Sam Butler, who signed for and on behalf of Hawsons Chartered Accountants.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 3 March 2025 and signed on its behalf by:
 

.........................................

M Dernie

Director

 

Sunrisestar Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

1

Accounting policies

Statutory information

Sunrisestar Limited is a private company, limited by shares, domiciled in England and Wales, company number 03117103. The registered office is at 10 Portland Lane, Sheffield, S1 4DG.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no material departures from that standard.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. These adequate resources include a strong cash reserve which totalled £418,922 at the balance sheet date. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is recognised inline with the period of rentals as defined by the rental agreements.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Sunrisestar Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

1

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, less any estimated residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment properties

not depreciated

Fixtures, fittings and equipment

10% straight line per annum

Motor vehicles

25% straight line per annum

Office equipment

33% straight line per annum

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

 

Sunrisestar Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

1

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Sunrisestar Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

3

Tangible assets

Investment properties
£

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 November 2023

13,826,930

1,016,012

325,471

7,114

15,175,527

Additions

7,763

1,825

-

-

9,588

At 31 October 2024

13,834,693

1,017,837

325,471

7,114

15,185,115

Depreciation

At 1 November 2023

-

1,007,227

163,149

7,114

1,177,490

Charge for the year

-

7,816

62,343

-

70,159

At 31 October 2024

-

1,015,043

225,492

7,114

1,247,649

Carrying amount

At 31 October 2024

13,834,693

2,794

99,979

-

13,937,466

At 31 October 2023

13,826,930

8,785

162,322

-

13,998,037

Revaluation

The fair value of the company's Investment properties was revalued by the company's directors as at 31 October 2024. The basis of this valuation was existing use basis. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £4,235,140 (2023 - £4,227,377).

4

Debtors

2024
£

2023
£

Prepayments

11,229

13,866

Other debtors

1,230,165

1,395,887

 

1,241,394

1,409,753

5

Current asset investments

2024
£

2023
£

Financial assets at fair value through profit and loss

99,018

137,258

The historical cost of the current financial assets is £836,409 (2023 - £883,015).

 

Sunrisestar Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

Trade credtors

4,604

1,633

Taxation and social security

61,729

15,917

Accruals and deferred income

676,858

580,430

Other creditors

278,137

285,470

Bank borrowings

50,000

1,508,579

HP and finance lease liabilities

32,101

89,424

1,103,429

2,481,453

2024
£

2023
£

Due after one year

Bank borrowings

4,736,004

4,775,936

HP and finance lease liabilities

69,024

48,089

4,805,028

4,824,025

2024
£

2023
£

Due after more than five years

After more than five years by instalments

4,698,503

669,904

-

-

Of the bank borrowings balance £4,698,503 (2022 - £6,147,015) is secured by a legal mortgage over certain of the company's land and buildings. During the year Interest was charged at 1.0% and 1.4% above Bergen Capital Management Limited's base lending rate until the loan was transferred to a related party of Bergen Capital Management Limited, Arrow Global Massey Limited in June 2024. From this date, interest was charged at 1.0% and 1.4% above Arrow Global Massey Limited's base lending rate. The remaining balance of £87,500 (2022 - £137,500) is secured by the secretary of state by a partial guarantee. Interest is charged at 2.81% above the National Westminster Bank Plc's base lending rate.

Obligations under finance lease and hire purchase are secured against the assets to which they relate.

7

Related party transactions

During the year £7,333 was advanced to (2023 - £378,493 repaid by) the directors of the company. At the year end the total amount due to the directors from the company was £278,137 (2023 - £285,470). Loans payable to company directors are interest free and repayable on demand.