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Registration number: 12830715

Sugar & Honey Property Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Sugar & Honey Property Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Sugar & Honey Property Company Limited

(Registration number: 12830715)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,740

21,892

Investment property

5

1,370,000

1,370,000

Investments

6

47,171

-

 

1,440,911

1,391,892

Current assets

 

Debtors

7

4,973

15,454

Cash at bank and in hand

 

14,078

18,786

 

19,051

34,240

Creditors: Amounts falling due within one year

8

(164,048)

(179,962)

Net current liabilities

 

(144,997)

(145,722)

Total assets less current liabilities

 

1,295,914

1,246,170

Creditors: Amounts falling due after more than one year

8

(540,198)

(541,769)

Provisions for liabilities

(167,555)

(166,831)

Net assets

 

588,161

537,570

Capital and reserves

 

Called up share capital

100

100

Retained earnings

588,061

537,470

Shareholders' funds

 

588,161

537,570

 

Sugar & Honey Property Company Limited

(Registration number: 12830715)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 

Mr J Pomphrey
Director

   
     
 

Sugar & Honey Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
2C Flowers Hill
Brislington
Bristol
BS4 5JJ

These financial statements were authorised for issue by the Board on 7 March 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial
statements

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 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.

 

Sugar & Honey Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Containers

Not depreciated

Fixtures and fittings

25% straight line

Office equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Current asset investments are included at the lower of cost and net realisable value.

 

Sugar & Honey Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Sugar & Honey Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

4

Tangible assets

Containers
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

16,968

5,199

-

22,167

Additions

-

-

3,236

3,236

At 31 December 2024

16,968

5,199

3,236

25,403

Depreciation

At 1 January 2024

-

275

-

275

Charge for the year

-

1,300

88

1,388

At 31 December 2024

-

1,575

88

1,663

Carrying amount

At 31 December 2024

16,968

3,624

3,148

23,740

At 31 December 2023

16,968

4,924

-

21,892

5

Investment properties

2024
£

At 1 January

1,370,000

At 31 December

1,370,000

The properties were valued by the directors on an open market basis at the year end.

 

Sugar & Honey Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

Additions

45,000

45,000

Fair value adjustments

2,171

2,171

At 31 December 2024

47,171

47,171

Carrying amount

At 31 December 2024

47,171

47,171

The market value of the listed investments at 31 December 2024 was £47,171.

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

780

1,198

Amounts owed by related parties

10

-

6,458

Prepayments

 

4,193

7,798

 

4,973

15,454

 

Sugar & Honey Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

20,000

20,000

Trade creditors

 

5,165

36,710

Amounts due to related parties

10

79,502

94,702

Other creditors

 

28,223

19,523

Accruals and deffered income

 

15,222

2,850

Corporation tax liability

15,936

6,177

 

164,048

179,962

Due after one year

 

Loans and borrowings

9

540,198

541,769

9

Loans and borrowings

Note

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

 

329,744

350,863

Amounts due to related parties

10

210,454

190,906

 

540,198

541,769

Current loans and borrowings

2024
£

2023
£

Bank borrowings

20,000

20,000

Loans and borrowings are secured against all the property or undetaking of the company.

 

Sugar & Honey Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

6,458

6,458

Repaid

(6,458)

(6,458)

At end of period

-

-

2023

Other related parties
£

Total
£

Advanced

18,829

18,829

Repaid

(12,371)

(12,371)

At end of period

6,458

6,458

Terms of loans to related parties

Loans to related parties are intrest free and repayable on demand.
Other related parties are related by virtue of their common directorship.

Loans from related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

94,702

190,906

285,608

Advanced

1,000

23,458

24,458

Repaid

(16,200)

(3,910)

(20,110)

At end of period

79,502

210,454

289,956

2023

Key management
£

Other related parties
£

Total
£

At start of period

94,490

122,318

216,808

Advanced

312

88,939

89,251

Repaid

(100)

(20,351)

(20,451)

At end of period

94,702

190,906

285,608

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.
 Other related parties are related by virtue of their common directorship.
Loans from other related parties are repayable within a period of no less than one year and interest is charged at 0-7% per annum on the outstanding balance.