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REGISTERED NUMBER: 01920148 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2024

FOR

SUNFLAG (U.K.) LIMITED

SUNFLAG (U.K.) LIMITED (REGISTERED NUMBER: 01920148)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SUNFLAG (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: Mr V B Bhardwaj
Mr U Bhardwaj



REGISTERED OFFICE: Rays House
North Circular Road
London
NW10 7XP



REGISTERED NUMBER: 01920148 (England and Wales)



BANKERS: Habib Bank AG Zurich

SUNFLAG (U.K.) LIMITED (REGISTERED NUMBER: 01920148)

BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,141 9,901
Investments 5 816,598 936,761
Investment property 6 1,093,426 3,801,426
1,918,165 4,748,088

CURRENT ASSETS
Debtors 7 10,701,805 6,438,023
Cash at bank and in hand 7,062 23,278
10,708,867 6,461,301
CREDITORS
Amounts falling due within one year 8 75,894 75,522
NET CURRENT ASSETS 10,632,973 6,385,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,551,138

11,133,867

CREDITORS
Amounts falling due after more than one year 9 8,224,155 7,430,503
NET ASSETS 4,326,983 3,703,364

CAPITAL AND RESERVES
Called up share capital 10 700,526 700,526
Fair value reserve - 213,545
Retained earnings 3,626,457 2,789,293
SHAREHOLDERS' FUNDS 4,326,983 3,703,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th March 2025 and were signed on its behalf by:



Mr U Bhardwaj - Director


SUNFLAG (U.K.) LIMITED (REGISTERED NUMBER: 01920148)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024


1. STATUTORY INFORMATION

Sunflag (U.K.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Rental income
Rental income represents rental income and service charges receivable from letting the investment properties and it is recognised on a straight line basis over the term of the lease or rental agreement.

Investments
Shares in subsidiary undertakings and unlisted investments are stated at cost, less provisions for permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

SUNFLAG (U.K.) LIMITED (REGISTERED NUMBER: 01920148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st June 2023 66,793
Additions 158
At 31st May 2024 66,951
DEPRECIATION
At 1st June 2023 56,892
Charge for year 1,918
At 31st May 2024 58,810
NET BOOK VALUE
At 31st May 2024 8,141
At 31st May 2023 9,901

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1st June 2023 171 936,590 936,761
Disposals - (120,163 ) (120,163 )
At 31st May 2024 171 816,427 816,598
NET BOOK VALUE
At 31st May 2024 171 816,427 816,598
At 31st May 2023 171 936,590 936,761

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2023 3,801,426
Disposals (2,708,000 )
At 31st May 2024 1,093,426
NET BOOK VALUE
At 31st May 2024 1,093,426
At 31st May 2023 3,801,426

SUNFLAG (U.K.) LIMITED (REGISTERED NUMBER: 01920148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors (18,470 ) 86,970
Other debtors 475,421 99,685
456,951 186,655

Amounts falling due after more than one year:
Amounts owed by group undertakings 8,508,140 5,718,368
Amounts owed by participating interests 1,353,174 483,000
Other debtors 383,540 50,000
10,244,854 6,251,368

Aggregate amounts 10,701,805 6,438,023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 39,277 22,364
Taxation and social security 8,126 7,668
Other creditors 28,491 45,490
75,894 75,522

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 8,224,155 7,430,503

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
350,263 Class 'A' Ordinary shares £1 700,526 700,526
350,263 Class 'B' Ordinary shares £1 - -
700,526 700,526

Class 'A' and Class 'B' ordinary shares have equal voting rights, rights to distribution of profit and distribution on winding up of the company.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

SUNFLAG (U.K.) LIMITED (REGISTERED NUMBER: 01920148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


11. RELATED PARTY DISCLOSURES - continued

2024 2023
£    £
i) Basecourt Properties Limited Interest receivable 76,466 68,754
Fellow subsidiary undertaking Management fee receivable - -
Balance at the year end :
Loan account receivable 1,347,415 1,270,949

ii) Prestvale Properties Limited Interest receivable 127,436 181,829
Subsidiary undertaking Balance at the year end :
Loan account receivable 7,160,725 4,447,419

iii) Maplecross Limited Loan account receivable 85,000 20,000

iv) Silver Homes (Grove Hill) Limited Interest receivable - -
Balance at the year end :
Loan account receivable 40,000 40,000

v) Silver Homes (Warmlake) Ltd Interest receivable 57,790 49,814
Balance at the year end :
Loan account receivable - 510,000

vi) Silver Homes (Sutton Valence) Limited Balance at the year end :
Loan account receivable (67,000 ) (67,000)

vii) Vivasvan Enterprises Limited Interest payable 30,652 30,488
Balance at the year end :
Loan account payable 6,189,155 6,160,503

viii) Jordelle Limited Balance at the year end :
Parent undertaking Loan account payable 1,950,000 1,250,000

12. ULTIMATE CONTROLLING PARTY

The company was controlled by Bhardwaj family throughout the current and previous year.

The immediate and ultimate parent undertaking of the group is Jordelle Limited, which is registered in Jersey.