4 24 March 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 21,569 21,568 1 1 xbrli:pure xbrli:shares iso4217:GBP 03735771 2023-04-01 2024-03-31 03735771 2024-03-31 03735771 2023-03-31 03735771 2022-04-01 2023-03-31 03735771 2023-03-31 03735771 2022-03-31 03735771 core:FurnitureFittings 2023-04-01 2024-03-31 03735771 bus:Director1 2023-04-01 2024-03-31 03735771 core:FurnitureFittings 2024-03-31 03735771 core:WithinOneYear 2024-03-31 03735771 core:WithinOneYear 2023-03-31 03735771 core:ShareCapital 2024-03-31 03735771 core:ShareCapital 2023-03-31 03735771 core:RetainedEarningsAccumulatedLosses 2024-03-31 03735771 core:RetainedEarningsAccumulatedLosses 2023-03-31 03735771 core:FurnitureFittings 2023-03-31 03735771 bus:SmallEntities 2023-04-01 2024-03-31 03735771 bus:Audited 2023-04-01 2024-03-31 03735771 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03735771 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03735771 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 03735771
SUNBERG LIMITED
FILLETED FINANCIAL STATEMENTS
31 March 2024
SUNBERG LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1
1
Current assets
Debtors
6
2,429,361
437,653
Cash at bank and in hand
17,048
1,364,624
-------------
-------------
2,446,409
1,802,277
Creditors: amounts falling due within one year
7
1,835,335
1,240,970
-------------
-------------
Net current assets
611,074
561,307
----------
----------
Total assets less current liabilities
611,075
561,308
----------
----------
Net assets
611,075
561,308
----------
----------
Capital and reserves
Called up share capital
2
2
Profit and loss account
611,073
561,306
----------
----------
Shareholders funds
611,075
561,308
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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 were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
P Gautam
Director
Company registration number: 03735771
SUNBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Quadrant House, Floor 6, 4 Thomas More Square, London, E1W 1YW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are presented in sterling, which is the functional currency of the entity.
Going concern
In accordance with the director's responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the director has considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
21,569
21,569
---------
---------
Depreciation
At 1 April 2023 and 31 March 2024
21,568
21,568
---------
---------
Carrying amount
At 31 March 2024
1
1
---------
---------
At 31 March 2023
1
1
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
2,420,536
427,262
Other debtors
8,825
10,391
-------------
----------
2,429,361
437,653
-------------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
394,459
Trade creditors
305,541
165,520
Corporation tax
16,584
41,991
Social security and other taxes
24,973
15,494
Amounts owed to related parties
1,080,946
1,010,082
Other creditors
12,832
7,883
-------------
-------------
1,835,335
1,240,970
-------------
-------------
A bank overdraft is secured by a debenture and fixed & floating charges over the assets of the company.
8. Summary audit opinion
The auditor's report dated 24 March 2025 was unqualified .
The senior statutory auditor was Charles Homan , for and on behalf of UHY Hacker Young (S.E.) Limited .
9. Related party transactions
At 31 March 2024, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £1,080,946 (2023: £1,010,082) in respect of a loan from shareholder with significant influence. The loan is interest free, unsecured and repayable on demand.