5 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC068924 2024-01-01 2024-12-31 SC068924 2024-12-31 SC068924 2023-12-31 SC068924 2023-01-01 2023-12-31 SC068924 2023-12-31 SC068924 2022-12-31 SC068924 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC068924 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 SC068924 bus:Director3 2024-01-01 2024-12-31 SC068924 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 SC068924 core:PlantMachinery 2023-12-31 SC068924 core:FurnitureFittings 2023-12-31 SC068924 core:MotorVehicles 2023-12-31 SC068924 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 SC068924 core:PlantMachinery 2024-12-31 SC068924 core:FurnitureFittings 2024-12-31 SC068924 core:MotorVehicles 2024-12-31 SC068924 core:PlantMachinery 2024-01-01 2024-12-31 SC068924 core:FurnitureFittings 2024-01-01 2024-12-31 SC068924 core:MotorVehicles 2024-01-01 2024-12-31 SC068924 core:WithinOneYear 2024-12-31 SC068924 core:WithinOneYear 2023-12-31 SC068924 core:AfterOneYear 2024-12-31 SC068924 core:AfterOneYear 2023-12-31 SC068924 core:ShareCapital 2024-12-31 SC068924 core:ShareCapital 2023-12-31 SC068924 core:SharePremium 2024-12-31 SC068924 core:SharePremium 2023-12-31 SC068924 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC068924 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC068924 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 SC068924 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-12-31 SC068924 core:Non-currentFinancialInstruments 2024-12-31 SC068924 core:Non-currentFinancialInstruments 2023-12-31 SC068924 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 SC068924 core:PlantMachinery 2023-12-31 SC068924 core:FurnitureFittings 2023-12-31 SC068924 core:MotorVehicles 2023-12-31 SC068924 bus:SmallEntities 2024-01-01 2024-12-31 SC068924 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC068924 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC068924 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC068924 bus:FullAccounts 2024-01-01 2024-12-31 SC068924 bus:OrdinaryShareClass1 2024-12-31 SC068924 bus:OrdinaryShareClass1 2023-12-31 SC068924 bus:OrdinaryShareClass2 2024-12-31 SC068924 bus:OrdinaryShareClass2 2023-12-31 SC068924 bus:AllOrdinaryShares 2024-12-31 SC068924 bus:AllOrdinaryShares 2023-12-31
COMPANY REGISTRATION NUMBER: SC068924
Sundial Properties Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2024
Sundial Properties Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
741,639
743,179
Investments
6
63,413
63,413
---------
---------
805,052
806,592
Current assets
Stocks
7
1,018,415
922,878
Debtors
8
874,284
824,221
Cash at bank and in hand
264,026
1,219,973
------------
------------
2,156,725
2,967,072
Creditors: amounts falling due within one year
9
3,597,417
3,757,201
------------
------------
Net current assets
1,440,692
790,129
------------
---------
Total assets less current liabilities
( 635,640)
16,463
Creditors: amounts falling due after more than one year
10
20,575
34,433
---------
--------
Net liabilities
( 656,215)
( 17,970)
---------
--------
Capital and reserves
Called up share capital
11
35,380
35,380
Share premium account
3,799,620
3,799,620
Profit and loss account
( 4,491,215)
( 3,852,970)
------------
------------
Shareholders deficit
( 656,215)
( 17,970)
------------
------------
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.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sundial Properties Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 20 June 2025 , and are signed on behalf of the board by:
W J Gray Muir
Director
Company registration number: SC068924
Sundial Properties Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
Sundial Properties Limited is a private company limited by shares that is incorporated and domiciled in Scotland with registered company number SC068924 . The registered office is Mains of Gardyne Guthrie Forfar DD8 2SQ.
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, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling (£), which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the Tangible Assets note for carrying amounts of tangible assets.
Revenue recognition
Revenue arises from the sale of properties and from the provision of construction services. Revenue is measured at the fair value of the consideration received or receivable and represents amounts for the sale of properties in the normal course of business, net of discounts and other sales related taxes. Revenue is recorded in the financial statements in connection with both property sales and the provision of construction services when a legally binding contract for service has been entered into and when the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that economic benefits associated with the transaction will flow to the entity; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Taxation
Tax expense for the period comprises current and deferred tax. Tax currently payable, relating to UK corporation tax, is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted as at the reporting date. Deferred tax is recognised on all timing differences that have originated but not reversed at the reporting date. Transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future gives rise to a deferred tax liability or asset. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & Machinery
-
20% Straight line
Fixtures & Fittings
-
33 1/3% Straight line
Motor Vehicles
-
33 1/3% to 20% Straight line
Financial Reporting Standard (FRS) 102 requires all assets to be depreciated over their estimated economic life, taking account of any residual value of the assets. Heritable properties are considered to have a high residual value, and a useful economic life in excess of 50 years. The depreciation charge is immaterial and no charge has therefore been made. Where no charge for depreciation is made and where the useful economic life exceeds 50 years an impairment review under FRS 102 should be carried out on an annual basis. Such a review has been performed and this shows that the value of the properties exceeds the carrying value in the financial statements.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Stocks
Work in progress is represented by property regarded as trading stock and is valued at the lower of cost and net realisable value. Transfers from investment properties to work in progress are carried out at market value at the date of transfer.
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, which include trade and other debtors and cash and bank balances, 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 receipts discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, 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
The company makes contributions to defined contribution pension schemes on behalf of certain employees. Contributions are charged to the profit and loss account in the period to which they relate.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 10 ).
5. Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
725,757
6,163
7,335
25,557
764,812
Additions
4,737
4,737
---------
--------
-------
--------
---------
At 31 December 2024
725,757
10,900
7,335
25,557
769,549
---------
--------
-------
--------
---------
Depreciation
At 1 January 2024
5,399
6,011
10,223
21,633
Charge for the year
506
660
5,111
6,277
---------
--------
-------
--------
---------
At 31 December 2024
5,905
6,671
15,334
27,910
---------
--------
-------
--------
---------
Carrying amount
At 31 December 2024
725,757
4,995
664
10,223
741,639
---------
--------
-------
--------
---------
At 31 December 2023
725,757
764
1,324
15,334
743,179
---------
--------
-------
--------
---------
Investment properties are included at cost and comprise land and architect fees. The directors are satisfied that as at the year end date there had been no material movement in the value of the investment properties since the date of acquisition.
6. Investments
Shares in group undertakings
Fine art
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
3,228
63,335
66,563
-------
--------
--------
Impairment
At 1 January 2024 and 31 December 2024
3,150
3,150
-------
--------
--------
Carrying amount
At 31 December 2024
78
63,335
63,413
-------
--------
--------
At 31 December 2023
78
63,335
63,413
-------
--------
--------
7. Stocks
2024
2023
£
£
Work in progress
1,018,415
922,878
------------
---------
8. Debtors
2024
2023
£
£
Trade debtors
261,826
Amounts owed by group undertakings and undertakings in which the company has a participating interest
524,023
535,035
Other debtors
350,261
27,360
---------
---------
874,284
824,221
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,240
14,511
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,999,795
1,999,795
Social security and other taxes
12,002
23,192
Other loans
1,523,424
1,530,059
Other creditors
54,956
189,644
------------
------------
3,597,417
3,757,201
------------
------------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,167
19,167
Other creditors
11,408
15,266
--------
--------
20,575
34,433
--------
--------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
35,000
35,000
35,000
35,000
Ordinary Class B shares of £ 1 each
380
380
380
380
--------
--------
--------
--------
35,380
35,380
35,380
35,380
--------
--------
--------
--------
12. Directors' advances, credits and guarantees
During the year there were no advances, credits or guarantees made in favour of the directors (2023:none). Included within other creditors are loans due to directors of £5,332 (2023: £28,248). The loans are for no fixed period, interest is charged at rates between 8.5% and 9.5%.
13. Related party transactions
The company has taken advantage of exemption under FRS 102 Section 1A from the requirement to disclose information with entities that are wholly owned in the group. Fox Edinburgh Limited, a company of which W J Gray Muir and C S Gray Muir are directors continued to provide a loan to the company. At the year end the balance due to Fox Edinburgh Limited was £436,298 (2023: £436,298). During the year the company charged Fox Edinburgh Limited rent of £nil (2023: £6,555) on normal commercial terms. The amount of loan due from RW Leith Limited, a company in which W J Gray Muir is a director, outstanding at the year end was £1,746,468 (2023: £1,746,468).
14. Controlling party
The ultimate parent undertaking is Sundial Holdings Limited, a company incorporated in Scotland.
15. Going concern
The directors consider the company to be a going concern and therefore the financial statements have been prepared on a going concern basis. The future operations of the company are dependent on the continued financial support of the company's bankers and transaction activity within property markets to provide liquidity to the company prospectively.
Material adverse changes could occur in the amount and timing of cash flows compared to management prepared projections which could cast significant doubt upon the company's ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the financial statements.