Company Registration No. 09716641 (England and Wales)
SUNRISE EVENT MANAGEMENT LIMITED
Unaudited accounts
for the year ended 31 August 2024
SUNRISE EVENT MANAGEMENT LIMITED
Unaudited accounts
Contents
SUNRISE EVENT MANAGEMENT LIMITED
Company Information
for the year ended 31 August 2024
Company Number
09716641 (England and Wales)
Registered Office
UNIT 9, DUNCHIDEOCK BARTON
DUNCHIDEOCK
EXETER
DEVON
EX2 9UA
ENGLAND
SUNRISE EVENT MANAGEMENT LIMITED
Statement of financial position
as at 31 August 2024
Tangible assets
522,868
259,996
Cash at bank and in hand
1,391
1,838
Creditors: amounts falling due within one year
(439,398)
(397,941)
Net current liabilities
(288,667)
(278,086)
Total assets less current liabilities
234,201
(18,090)
Creditors: amounts falling due after more than one year
(1,278,690)
(770,208)
Net liabilities
(1,044,489)
(788,298)
Called up share capital
100
100
Profit and loss account
(1,044,589)
(788,398)
Shareholders' funds
(1,044,489)
(788,298)
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 August 2025 and were signed on its behalf by
T Kneen
Director
Company Registration No. 09716641
SUNRISE EVENT MANAGEMENT LIMITED
Notes to the Accounts
for the year ended 31 August 2024
SUNRISE EVENT MANAGEMENT LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09716641. The registered office is UNIT 9, DUNCHIDEOCK BARTON, DUNCHIDEOCK, EXETER, DEVON, EX2 9UA, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The accounts have been prepared on the going concern basis, despite the company being in a net liability position of £1,070,407. The director continues to support the company and has considered the current financial position of the company, as well as the availability of working capital and has concluded that it is a going concern.
Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other omprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
SUNRISE EVENT MANAGEMENT LIMITED
Notes to the Accounts
for the year ended 31 August 2024
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is provided on the following basis:
Plant & machinery
5% straight line
Fixtures & fittings
50% straight line for Sails, 10% straight line for other fittings
Computer equipment
33% straight line
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
SUNRISE EVENT MANAGEMENT LIMITED
Notes to the Accounts
for the year ended 31 August 2024
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts resented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
SUNRISE EVENT MANAGEMENT LIMITED
Notes to the Accounts
for the year ended 31 August 2024
A prior year adjustment has been made to reclassify other creditors of £764,387 from current liabilities to non-current liabilities. There is no overall impact on the profit and loss for the year.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2023
176,605
232,696
1,959
411,260
Additions
359,802
10,367
-
370,169
At 31 August 2024
536,407
243,063
1,445
780,915
At 1 September 2023
88,476
61,837
951
151,264
Charge for the year
10,329
96,143
482
106,954
On disposals
-
-
(171)
(171)
At 31 August 2024
98,805
157,980
1,262
258,047
At 31 August 2024
437,602
85,083
183
522,868
At 31 August 2023
88,129
170,859
1,008
259,996
Amounts falling due within one year
Accrued income and prepayments
136,382
93,690
Other debtors
12,958
24,327
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
3,173
3,175
Trade creditors
64,870
24,881
Other creditors
368,485
368,485
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
1,276,042
764,387
8
Average number of employees
During the year the average number of employees was 0 (2023: 0).