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Registered number: 09352634 SUNRISE PROPERTIES (UK) LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SUNRISE PROPERTIES (UK) LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 8
SUNRISE PROPERTIES (UK) LIMITED COMPANY INFORMATION
Director | T M Kardos
Registered number | 09352634
Registered office | 16 Great Queen Street
| London
| WC2B 5AH
Accountants | Blick Rothenberg Limited
| Chartered Accountants
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:09352634
SUNRISE PROPERTIES (UK) LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | € |  | €
Fixed assets |  |  |  |  |
Investments | 4 |  | 14 |  | 14
|  |  | 14 |  | 14
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 549,150 |  | 407,000 |
Cash at bank and in hand |  | 2,637 |  | 383 |
|  | 551,787 |  | 407,383 |
Creditors: amounts falling due within one year | 6 | (78,235,236) |  | (75,639,227) |
Net current liabilities |  |  | (77,683,449) |  | (75,231,844)
Net liabilities |  |  | (77,683,435) |  | (75,231,830)
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 127 |  | 127
Other reserves |  |  | 655,096 |  | 655,096
Profit and loss account |  |  | (78,338,658) |  | (75,887,053)
Net deficit |  |  | (77,683,435) |  | (75,231,830)
Page 2
|  | REGISTERED NUMBER:09352634
SUNRISE PROPERTIES (UK) LIMITED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the sole director:
T M Kardos
Director
Date: 31 March 2026
The notes on pages 4 to 8 form part of these financial statements. Page 3
SUNRISE PROPERTIES (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Sunrise Properties (UK) Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, London, WC2B 5AH. The principal activity of the company is the management of an investment property portfolio. The financial statements are presented in EUR (€), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €. 2.Accounting policies
| 2.1 | 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 Section 1A of 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 judgement in applying the company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved.
| 2.3 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.4 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Page 4
SUNRISE PROPERTIES (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade creditors and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Page 5
SUNRISE PROPERTIES (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
|  | Financial instruments (continued)
Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
| 2.5 | Cash at bank and in hand
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.6 | Share capital
Ordinary shares are classified as equity.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
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.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 6
SUNRISE PROPERTIES (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Current and deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
4. | Fixed asset investments
|  | Investments in subsidiary companies
|  | €
| Cost |
| At 1 January 2024 | 14
| At 31 December 2024 | 14
5. | Debtors
Page 7
SUNRISE PROPERTIES (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Amounts owed by group undertakings | 3 | 3
| Other debtors | 411,644 | -
| Tax recoverable | 137,503 | 406,997
|  | 549,150 | 407,000
6. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Other loans | 78,078,741 | 75,625,727
| Trade creditors | 8,710 | -
| Corporation tax | 137,624 | -
| Accruals | 10,161 | 13,500
|  | 78,235,236 | 75,639,227
7. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
|  | Allotted, called up and fully paid |  |
|  | 200 Ordinary shares of £0.50 each | 127 | 127
8. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. The company has received loans totalling €39,580,586 (2023: €39,556,401) from SN Beteiligungen Holding AG, the company's immediate parent undertaking. The balance is included in other loans in note 7, is unsecured and payable on demand. Interest is charged on the loan at 2% per annum. The interest expense for the year was €789,976 (2023: €789,976), which has not been paid and has been rolled up into the loan carrying value. At the balance sheet date the aggregate amount due to SN Beteiligungen Holding AG was €45,966,331 (2023: €45,152,169). Included within other debtors is an amount of €411,644 (2023: €nil) due from the director of the company. The loan bears interest of 2.25% per annum and is repayable on demand.
9. | Controlling party
The company's immediate parent undertaking is SN Beteiligungen Holding AG. The ultimate controlling party is N Ketterer.
Page 8