SUNFLAG (U.K.) LIMITED

SUNFLAG (U.K.) LIMITED

SUNFLAG (U.K.) LIMITED - Company Information

Print Friendly Version

SUNFLAG (U.K.) LIMITED

Company Registration Number:
01920148 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2020

Period of accounts

Start date: 01 June 2019

End date: 31 May 2020

SUNFLAG (U.K.) LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2020

Balance sheet
Notes

SUNFLAG (U.K.) LIMITED

Balance sheet

As at 31 May 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 18,709 23,446
Investments: 4 6,067,273 6,613,200
Total fixed assets: 6,085,982 6,636,646
Current assets
Debtors: 5 4,619,062 4,979,202
Cash at bank and in hand: 759,922 129,862
Total current assets: 5,378,984 5,109,064
Creditors: amounts falling due within one year: 6 (2,836,101) (3,360,335)
Net current assets (liabilities): 2,542,883 1,748,729
Total assets less current liabilities: 8,628,865 8,385,375
Creditors: amounts falling due after more than one year: 7 (6,080,100) (6,020,000)
Total net assets (liabilities): 2,548,765 2,365,375
Capital and reserves
Called up share capital: 700,526 700,526
Revaluation reserve:8451,531451,531
Profit and loss account: 1,396,708 1,213,318
Shareholders funds: 2,548,765 2,365,375

The notes form part of these financial statements

SUNFLAG (U.K.) LIMITED

Balance sheet statements

For the year ending 31 May 2020 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 January 2021
and signed on behalf of the board by:

Name: U Bhardwaj
Status: Director

The notes form part of these financial statements

SUNFLAG (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents management fees receivable, excluding value added tax.

Tangible fixed assets and depreciation policy

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% / 20% on reducing balance

Valuation and information policy

Investments Shares in subsidiary / associate undertakings and unlisted investments are stated at cost, less provisions for permanent diminution in value. Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognized in profit or loss.

Other accounting policies

Taxation for the year comprises current and deferred tax. Tax is recognized in the Income Statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognized 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 recognized 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 recognized 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 recognized 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 rates of exchange ruling at the date of transaction. Exchange differences are taken in to account in arriving at the operating result. Rental Income Rental income represents rental income and service charges receivable from letting the investment properties and it is recognized on a straight line basis over the term of the lease or rental agreement.

SUNFLAG (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

2. Employees

2020 2019
Average number of employees during the period 1 2

SUNFLAG (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

3. Tangible Assets

Total
Cost £
At 01 June 2019 66,407
At 31 May 2020 66,407
Depreciation
At 01 June 2019 42,961
Charge for year 4,737
At 31 May 2020 47,698
Net book value
At 31 May 2020 18,709
At 31 May 2019 23,446

SUNFLAG (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

4. Fixed investments

COST At 1st June 2019 Shares in Companies £1 Other Investments £1,213,847 Additions / (deductions) Shares in Companies £171 Other Investments (£111,028) At 31st May 2020 Shares in Companies £171 Other Investments £1,213,676 NET BOOK VALUE At 31st May 2020 £1,213,847 At 31st May 2020 £1,234,774 The company's investments at the balance sheet date in the share capital of companies include the following Prestvale Properties Limited (Group Undertaking) Nature of business : Property development Class of shares : £1 Ordinary holding % 100 Aggregate capital and reserves £43,934 (PY £47,107)Profit (Loss) for the year (£9,962) (PY loss £1,269) Associate Companies % holding) Silver Homes (Grove Hill) Limited holding % 20 £40 ii) Silver Homes (Seabrook) Limited holding % 27.5 £55 iii) Silver Homes (Sutton Valence) Limited holding % 20 £40 INVESTMENT PROPERTY FAIR VALUE At 1st June 2019 and 31st May 2020 £5,378,426 At 31st May 2020 £4,853,426 NET BOOK VALUE At 31st May 2020 £4,853,426 At 31st May 2019 £5,378,426 Fair value at 31st May 2019 is represented by :Valuation in 2004 £ 423,900 Valuation in 2011 £ (47,919) Cost £5,002,445 Total £4,853,426 Investment properties were valued on an open market basis by the directors.

SUNFLAG (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

5. Debtors

2020 2019
££
Debtors due after more than one year: 4,301,850 4,830,000

Amounts owed by group undertakings £2,211,850 (PY £2,290,000) Amounts owed by associates £2,040,000 (PY £1,605,000 Other debtors £50,000 (PY £935,000)

SUNFLAG (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

6. Creditors: amounts falling due within one year note

Trade creditors £19,291 (PY £3,206) Amounts owed to group undertakings £2,200,000 (PY £2,700,000) Taxation and social security £18,033 (PY £17,335) Other creditors £20,776 (PY £49,794)

SUNFLAG (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

7. Creditors: amounts falling due after more than one year note

Other creditors £6,080,100 (PY £6,020,000)

SUNFLAG (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

8. Revaluation reserve

2020
£
Balance at 01 June 2019 451,531
Surplus or deficit after revaluation 0
Balance at 31 May 2020 451,531

SUNFLAG (U.K.) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2020

9. Related party transactions

Name of the related party: Basecourt Properties Limited
Relationship:
Common Directors
Description of the Transaction: Loan receivable
£
Balance at 01 June 2019 530,000
Balance at 31 May 2020 399,050
Name of the related party: Prestvale Properties Limited
Relationship:
Common Directors
Description of the Transaction: Loans receivable
£
Balance at 01 June 2019 1,760,000
Balance at 31 May 2020 1,812,800
Name of the related party: Silver Homes (Developments) Limited
Relationship:
Common Director
Description of the Transaction: Loan receivable
£
Balance at 01 June 2019 885,000
Balance at 31 May 2020 0
Name of the related party: Silver Homes (Grove Hill) Limited
Relationship:
Common Director
Description of the Transaction: Loan receivable
£
Balance at 01 June 2019 335,000
Balance at 31 May 2020 475,000
Name of the related party: Silver Homes (Seabrook) Limited
Relationship:
Common Director
Description of the Transaction: Loan receivable
£
Balance at 01 June 2019 615,000
Balance at 31 May 2020 700,000
Name of the related party: Silver Homes (Sutton Valence) Limited
Relationship:
Common Director
Description of the Transaction: Loan receivable
£
Balance at 01 June 2019 655,000
Balance at 31 May 2020 865,000
Name of the related party: Vivasvan Enterprises Limited
Relationship:
Common Directors
Description of the Transaction: Loan payable
£
Balance at 01 June 2019 6,020,000
Balance at 31 May 2020 6,080,100
Name of the related party: Jordelle Limited
Relationship:
Parent Undertaking
Description of the Transaction: Loan payable
£
Balance at 01 June 2019 2,700,000
Balance at 31 May 2020 2,200,000

The directors of Sunflag (UK) Limited are also directors of the following companies. During the year, Sunflag (UK) Limited had the following transactions with these related companies and all the transactions were in the normal course of business :i) Basecourt Properties Limited Interest receivable £nil (PY £24,050)Management fee receivable £3,000 (PY £3,000)ii) Prestvale Properties Limited Interest receivable £52,800 (PY £nil)iii) Maplecross Limited Service charge receivable £5,250 (PY £9,000)iv) Silver Homes (Grove Hill) Limited Interest receivable £20,400 (PY £18,476) v) Silver Homes (Seabrook) Limited Interest receivable £30,500 (PY £29,157) vi) Vivasvan Enterprises Limited Interest payable £30,100 (PY £30,097)