SP UK Sunshine Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09002764 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

SP UK SUNSHINE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Howe

W Smith

T Wilmot

REGISTERED OFFICE:

Ironstone House

High Street

Scaldwell

Northampton

Northamptonshire

NN6 9JS

REGISTERED NUMBER:

09002764 (England and Wales)

AUDITORS:

SFB Group Limited

Chartered Accountants

Statutory Auditor

Manor Court Chambers

Townsend Drive

Nuneaton

Warwickshire

CV11 6RU

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

1,555,000

1,555,000

1,555,000

1,555,000

CURRENT ASSETS

Debtors

6

500

3,491

Cash at bank

328,057

272,358

328,557

275,849

CREDITORS

Amounts falling due within one year

7

1,976,166

1,923,426

NET CURRENT LIABILITIES

(1,647,609

)

(1,647,577

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(92,609

)

(92,577

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(92,709

)

(92,677

)

SHAREHOLDERS' FUNDS

(92,609

)

(92,577

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2022 and were signed on its behalf by:

G Howe - Director

1.	STATUTORY INFORMATION

SP UK Sunshine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis. The company is reliant on the support of the parent company, who have indicated their willingness to support the company for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the letting of residential property.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

Straight line over 4 years

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised 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 recognised 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 recognised 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 recognised 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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2021

and 31 March 2022

14,280

DEPRECIATION

At 1 April 2021

and 31 March 2022

14,280

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

1,555,000

NET BOOK VALUE

At 31 March 2022

1,555,000

At 31 March 2021

1,555,000

The investment property is subject to a charge in favour of HSBC Bank plc and it is the opinion of the directors that the investment property is stated at its fair value.

Fair value at 31 March 2022 is represented by:

£

Valuation in 2017

(229,980

)

Cost

1,784,980

1,555,000

If investment property had not been revalued it would have been included at the following historical cost:

2022

2021

£

£

Cost

1,379,980

1,379,980

Investment property was valued on an open market basis on 21 September 2017 by Firstgem Limited trading as Winkworth .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

500

3,491

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

1,963,487

1,918,485

Other creditors and accruals

4,979

4,941

Accrued expenses

7,700

-

1,976,166

1,923,426

8.	SECURED DEBTS

The company has provided a joint guarantee to secure loan facilities to group undertakings, which creates a fixed and floating charge over the assets of the company. The amounts outstanding under these facilities as at 31 March 2022 were £429,224 (2021: £445,267).

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Carvell BFP FCA (Senior Statutory Auditor)

for and on behalf of SFB Group Limited

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Stabilised Pavements UK Limited, a company registered in England and Wales. Its parent company is Stabilisation Services Pty Limited, a company registered in Australia.

The address from which group accounts can be obtained is: Byrons, 62 Burwood Road, Burwood, NSW 2134, Australia.

The directors believe the controlling parties are Wilstar Pty Limited, Edinburgh Securities Pty Limited, companies registered in Australia and G. Howe, director, acting in concert.