Sullivan Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03046922 (England and Wales)

Financial Statements for the Period 1 February 2020 to 31 July 2021

for

Sullivan Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Sullivan

REGISTERED OFFICE:

116 Duke Street

Liverpool

Merseyside

L1 5JW

REGISTERED NUMBER:

03046922 (England and Wales)

ACCOUNTANTS:

Cobham Murphy Limited

116 Duke Street

Liverpool

Merseyside

L1 5JW

FIXED ASSETS

Tangible assets

4

3,174

6,700

CURRENT ASSETS

Debtors

5

87,104

66,429

Cash at bank

2,269

92,975

89,373

159,404

CREDITORS

Amounts falling due within one year

6

42,496

54,239

NET CURRENT ASSETS

46,877

105,165

TOTAL ASSETS LESS CURRENT LIABILITIES

50,051

111,865

CREDITORS

Amounts falling due after more than one year

7

(50,000

)

-

PROVISIONS FOR LIABILITIES

-

(1,273

)

NET ASSETS

51

110,592

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

49

110,590

SHAREHOLDERS' FUNDS

51

110,592

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 24 February 2022 and were signed by:

D Sullivan - Director

1.	STATUTORY INFORMATION

Sullivan Developments 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.

The director has considered the consequences of COVID-19 and other events and conditions, and they have determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.

Significant judgements and estimates

There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the property sales received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

33% on cost and 25% on reducing balance

Financial instruments

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2020

and 31 July 2021

10,769

DEPRECIATION

At 1 February 2020

4,069

Charge for period

3,526

At 31 July 2021

7,595

NET BOOK VALUE

At 31 July 2021

3,174

At 31 January 2020

6,700

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.1.20

£

£

Other debtors

87,104

66,429

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.1.20

£

£

Trade creditors

816

7,123

Taxation and social security

35,275

40,865

Other creditors

6,405

6,251

42,496

54,239

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.1.20

£

£

Bank loans

50,000

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.21

31.1.20

£

£

Bank loans

50,000

-

9.	TRANSACTIONS WITH DIRECTORS

Mr M Sullivan the director, operates a current account to which transactions of a private nature are charged. Included in other debtors at 31st July 2021 is £1,542 (2020 £35,317) owed to the company. The loan is repayable on demand and includes interest.

10.	RELATED PARTY DISCLOSURES

Included in debtors at 31st July 2021 is £74,770 owed from a related party under common control. The loan is repayable on demand and interest free.

Included in creditors at 31st July 2021 is £3,405 owed to a related party under common control. The loan is repayable on demand and interest free.