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JUST SUNSHINE LTD - Company Information

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Company registration number:

04572658

Just Sunshine Limited

Unaudited Filleted Financial Statements for the year ended

31 December 2020

Just Sunshine Limited

Statement of Financial Position

31 December 2020

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	5	33,481		36,529
Investments	6	1,656,926		1,518,246
		1,690,407		1,554,775
Current assets
Debtors	7	70,513		120,202
Cash at bank and in hand		67,167		55,058
		137,680		175,260
Creditors: amounts falling due within one year	8	(151,401	)	(150,109	)
Net current (liabilities)/assets		(13,721	)	25,151
Total assets less current liabilities		1,676,686		1,579,926
Creditors: amounts falling due after more than one year	9	(350,500	)	(330,000	)
Net assets		1,326,186		1,249,926
Capital and reserves
Called up share capital		450,500		450,500
Profit and loss account		875,686		799,426
Shareholders funds		1,326,186		1,249,926

For the year ending

31 December 2020

, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These

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.

These

financial statements

were approved by the board of directors and authorised for issue on

28 June 2021

, and are signed on behalf of the board by:

Mr F C Deniz

Director

Company registration number:

04572658

Just Sunshine Limited

Notes to the Financial Statements

Year ended

31 December 2020

1 General information

The company is a private company limited by shares and is registered in England and Wales. The business address which is also the registered office is

Sunshine House

7 Cutler Street

London

E1 7DJ

, United Kingdom.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

financial statements

have been prepared on the historical cost basis, as modified by the revaluation of investments measured at fair value through the profit and loss account

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Going concern

The accounts have been prepared on a going concern basis. The current pandemic caused by Covid-19 has triggered global uncertainty and the impact on the travel industry including holiday company's principal activities has been hard. The directors are confident that the company will survive the pandemic.

Consolidation

The entity has taken advantage of the option not to prepare consolidated

financial statements

contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Turnover

Turnover is measured at the fair value of consideration received or receivable for services rendered, net of discounts and Value Added Tax. Income is recognised on the date of departure.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of transactions. All differences are taken to the statement of comprehensive income.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land and buildings	5% Straight line over the life of the lease
Plant and machinery	20% straight line
Fixtures, fittings and equipment	25% straight line

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently are measured at fair value with change in fair value being recognised in the profit and loss statement.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was

(2019:

4.00

5 Tangible assets

	Land and buildings	Plant and machinery etc.	Total
	£	£	£
Cost
At 1 January 2020 and 31 December 2020	53,039	128,296	181,335
Depreciation
At 1 January 2020	16,907	127,899	144,806
Charge	2,652	396	3,048
At 31 December 2020	19,559	128,295	147,854
Carrying amount
At 31 December 2020	33,480	1	33,481
At 31 December 2019	36,132	397	36,529

6 Investments

	Shares in group undertakings and participating interests
	£
Cost or valuation
At 1 January 2020	1,518,246
Revaluations	138,680
At 31 December 2020	1,656,926
Impairment
At 1 January 2020 and 31 December 2020	-
Carrying amount
At 31 December 2020	1,656,926
At 31 December 2019	1,518,246

Investments held at valuation

In respect of fixed asset investments held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:

	2020	2019
	Shares in group undertakings and participating interests	Shares in group undertakings and participating interests
	£	£
Aggregate historical cost	324,833	324,833
Carrying amount	324,833	324,833

The company holds 100% (2018: 100%) of the issued share capital of Sunshine Vacances SAS, a company incorporated in France.

7 Debtors

	2020		2019
	£		£
Other debtors	70,513		120,202

8 Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	131,367	110,589
Taxation and social security	-	948
Other creditors	20,034	38,572
	151,401	150,109

9 Creditors: amounts falling due after more than one year

	2020		2019
	£		£
Other creditors	350,500		330,000

Included within other creditors' is an amount of £300,000 which has been subordinated in favour of the Civil Aviation Authority and cannot be withdrawn without the CAA's prior written consent.

10 Guarantees and other financial commitments

In common with other tour operators the growth in no win no fee personal injury compensation litigators has lead to the company experiencing a significant growth in such unfounded claims. The company accordingly has possible obligations in respect of such claims which may not be probable or reliably measured. The cost of defence is normally in excess of payout and accordingly the company will only recognise such liabilities as and when outcomes are certain.

11 Related party transactions

Other debtors includes amounts of £45,116 (2019: £50,000) due from Travel One Limited, and £nil (2019: £50,000) from C&M Properties London Limited companies in which F C Deniz is a director and controlling shareholder.

12 Controlling party

In the opinion of the directors no one individual can exercise overall control over the company.