Sunbeam Property Subsidiary Limited - Accounts to registrar (filleted) - small 23.2.5
Sunbeam Property Subsidiary Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| FOR |
| SUNBEAM PROPERTY SUBSIDIARY LIMITED |
| SUNBEAM PROPERTY SUBSIDIARY LIMITED (REGISTERED NUMBER: 08329933) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SUNBEAM PROPERTY SUBSIDIARY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Pavilion View |
| 19 New Road |
| Brighton |
| East Sussex |
| BN1 1EY |
| SUNBEAM PROPERTY SUBSIDIARY LIMITED (REGISTERED NUMBER: 08329933) |
| BALANCE SHEET |
| 28 FEBRUARY 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Share premium |
| Fair value reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| SUNBEAM PROPERTY SUBSIDIARY LIMITED (REGISTERED NUMBER: 08329933) |
| BALANCE SHEET - continued |
| 28 FEBRUARY 2023 |
| 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 |
| SUNBEAM PROPERTY SUBSIDIARY LIMITED (REGISTERED NUMBER: 08329933) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 1. | STATUTORY INFORMATION |
| Sunbeam Property Subsidiary Limited is a |
| 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. At the year end the company had net current liabilities of £50,212 (2022: £61,609). The director has confirmed amounts due to the connected company will not be paid to the detriment of other creditors and he has indicated his willingness and ability to support the company for at least 12 months from the date of approving the financial statements. |
| On the basis of the continued support of the director is forthcoming the director is satisfied that the going concern basis of preparing the financial statements is appropriate. |
| Turnover |
| Revenue is measured at fair value of the consideration received or receivable. Revenue represents amounts receivable for rents from the letting of investment properties. |
| Revenue is recognised in the accounting period to which the rental demands cover. |
| Tangible fixed assets |
| Computer equipment | - |
| 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. |
| SUNBEAM PROPERTY SUBSIDIARY LIMITED (REGISTERED NUMBER: 08329933) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2022 - |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| Additions |
| At 28 February 2023 |
| DEPRECIATION |
| Charge for year |
| At 28 February 2023 |
| NET BOOK VALUE |
| At 28 February 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2022 |
| and 28 February 2023 |
| NET BOOK VALUE |
| At 28 February 2023 |
| At 28 February 2022 |
| Fair value at 28 February 2023 is represented by: |
| £ |
| Valuation in 2015 | 85,000 |
| Valuation in 2016 | 45,000 |
| Valuation in 2017 | (50,000 | ) |
| Valuation in 2018 | (812 | ) |
| Valuation in 2020 | 60,000 |
| Valuation in 2021 | 40,000 |
| Cost | 370,812 |
| 550,000 |
| SUNBEAM PROPERTY SUBSIDIARY LIMITED (REGISTERED NUMBER: 08329933) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 5. | INVESTMENT PROPERTY - continued |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2023 | 2022 |
| £ | £ |
| Cost | 370,812 | 370,812 |
| The investment properties were valued on an open market basis on 28 February 2023 by the director . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Other debtors |
| Included in other debtors is an amount due from a connected company of £52. |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Included in other creditors is an amount due to a connected company of £42,558 (2022: £42,558). |
| 8. | PROVISIONS FOR LIABILITIES |
| 2023 | 2022 |
| £ | £ |
| Deferred tax | 35,409 | 35,139 |
| Deferred |
| tax |
| £ |
| Balance at 1 March 2022 |
| Provided during year |
| Balance at 28 February 2023 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| SUNBEAM PROPERTY SUBSIDIARY LIMITED (REGISTERED NUMBER: 08329933) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2023 |
| 10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022: |
| 2023 | 2022 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 11. | ULTIMATE PARENT COMPANY |
| Sunbeam Property Limited is regarded by the director as being the company's ultimate parent company. Registered office and principal place of business: Pavilion View, 19 New Road, Brighton, East Sussex, BN1 1EY. |