Sunny Banks Estates Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00932388 (England and Wales)

SUNNY BANKS ESTATES LIMITED

T/A

CRYLLA VALLEY

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S A Walsh

A D Walsh

M Walsh

SECRETARY:

S A Walsh

REGISTERED OFFICE:

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

REGISTERED NUMBER:

00932388 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

BANKERS:

Barclays Bank PLC

50 Cornwall Street

Plymouth

PL1 1LU

FIXED ASSETS

Tangible assets

5

4,062,027

5,128,556

CURRENT ASSETS

Stocks

1,100

1,100

Debtors

281,524

14,608

Cash at bank and in hand

74,619

78,924

357,243

94,632

CREDITORS

Amounts falling due within one year

262,931

878,187

NET CURRENT ASSETS/(LIABILITIES)

94,312

(783,555

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,156,339

4,345,001

CREDITORS

Amounts falling due after more than one year

(25,840

)

(73,313

)

PROVISIONS FOR LIABILITIES

-

(144,000

)

NET ASSETS

4,130,499

4,127,688

CAPITAL AND RESERVES

Called up share capital

375

375

Revaluation reserve

7

2,234,648

2,534,156

Retained earnings

1,895,476

1,593,157

SHAREHOLDERS' FUNDS

4,130,499

4,127,688

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 November 2023 and were signed on its behalf by:

S A Walsh - Director

1.	STATUTORY INFORMATION

Sunny Banks Estates 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 (£).

The principal place of business is Fairmead Office, Vallards Lane, Hatt, Saltash, Cornwall, PL12 6PT, United Kingdom

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Turnover

Turnover represents net invoiced short and long term lets for the holiday cottages held in the company, excluding value added tax. Turnover is recognised in full on the first day of each holiday let.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% to 25% Straight Line

Fixtures and fittings

-

15% to 25% Straight Line

Motor vehicles

-

25% Straight line

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Development costs

The company has elected to capitalise any development costs that meet the definition of an asset and will generate income for the company in the future. Any Development costs that are on a client assignment and generate revenue will be expense in the profit and loss account.

Grant income

Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 10 ).

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2022

5,489,814

Additions

785

Disposals

(606,599

)

Revaluations

(443,508

)

At 31 March 2023

4,440,492

DEPRECIATION

At 1 April 2022

361,258

Charge for year

17,207

At 31 March 2023

378,465

NET BOOK VALUE

At 31 March 2023

4,062,027

At 31 March 2022

5,128,556

In the opinion of the directors, the accounts value of properties represent their open market value. During the year ended 31 March 2011, some of the investment properties were subject to an independent professional valuation (undertaken by Vickery Holman, firm of surveyors (FRICS)). The remaining properties were valued by the director, Mr S Walsh. The valuations remain in place as at 31 March 2023.

Revaluations have taken place totalling £2,284,648 (2022: £2,728,156). The historical cost of the properties is £1,744,330 (2022: £2,350,929).

Cost or valuation at 31 March 2023 is represented by:

Totals

£

Valuation in 2023

2,284,648

Cost

2,155,844

4,440,492

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST OR VALUATION

At 1 April 2022

and 31 March 2023

21,226

DEPRECIATION

At 1 April 2022

and 31 March 2023

10,612

NET BOOK VALUE

At 31 March 2023

10,614

At 31 March 2022

10,614

6.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

35,840

135,852

Creditors over 5 years are made up of both loans payable by instalments with accruing monthly interest and by loans which have no repayment terms but do have monthly interest charges.

7.

RESERVES

Revaluation

reserve

£

At 1 April 2022

2,534,156

Revaluation of property

(443,508

)

Deferred tax on revalued property

144,000

At 31 March 2023

2,234,648