Sunflag (U.K.) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01920148 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023

FOR

SUNFLAG (U.K.) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr V B Bhardwaj

Mr U Bhardwaj

REGISTERED OFFICE:

Rays House

North Circular Road

London

NW10 7XP

REGISTERED NUMBER:

01920148 (England and Wales)

BANKERS:

Habib Bank AG Zurich

FIXED ASSETS

Tangible assets

4

9,901

11,918

Investments

5

936,761

994,951

Investment property

6

3,801,426

4,378,675

4,748,088

5,385,544

CURRENT ASSETS

Debtors

7

6,438,023

3,616,065

Cash at bank and in hand

23,278

1,088,466

6,461,301

4,704,531

CREDITORS

Amounts falling due within one year

8

75,522

741,210

NET CURRENT ASSETS

6,385,779

3,963,321

TOTAL ASSETS LESS CURRENT LIABILITIES

11,133,867

9,348,865

CREDITORS

Amounts falling due after more than one year

9

7,430,503

6,078,645

NET ASSETS

3,703,364

3,270,220

CAPITAL AND RESERVES

Called up share capital

10

700,526

700,526

Fair value reserve

11

213,545

451,531

Retained earnings

2,789,293

2,118,163

SHAREHOLDERS' FUNDS

3,703,364

3,270,220

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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.

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 3rd May 2024 and were signed on its behalf by:

Mr U Bhardwaj - Director

1.	STATUTORY INFORMATION

Sunflag (U.K.) 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.

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.

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

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

Rental income

Rental income represents rental income and service charges receivable from letting the investment properties and it is recognised on a straight line basis over the term of the lease or rental agreement.

Investments

Shares in subsidiary undertakings and unlisted investments are stated at cost, less provisions for permanent diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st June 2022

66,407

Additions

386

At 31st May 2023

66,793

DEPRECIATION

At 1st June 2022

54,489

Charge for year

2,403

At 31st May 2023

56,892

NET BOOK VALUE

At 31st May 2023

9,901

At 31st May 2022

11,918

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1st June 2022

171

994,780

994,951

Disposals

-

(58,190

)

(58,190

)

At 31st May 2023

171

936,590

936,761

NET BOOK VALUE

At 31st May 2023

171

936,590

936,761

At 31st May 2022

171

994,780

994,951

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st June 2022

4,378,675

Disposals

(459,542

)

Revaluations

(117,707

)

At 31st May 2023

3,801,426

NET BOOK VALUE

At 31st May 2023

3,801,426

At 31st May 2022

4,378,675

Fair value at 31st May 2023 is represented by:

£

Valuation in 2004

423,900

Valuation in 2011

(47,919

)

Valuation in 2024

(117,707

)

Cost

3,543,152

3,801,426

Investment properties were valued on an open market basis on by the directors .

7.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

86,970

83,734

Other debtors

99,685

226,546

186,655

310,280

Amounts falling due after more than one year:

Amounts owed by group undertakings

5,718,368

2,317,785

Amounts owed by participating interests

483,000

938,000

Other debtors

50,000

50,000

6,251,368

3,305,785

Aggregate amounts

6,438,023

3,616,065

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

22,364

40,698

Taxation and social security

7,668

20,368

Other creditors

45,490

680,144

75,522

741,210

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other creditors

7,430,503

6,078,645

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

350,263

Class 'A' Ordinary shares

£1

700,526

700,526

350,263

Class 'B' Ordinary shares

£1

-

-

700,526

700,526

Class 'A' and Class 'B' ordinary shares have equal voting rights, rights to distribution of profit and distribution on winding up of the company.

11.

RESERVES

Fair

value

reserve

£

At 1st June 2022

333,824

Transfers

(120,279

)

At 31st May 2023

213,545

12.	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.

2023

2022

£

£

i)

Basecourt Properties Limited

Interest receivable

68,754

25,645

Fellow subsidiary undertaking

Management fee receivable

-

-

Balance at the year end :

Loan account receivable

1,270,949

462,195

ii)

Prestvale Properties Limited

Interest receivable

181,829

55,590

Subsidiary undertaking

Balance at the year end :

Loan account receivable

4,447,419

1,855,590

iii)

Maplecross Limited

Loan account eceivable

20,000

-

iv)

Silver Homes (Grove Hill) Limited

Interest receivable

-

-

Balance at the year end :

Loan account receivable

-

40,000

v)

Silver Homes (Seabrook) Limited

Interest receivable

-

-

Balance at the year end :

Loan account receivable

3,736

525,000

vi)

Silver Homes (Sutton Valence) Limited

Balance at the year end :

Loan account receivable

11,554

(67,000)

vii)

Vivasvan Enterprises Limited

Interest payable

30,488

30,220

Balance at the year end :

Loan account payable

6,160,503

6,078,645

viii)

Jordelle Limited

Balance at the year end :

Parent undertaking

Loan account payable

1,250,000

1,200,000

13.	ULTIMATE CONTROLLING PARTY

The company was controlled by Bhardwaj family throughout the current and previous year.

The immediate and ultimate parent undertaking of the group is Jordelle Limited, which is registered in Jersey.