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SUNSHINE PARTNERS LIMITED
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DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
PAGES FOR FILING WITH THE REGISTRAR
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FOR THE YEAR ENDED 31 DECEMBER 2016
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Company Registration No. 07745370 (England and Wales)
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SUNSHINE PARTNERS LIMITED
REGISTERED NUMBER:07745370
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BALANCE SHEET
AS AT 31 DECEMBER 2016
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
G Simeloff
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1
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SUNSHINE PARTNERS LIMITED
REGISTERED NUMBER:07745370
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2016
The notes on pages 3 to 9 form part of these financial statements.
2
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SUNSHINE PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
Sunshine Partners Limited is a private limited company incorporated in England & Wales. Its principal place of business is 1st Floor, 8 Shepherdess Walk, London, N1 7LB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
·the amount of revenue can be measured reliably;
·it is probable that the company will receive the consideration due under the contract;
·the stage of completion of the contract at the end of the reporting period can be measured reliably; and
·the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
3
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SUNSHINE PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
4
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SUNSHINE PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
2.Accounting policies (continued)
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.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.
5
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SUNSHINE PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
2.Accounting policies (continued)
Defined contribution pension plan
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Interest income is recognised in the Statement of income and retained earnings using the effective interest method.
All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.
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The average monthly number of employees, including directors, during the year was 27 (2015 - 26).
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6
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SUNSHINE PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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Short-term leasehold property
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Based on these financial statements no provision has been made for corporation tax. The company has estimated losses of £297,961 available to carry forward against future trading profits. No deferred tax asset has been recognised in respect of these losses as there is uncertainty over their future utilisation.
7
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SUNSHINE PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
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Shares classified as equity
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Allotted, called up and fully paid
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1,285 Ordinary shares of £1 each
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8
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SUNSHINE PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
The company contributes to a number of defined contribution pension schemes. The assets of the schemes are held separately from those of the company in an independently administered funds. The pension cost charge represents contributions payable by the company to the funds. Contributions payable by the company for the year totalling £21,809 (2015: £21,285).
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Related party transactions
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During the period, Sunshine Partners Limited paid expenses on behalf of its fellow group subsidiaries totalling £535,486 (2015: £396,495) and made transfers totalling £303,514 (2015: £8,000). The fellow group subsidiaries made repayments totalling £807,456 (2015: £322,441) and paid expenses on behalf of Sunshine Partners Limited totalling £120,380 (2015: £8,381). Sunshine Partners Limited made management charges totalling £116,000 (2015: £60,000) and was charged commissions totalling £540,000 (2015: £Nil) from its fellow group subsidiaries. At the balance sheet date the fellow group subsidiaries owed Sunshine Partners Limited £203,673 (2015: £133,673).
During the year, Sunshine Partners Limited purchased services totalling £523,139 plus VAT (2015: £568,297) from its subsidiaries and repaid £642,919 (2015: £428,597) plus VAT. As at the balance sheet date £19,920 (2015: £139,700) plus VAT was outstanding in trade creditors.
During the year Sunshine Partners Limited paid expenses totalling £68,983 (2015: £19,068) on behalf of its directors. Sunshine Partners Limited received £127,800 (2015: £Nil) from the directors and accrued bonus of £Nil (2015: £75,000). As at the balance sheet date Sunshine Partners Limited owed £68,925 (2015: £45,932) to the directors.
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First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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9
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