Sunny Banks Estates Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00932388 (England and Wales)

SUNNY BANKS ESTATES LIMITED

T/A

CRYLLA VALLEY

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

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

5,010,428

5,007,412

CURRENT ASSETS

Stocks

1,100

1,100

Debtors

557

200

Cash at bank and in hand

87,270

61,059

88,927

62,359

CREDITORS

Amounts falling due within one year

580,361

637,552

NET CURRENT LIABILITIES

(491,434

)

(575,193

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,518,994

4,432,219

CREDITORS

Amounts falling due after more than one year

6

(387,823

)

(454,616

)

PROVISIONS FOR LIABILITIES

(56,000

)

(68,000

)

NET ASSETS

4,075,171

3,909,603

CAPITAL AND RESERVES

Called up share capital

375

375

Revaluation reserve

8

2,776,142

2,764,142

Retained earnings

1,298,654

1,145,086

SHAREHOLDERS' FUNDS

4,075,171

3,909,603

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 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 on 4 December 2017 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 (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

This is the first year FRS 102 Section 1A has been applied. There has been no impact of applying Financial Reporting

Standard 102.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied, to all the years presented, unless otherwise stated.

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.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of

deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of

a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting

date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the

transaction that resulted in the tax expense (income).

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

5,324,254

Additions

5,596

At 31 March 2017

5,329,850

DEPRECIATION

At 1 April 2016

316,842

Charge for year

2,580

At 31 March 2017

319,422

NET BOOK VALUE

At 31 March 2017

5,010,428

At 31 March 2016

5,007,412

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2017

2016

£

£

Repayable by instalments

Bank loans

131,817

191,776

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

454,074

520,326

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.

8.

RESERVES

Revaluation

reserve

£

At 1 April 2016

2,764,142

Deferred tax on revalued property

12,000

At 31 March 2017

2,776,142

9.	RELATED PARTY DISCLOSURES

Guarantees

The bank has a cross guarantee and debenture between Sunnybanks Homes (SW) Limited, its holding company, Buckclose

Limited, and its fellow subsidiary company, Crylla Valley Developments Limited.

Furthermore Crylla Valley Developments Limited has given an unlimited guarantee to the bank in favour of Sunny Banks

Estates Limited.