| Sunrise UK Properties Ltd |
| Registered number: |
07363781 |
| Balance Sheet |
| as at 30 September 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
15,000,000 |
|
|
15,000,000 |
|
| Current assets |
| Debtors |
4 |
|
13,662 |
|
|
47,174 |
| Cash at bank and in hand |
|
|
176,876 |
|
|
176,130 |
|
|
|
190,538 |
|
|
223,304 |
|
| Creditors: amounts falling due within one year |
5 |
|
(55,151) |
|
|
(120,573) |
|
| Net current assets |
|
|
|
135,387 |
|
|
102,731 |
|
| Total assets less current liabilities |
|
|
|
15,135,387 |
|
|
15,102,731 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(12,523,937) |
|
|
(12,478,592) |
|
| Provisions for liabilities |
|
|
|
(743,638) |
|
|
(743,638) |
|
| Net assets |
|
|
|
1,867,812 |
|
|
1,880,501 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Fair value reserve |
7 |
|
|
3,170,247 |
|
|
3,170,247 |
| Profit and loss account |
|
|
|
(1,302,535) |
|
|
(1,289,846) |
|
| Shareholders' funds |
|
|
|
1,867,812 |
|
|
1,880,501 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Craig T Gibson |
| Director |
| Approved by the board on 29 March 2019 |
|
| Sunrise UK Properties Ltd |
| Notes to the Accounts |
| for the year ended 30 September 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going concern |
|
The profit and loss account shows a loss for the year of £12,689 (2017 £73,986). At the balance sheet date the company had indebtedness to its parent company, Sunrise Global SA, of £6,358,937 (2017 £6,313,592).
The director understands the company will receive continuing support from its parent, and on that basis the accounts have been prepared on the going concern basis. The financial statements do not include any adjustments that would result should this support be withdrawn. |
|
|
Turnover |
|
Turnover represents revenue recognised by the company in respect of rental income received during the year, exclusive of Value Added Tax and trade discounts. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
|
|
|
|
|
|
Land and buildings |
|
Total |
| £ |
£ |
|
Cost |
|
At 1 October 2017 |
15,000,000 |
|
15,000,000 |
|
At 30 September 2018 |
15,000,000 |
|
15,000,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2018 |
15,000,000 |
|
15,000,000 |
|
At 30 September 2017 |
15,000,000 |
|
15,000,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2018 |
|
2017 |
| £ |
£ |
|
Historical cost |
11,086,115 |
|
11,086,115 |
|
|
|
|
|
|
|
|
|
|
The asset has been revalued in the reporting period and remains at £15,000.000. |
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Other debtors |
13,662 |
|
47,174 |
|
|
|
|
|
|
13,662 |
|
47,174 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors |
6,957 |
|
68,500 |
|
Other creditors |
48,194 |
|
52,073 |
|
|
|
|
|
|
55,151 |
|
120,573 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans |
6,165,000 |
|
6,165,000 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
6,358,937 |
|
6,313,592 |
|
|
|
|
|
|
12,523,937 |
|
12,478,592 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
6,165,000 |
|
6,165,000 |
|
|
|
|
|
|
|
|
|
|
Bank loans totalling £6,165,000 falling due after more than one year are secured by a standard security over the company's investment property. |
|
|
| 7 |
Fair value reserve |
2018 |
|
2017 |
| £ |
£ |
|
|
At 1 October 2017 |
3,170,247 |
|
3,913,885 |
|
Gain on revaluation of land and buildings |
- |
|
- |
|
Deferred taxation arising on the revaluation of land and buildings |
(743,638) |
|
|
At 30 September 2018 |
3,170,247 |
|
3,170,247 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
During the year the company purchased services from AGL Financial Group Ltd of £133,029 (2017 £131,685). |
|
|
The balances due to/(from) related parties at the year end were: |
|
|
|
|
|
|
|
2018 |
|
2017 |
| £ |
£ |
|
|
Sunrise Global SA |
|
|
|
|
6,313,592 |
|
6,265,207 |
|
AGL Financial Group Ltd |
|
|
|
|
- |
|
17,822 |
|
|
|
|
|
|
|
|
|
|
Sunrise Global SA is the company's ultimate parent. |
|
|
AGL Financial Group Ltd is a company related by common directorship. |
|
|
| 9 |
Controlling party |
|
|
The company's immediate parent is SG Real Estate SA, a company incorporated in Luxembourg. |
|
|
The company's ultimate parent is Sunrise Global SA, A company incorporated in Luxembourg. |
|
|
The ultimate controlling party of Sunrise (UK) Properties Limited is Dr Valentin Argirov. |
|
|
| 10 |
Other information |
|
|
Sunrise UK Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
1st Floor |
|
2 Woodberry Grove |
|
North Finchley |
|
London |
|
N12 0DR |
