Sunmount Properties Limited Filleted accounts for Companies House (small and micro)

SUNMOUNT PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04246185

Sunmount Properties Limited

Filleted Unaudited Financial Statements

31 July 2021

Sunmount Properties Limited

Statement of Financial Position

31 July 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	6	13,216,403	11,254,589

Current assets

Debtors	7	334,649	405,989
Cash at bank and in hand		85,994	69,486
		---------	---------
		420,643	475,475

Creditors: amounts falling due within one year	8	297,859	291,114
		---------	---------
Net current assets		122,784	184,361
		-------------	-------------
Total assets less current liabilities		13,339,187	11,438,950

Creditors: amounts falling due after more than one year	9	458,930	973,884

Provisions	1,817,734	861,390
	-------------	-------------
Net assets	11,062,523	9,603,676
	-------------	-------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	11,062,521	9,603,674
	-------------	------------
Shareholders funds	11,062,523	9,603,676
	-------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Sunmount Properties Limited

Statement of Financial Position (continued)

31 July 2021

These financial statements were approved by the board of directors and authorised for issue on 11 January 2022 , and are signed on behalf of the board by:

Mr S W Buxton

Director

Company registration number: 04246185

Sunmount Properties Limited

Notes to the Financial Statements

Year ended 31 July 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Gleneagles Court, Brighton Road, Crawley, West Sussex, RH10 6AD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of W&R Buxton Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental charges to external customers, stated net of discounts and of Value Added Tax. Rental charges invoiced in advance are treated as deferred income.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.

Tangible assets

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).

5. Tax on profit

Major components of tax expense

	2021	2020
	£	£

Current tax:

UK current tax expense	102,906	51,785
Adjustments in respect of prior periods	–	( 441)
	---------	--------
Total current tax	102,906	51,344
	---------	--------

Deferred tax:

Origination and reversal of timing differences	956,344	15,024
	------------	--------
Tax on profit	1,059,250	66,368
	------------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2020: lower than) the standard rate of corporation tax in the UK of 19 % (2020: 19 %).

	2021	2020
	£	£
Profit on ordinary activities before taxation	2,518,097	366,216
	------------	---------
Profit on ordinary activities by rate of tax	478,438	69,581
Adjustment to tax charge in respect of prior periods	–	( 441)
Effect of expenses not deductible for tax purposes	1	4
Effect of capital allowances and depreciation	7,161	( 14,914)
Effect of revenue exempt from tax	( 380,000)	–
Utilisation of tax losses	( 2,694)	( 2,886)
Other timing differences	956,344	15,024
	------------	---------
Tax on profit	1,059,250	66,368
	------------	---------

6. Tangible assets

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 August 2020	11,000,000	534,780	11,534,780
Revaluations	2,000,000	–	2,000,000
	-------------	---------	-------------
At 31 July 2021	13,000,000	534,780	13,534,780
	-------------	---------	-------------
Depreciation
At 1 August 2020	–	280,191	280,191
Charge for the year	–	38,186	38,186
	-------------	---------	-------------
At 31 July 2021	–	318,377	318,377
	-------------	---------	-------------
Carrying amount
At 31 July 2021	13,000,000	216,403	13,216,403
	-------------	---------	-------------
At 31 July 2020	11,000,000	254,589	11,254,589
	-------------	---------	-------------

Tangible assets held at valuation

The investment property is stated at a revalued amount based on the directors assessment of fair value as at 31 July 2021 . No independent valuer was involved in this assessment. The directors have reviewed both rental yields and local sales data in arriving at these revalued amounts. An adjustment in the period has been reflected in the profit and loss account for the increase in value for the year. On a historical cost basis these would have been included at an original cost of £ 3,904,209 .

7. Debtors

	2021	2020
	£	£
Trade debtors	6,819	18,648
Other debtors	327,830	387,341
	---------	---------
	334,649	405,989
	---------	---------

The debtors above include the following amounts falling due after more than one year:

	2021	2020
	£	£
Other debtors	192,000	192,000
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	123,664	133,371
Corporation tax	102,906	51,785
Social security and other taxes	4,447	4,388
Other creditors	66,842	101,570
	---------	---------
	297,859	291,114
	---------	---------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	458,930	973,884
	---------	---------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2021	2020
	£	£
Included in provisions	1,817,734	861,390
	------------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2021	2020
	£	£
Accelerated capital allowances	53,535	47,847
Fair value adjustment of investment property	1,764,352	813,658
Unused tax losses	( 153)	( 115)
	------------	---------
	1,817,734	861,390
	------------	---------

11. Contingencies

The company is party to group guarantees provided to Nationwide Building Society in respect of borrowings within the parent company, W & R Buxton Holdings Limited.

12. Related party transactions

The company is a wholly owned subsidiary of W & R Buxton Holdings Limited and has taken advantage of the exemption available in accordance with FRS102 not to disclose transactions with W & R Buxton Holdings Limited or other wholly owned subsidiaries within the group.

13. Controlling party

The company is a subsidiary of W & R Buxton Holdings Limited which is the ultimate parent company incorporated in England and Wales. The largest and smallest group in which the results of the company are consolidated is that headed by W & R Buxton Holdings Limited, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House. No other group accounts include the results of the company. In the opinion of the directors there is no ultimate controlling party.