Abbreviated Company Accounts - SUNRISE (UK) PROPERTIES LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents revenue recognised by the company in respect of rental income received during the year, exclusive of Value Added Tax and trade discounts.

Other accounting policies
Going concern
"The profit and loss account shows a loss for the year of £249,569 (2015 £175,338). At the balance sheet date the company had indebtedness to its parent company, Sunrise Global SA, of £6,265,207 (2015 £6,170,222). 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 The financial statements do not include any adjustments that would result should this support be withdrawn."

Investment properties
Investment properties are included in the balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.