Sunbeam Property Subsidiary Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08329933 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

SUNBEAM PROPERTY SUBSIDIARY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T J Archard

REGISTERED OFFICE:

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

REGISTERED NUMBER:

08329933 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

FIXED ASSETS

Tangible assets

4

238

380

Investment property

5

420,000

470,000

420,238

470,380

CURRENT ASSETS

Debtors

6

23,970

24,833

Cash at bank

25

20

23,995

24,853

CREDITORS

Amounts falling due within one year

7

64,433

63,365

NET CURRENT LIABILITIES

(40,438

)

(38,512

)

TOTAL ASSETS LESS CURRENT LIABILITIES

379,800

431,868

PROVISIONS FOR LIABILITIES

8

8,541

21,245

NET ASSETS

371,259

410,623

CAPITAL AND RESERVES

Called up share capital

9

1

1

Share premium

283,683

283,683

Revaluation reserve

71,459

108,755

Retained earnings

16,116

18,184

SHAREHOLDERS' FUNDS

371,259

410,623

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 24 November 2017 and were signed by:

T J Archard - Director

1.	STATUTORY INFORMATION

Sunbeam Property Subsidiary 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Revenue is measured at fair value of the consideration received or receivable. Revenue represents amounts

receivable for rents from the letting investment properties.

Revenue from rents receivable from the company's investment properties is recognised for the period that the

rent covers.

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.

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 March 2016

and 28 February 2017

428

DEPRECIATION

At 1 March 2016

48

Charge for year

142

At 28 February 2017

190

NET BOOK VALUE

At 28 February 2017

238

At 29 February 2016

380

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2016

470,000

Revaluations

(50,000

)

At 28 February 2017

420,000

NET BOOK VALUE

At 28 February 2017

420,000

At 29 February 2016

470,000

Fair value at 28 February 2017 is represented by:

£

Valuation in 2015

85,000

Valuation in 2016

45,000

Valuation in 2017

(50,000

)

Cost

340,000

420,000

The investment properties were valued on an open market basis on 28 February 2017 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

23,970

24,833

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

53

-

Amounts owed to group undertakings

61

61

Taxation and social security

-

5,803

Other creditors

64,319

57,501

64,433

63,365

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

8,541

21,245

Deferred

tax

£

Balance at 1 March 2016

21,245

Credit to Income Statement during year

(12,704

)

Balance at 28 February 2017

8,541

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

10.	ULTIMATE PARENT COMPANY

Sunbeam Property Limited is regarded by the director as being the company's ultimate parent company.

Registered office and principal place of business: Pavilion View, 19 New Road, Brighton, East Sussex, BN1 1EY.

11.	FIRST YEAR ADOPTION

The company's date of transition to FRS 102 was 1 March 2015.

The company recognised a deferred tax provision on the date of the transition to FRS 102 of £14,272 which

reduced the net assets. There have been no other significant changes to the accounting policies as a result of

the new financial reporting framework.