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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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SUSSEX RESEARCH LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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for |
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SUSSEX RESEARCH LIMITED |
SUSSEX RESEARCH LIMITED (REGISTERED NUMBER: 04265494) |
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Contents of the Financial Statements |
for the year ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SUSSEX RESEARCH LIMITED |
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Company Information |
for the year ended 31 March 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
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BANKERS: |
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London Chief Office Branch |
PO Box 1000 |
Edinburgh |
BX2 1LB |
SUSSEX RESEARCH LIMITED (REGISTERED NUMBER: 04265494) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
SUSSEX RESEARCH LIMITED (REGISTERED NUMBER: 04265494) |
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Balance Sheet - continued |
31 March 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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SUSSEX RESEARCH LIMITED (REGISTERED NUMBER: 04265494) |
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Notes to the Financial Statements |
for the year ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Sussex Research Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Sussex Research Limited as an individual company and do |
not contain consolidated financial information as the parent of a group. The company is exempt under Section |
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates and |
these 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 if the revision affects only that period, or in the |
period of the revision and future periods if the revision affects both current and future periods. |
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The items in the financial statements where these judgements and estimates have been made include the useful |
economic life of tangible fixed assets, the depreciation and amortisation of these assets, provisions, investments, |
and the recoverability of debtors. |
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Income recognition |
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts, and is recognised as follows: |
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Sales of fixed assets: on completion of the transaction. |
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Dividend income: on receipt. |
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Loan interest receivable: in period due. |
SUSSEX RESEARCH LIMITED (REGISTERED NUMBER: 04265494) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets held for the Company's own use are stated at cost less accumulated depreciation and |
accumulated impairment losses. |
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Depreciation is provided at the following annual rate in order to write off each asset over its useful life or, if held |
under a finance lease, over the lease term, whichever is the shorter. |
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Computer equipment | - | straight line over 3 years |
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Impairment review |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is |
any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable |
amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not |
possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the |
cash-generating unit to which the asset belongs. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities such as trade and other debtors and creditors, bank loans, third party loans, related party |
loans and investments in non-puttable shares. |
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For financial assets measured at amortise cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original |
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any |
impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an asset's carrying amount and best estimate, which is an approximation of the amount that the company would |
receive for the asset if it were to be sold at the balance sheet date. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
SUSSEX RESEARCH LIMITED (REGISTERED NUMBER: 04265494) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in existence for |
the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its |
financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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SUSSEX RESEARCH LIMITED (REGISTERED NUMBER: 04265494) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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5,027,132 |
Disposals |
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( |
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At 31 March 2019 |
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4,694,887 |
NET BOOK VALUE |
At 31 March 2019 |
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4,694,887 |
At 31 March 2018 |
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5,027,132 |
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6. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
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SUSSEX RESEARCH LIMITED (REGISTERED NUMBER: 04265494) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2019 |
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9. | RELATED PARTY DISCLOSURES |
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Sussex Development Services LLP (SDS) |
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The company was a member of SDS throughout the period. |
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At 31 March 2019 the following balances subsisted: |
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1) Trade debtor - £80,772 (2018 - £80,772). |
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2) Other debtor - £395,692 (2018 - £377,509). |
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DMWSL 735 Ltd |
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S W Newton, director, was the controlling shareholder of DMWSL 735 Ltd throughout the period. |
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At 31 March 2019 the following balance subsisted: Creditor - £90,000 (2018 - £nil). |
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S W Newton, director |
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At 31 March 2019 the following balance subsisted: Creditor - £1,370,295 (2018 - £nil). |