Company Registration No. 06542483 (England and Wales)
SUN GENERATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
SUN GENERATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SUN GENERATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
$US
$US
$US
$US
Fixed assets
Intangible assets
2
26,191
103,373
Investments
3
1,770,943
715,566
Current assets
Debtors falling due after more than one year
5
413,024
426,460
Debtors falling due within one year
5
5,701,365
7,111,574
Cash at bank and in hand
5,639
715,298
6,120,028
8,253,332
Creditors: amounts falling due within one year
6
(8,237,914)
(9,661,377)
Net current liabilities
(2,117,886)
(1,408,045)
Total assets less current liabilities
(320,752)
(589,106)
Capital and reserves
Called up share capital
7
1,462
1,462
Profit and loss reserves
(322,214)
(590,568)
Total equity
(320,752)
(589,106)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 11 July 2018 and are signed on its behalf by:
Mr R Savchenko
Director
Company Registration No. 06542483
SUN GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Sun Generation Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Market House, 10 Market Walk, Saffron Walden, Essex, CB10 1JZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
US Dollars,
which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest $US.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
During the year, the difficult political and economic conditions affecting Ukraine and Russia, which constitute the company's major markets, have continued to depress the company's business, however during the year the company has returned to profit, albeit in part due to exchange gains. The directors continue to seek new markets, and significant growth has been seen within Poland, where the company's subsidiary SG Poland Sp z.o.o operates.
Good relationships continue to be maintained with the company's key suppliers, and taking this into account, plus noting the level of cash available to the business, the directors are confident that the company remains, and will remain, a going concern for the foreseeable future. Accordingly, the accounts are prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
20% per annum straight line
SUN GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SUN GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors,
and
loans that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SUN GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Foreign exchange
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of the transaction. Exchange rate differences are taken into account in arriving at the operating profit.
2
Intangible fixed assets
Other
$US
Cost
At 1 January 2017
1,214,857
Additions
1,453
At 31 December 2017
1,216,310
Amortisation and impairment
At 1 January 2017
1,111,485
Amortisation charged for the year
78,634
At 31 December 2017
1,190,119
Carrying amount
At 31 December 2017
26,191
At 31 December 2016
103,373
3
Fixed asset investments
2017
2016
$US
$US
Investments
1,770,943
715,566
SUN GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
3
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
$US
$US
$US
Cost or valuation
At 1 January 2017
566,582
148,984
715,566
Additions
1,055,377
-
1,055,377
At 31 December 2017
1,621,959
148,984
1,770,943
Carrying amount
At 31 December 2017
1,621,959
148,984
1,770,943
At 31 December 2016
566,582
148,984
715,566
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
SG Poland Sp z.o.o
56/230 Okopowa Street, 01-042 Warsaw, Poland
Wholesale of tea
Ordinary
100.00
Sun Generation B.V.
Resedastraat 6, Leiderdorp, Netherlands
Sports and fitness
Ordinary
100.00
Fortis Health ZBC B.V.
Burgemeester Stramanweg 103, 1101 AA, Amsterdam, Netherlands
Sports and fitness
Ordinary
100.00
Fortis Health B.V.
Sisalbaan 5A, 2352 AZ, Leiderdorp, Netherlands
Sports and fitness
Ordinary
100.00
SUN GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
4
Subsidiaries
(Continued)
- 7 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
$US
$US
SG Poland Sp z.o.o
(392,080)
216,286
Sun Generation B.V.
(276,028)
73,061
Fortis Health ZBC B.V.
(202,412)
(202,412)
Fortis Health B.V.
(190,865)
(194,053)
5
Debtors
2017
2016
Amounts falling due within one year:
$US
$US
Trade debtors
5,540,911
7,048,219
Corporation tax recoverable
17,980
18,653
Other debtors
142,474
44,702
5,701,365
7,111,574
Amounts falling due after more than one year:
Other debtors
366,624
331,460
Deferred tax asset
46,400
95,000
413,024
426,460
Total debtors
6,114,389
7,538,034
6
Creditors: amounts falling due within one year
2017
2016
$US
$US
Trade creditors
8,226,363
9,273,470
Other taxation and social security
-
380,677
Other creditors
11,551
7,230
8,237,914
9,661,377
SUN GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
7
Called up share capital
2017
2016
$US
$US
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1.462 each
1,462
1,462
1,462
1,462
SUN GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 9 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
2017
2016
$US
$US
Entities over which the entity has control, joint control or significant influence
292,706
1,593,955
During the year, the company made sales amounting to $292,706 (2016: $1,593,955) to its subsidiary company, SG Poland Sp z.o.o. These sales were made on similar terms as those offered to other customers of the company. Repayments in the year totalled $1,035,815 of which $574,233 was repaid by the issue of share capital in the company. At 31 December 2017, there was a balance outstanding of $494,344 (2016: $1,030,319).
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
$US
Entities over which the entity has control, joint control or significant influence
366,624
2016
Balance
Amounts owed in previous period
$US
Entities over which the entity has control, joint control or significant influence
331,460
A further loan was advanced during the year to Sun Generation B.V., a further subsidiary company of Sun Generation Limited. Amounts totalling $516,308 (2016: $331,460) were advanced during the year, including interest of $1,139 (2016: $1,032). Repayments totalling $481,144 were made during the year. As at 31 December 2017, the balance outstanding was $366,624 (2016: $331,460). Interest is charged on the loan at 2% over the ECB Base Rate. Under the terms of the agreement, the loan has a duration of 60 months, with no repayments being required within the first year.
During the year, the company has not given, or received any guarantees.
2017-12-31
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CCH Software
CCH Accounts Production 2018.200
No description of principal activity
12 July 2018
Mr D Morkotonov
Mr R Savchenko
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