UK Visitor Visa

I need to visit uk, I am a new Permanent resident of canada (Indian passport) , but no job no big bank balance. But I have a good sponsor in uk who is ready to pay for the trip.

My concern is if somebody in UK is ready to sponsor me, paying for my trip and all the other expenses (Including Airfare) , Do I still have to show my financial position to embassy ??

And what are the chances of getting visa ??
And what kind of documents I need from my sponsor and myself ??

I know this is a canadian forum but this has helped me lot in getting Canada PR. So may be somebody know the answers of my question.
Thanks in Advance