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REGISTERED NUMBER: 11064341 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Starfish Holiday Cottages Ltd

Starfish Holiday Cottages Ltd (Registered number: 11064341)

Contents of the Financial Statements
for the Year Ended 31 March 2022










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Starfish Holiday Cottages Ltd

Company Information
for the Year Ended 31 March 2022







DIRECTORS: Mr M Bater
Mrs C A Bater





REGISTERED OFFICE: 69 High Street
Bideford
Devon
EX39 2AT





REGISTERED NUMBER: 11064341 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

Starfish Holiday Cottages Ltd (Registered number: 11064341)

Abridged Balance Sheet
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 250,218 247,279
Investment property 6 205,000 195,000
455,218 442,279

CURRENT ASSETS
Stocks 100 -
Debtors 10,318 2,287
Cash at bank 144,465 61,599
154,883 63,886
CREDITORS
Amounts falling due within one year 251,080 244,352
NET CURRENT LIABILITIES (96,197 ) (180,466 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

359,021

261,813

CREDITORS
Amounts falling due after more than one
year

7

(194,936

)

(195,677

)

PROVISIONS FOR LIABILITIES (14,608 ) (12,107 )
NET ASSETS 149,477 54,029

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 10 149,475 54,027
SHAREHOLDERS' FUNDS 149,477 54,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

Starfish Holiday Cottages Ltd (Registered number: 11064341)

Abridged Balance Sheet - continued
31 March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2022 and were signed on its behalf by:




Mr M Bater - Director



Mrs C A Bater - Director


Starfish Holiday Cottages Ltd (Registered number: 11064341)

Notes to the Financial Statements
for the Year Ended 31 March 2022


1. STATUTORY INFORMATION

Starfish Holiday Cottages Ltd 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

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

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 0% straight line on property nil on land
Plant and machinery - 20% straight line
Fixtures and fittings - 20% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

The directors have adopted a policy of depreciating freehold property at a rate of 0% as they believe the expected residual value of each property will be no less than the current market value of each property.

Government grants
Government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Government grants in respect of revenue items are credited to the profit and loss account when they are receivable.

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.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

Starfish Holiday Cottages Ltd (Registered number: 11064341)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Going concern
The company has net current liabilities of £96,197 (2021 - £180,466).

The company is reliant on the continuing financial support of its creditors and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

Starfish Holiday Cottages Ltd (Registered number: 11064341)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2021 266,099
Additions 4,904
At 31 March 2022 271,003
DEPRECIATION
At 1 April 2021 18,820
Charge for year 1,965
At 31 March 2022 20,785
NET BOOK VALUE
At 31 March 2022 250,218
At 31 March 2021 247,279

The directors have adopted a policy of depreciating freehold property at a rate of 0% as they believe the expected residual value of each property will be no less than the current market value of each property. This has been changed from 2% straight line to more accurately reflect the expected useful life of the assets.

As a result of this change the net book value of fixed assets has increased by £5,224 and the depreciation charge for the year has decreased by £5,224.


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 195,000
Revaluations 10,000
At 31 March 2022 205,000
NET BOOK VALUE
At 31 March 2022 205,000
At 31 March 2021 195,000

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2021 3,771
Valuation in 2022 10,000
Cost 191,229
205,000

Starfish Holiday Cottages Ltd (Registered number: 11064341)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


6. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 191,229 191,229

The leasehold investment property was valued on an open market basis at the balance sheet date.

The investment property is accounted for at fair value on an on-going basis.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2022 2021
£    £   
Repayable otherwise than by instalments
Bank loans due after 5 years 179,010 179,010

Repayable by instalments
Bank loans due after 5 years 7,037 667

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 179,010 179,010

Bank loans and overdrafts are secured by fixed and floating charges over the company's assets.

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
2 Ordinary £1 2 2

10. RESERVES

Included in retained earnings is £11,155 (2021 - £3,055) of profits which are not available for distribution as they are unrealised.