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Registration number: 07298431

Star Commercials Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 25 December 2021

 

Star Commercials Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Star Commercials Ltd

(Registration number: 07298431)
Balance Sheet as at 25 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

422,179

286,066

Current assets

 

Stocks

5

24,394

11,064

Debtors

6

549,649

416,831

Cash at bank and in hand

 

189,861

52,848

 

763,904

480,743

Creditors: Amounts falling due within one year

7

(892,411)

(538,914)

Net current liabilities

 

(128,507)

(58,171)

Total assets less current liabilities

 

293,672

227,895

Creditors: Amounts falling due after more than one year

7

(129,015)

(127,402)

Provisions for liabilities

(66,918)

(45,862)

Net assets

 

97,739

54,631

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

97,639

54,531

Shareholders' funds

 

97,739

54,631

For the financial year ending 25 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 July 2022
 

 

Star Commercials Ltd

(Registration number: 07298431)
Balance Sheet as at 25 December 2021

.........................................
Mr D A Longley
Director

 

Star Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 25 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Inglemoor Farm
Goole Road
Moorends
Doncaster
South Yorkshire
DN8 4JY

These financial statements were authorised for issue by the director on 6 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Star Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 25 December 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Leasehold improvements

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Star Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 25 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Star Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 25 December 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2020 - 14).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 26 December 2020

24,734

346,584

133,835

505,153

Additions

9,310

66,646

151,667

227,623

Disposals

-

-

(6,000)

(6,000)

At 25 December 2021

34,044

413,230

279,502

726,776

Depreciation

At 26 December 2020

3,835

132,093

83,159

219,087

Charge for the year

3,405

33,019

49,086

85,510

At 25 December 2021

7,240

165,112

132,245

304,597

Carrying amount

At 25 December 2021

26,804

248,118

147,257

422,179

At 25 December 2020

20,899

214,491

50,676

286,066

Included within the net book value of land and buildings above is £26,804 (2020 - £20,899) in respect of short leasehold land and buildings.
 

5

Stocks

 

Star Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 25 December 2021

2021
£

2020
£

Work in progress

11,894

4,064

Other inventories

12,500

7,000

24,394

11,064

6

Debtors

2021
£

2020
£

Trade debtors

406,513

295,604

Other debtors

138,763

114,216

Prepayments

4,373

7,011

549,649

416,831

 

Star Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 25 December 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

134,785

130,252

Trade creditors

 

321,043

183,557

Taxation and social security

 

245,131

189,558

Income tax liability

 

18,479

16,942

Other creditors

 

168,127

10,874

Accrued expenses

 

4,846

7,731

 

892,411

538,914

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

129,015

127,402

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

36,558

44,495

Hire purchase contracts

51,291

14,928

Other borrowings

41,166

67,979

129,015

127,402

2021
£

2020
£

Current loans and borrowings

Bank borrowings

9,648

5,505

Hire purchase contracts

9,158

2,681

Other borrowings

115,979

122,066

134,785

130,252

 

Star Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 25 December 2021

9

Related party transactions

Loans to related parties

2021

Key management
£

Total
£

At start of period

73,877

73,877

Repaid

(9,332)

(9,332)

Interest transactions

1,540

1,540

At end of period

66,085

66,085

2020

Key management
£

Total
£

At start of period

49,219

49,219

Advanced

23,352

23,352

Interest transactions

1,306

1,306

At end of period

73,877

73,877