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Registered number: 06172311










NORTHSTAR CONSULTANCY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

 
NORTHSTAR CONSULTANCY LIMITED
 

COMPANY INFORMATION


Director
Mr R Brown 




Company secretary
Mr R Brown



Registered number
06172311



Registered office
78 York Street

London

W1H 1DP




Accountants
EQ Accountants LLP
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
NORTHSTAR CONSULTANCY LIMITED
REGISTERED NUMBER: 06172311

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
£
£

Fixed assets
  

Tangible assets
 4 
840
1,252

Investments
 5 
55
130

  
895
1,382

Current assets
  

Debtors
 6 
828,531
742,689

Cash at bank and in hand
  
503,152
79,484

  
1,331,683
822,173

Creditors: amounts falling due within one year
 7 
(743,706)
(484,076)

Net current assets
  
 
 
587,977
 
 
338,097

Total assets less current liabilities
  
588,872
339,479

Provisions for liabilities
  

Deferred tax
  
(159)
(237)

  
 
 
(159)
 
 
(237)

Net assets
  
588,713
339,242


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
588,613
339,142

  
588,713
339,242


Page 1

 
NORTHSTAR CONSULTANCY LIMITED
REGISTERED NUMBER: 06172311

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R Brown
Director

Date: 31 August 2022

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
NORTHSTAR CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Northstar Consultancy Limited is a private company, limited by shares and incorporated in England, registration number 06172311.  The registered office is 78 York Street, London, W1H 1DP. The business address is 31/35 Kirby Street, London, EC1N 8TE.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in preparation of these financial statements are set out below.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Consolidation

In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
NORTHSTAR CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
NORTHSTAR CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
NORTHSTAR CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2021 - 9).

Page 6

 
NORTHSTAR CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2021
7,164


Additions
3



At 31 March 2022

7,167



Depreciation


At 1 April 2021
5,912


Charge for the year on owned assets
415



At 31 March 2022

6,327



Net book value



At 31 March 2022
840



At 31 March 2021
1,252


5.


Fixed asset investments





Shares in group undertakings

£



Cost or valuation


At 1 April 2021
130


Impairment
(75)



At 31 March 2022
55




The company owns 75% of the issued share capital of Air Rail News Ltd.
An application to strike Air Rail News Ltd off has been submitted. At the balance sheet date the investment has been written down to NIL to refect this. 
The company owns 100% of an Australian company, North Star Railway Operations Pty Limited.

Page 7

 
NORTHSTAR CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Debtors


2022
2021
£
£

Trade debtors
441,745
407,718

Amounts owed by group undertakings
350,471
313,340

Other debtors
25,461
11,095

Prepayments and accrued income
10,854
10,536

828,531
742,689


Included within debtors is a director's loan balance of £21,461 (2021-£10,633) due from Richard Brown. Interest was charged at HM Revenue and Customs offical rates. The loan was repaid in April 2022.


7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
177,893
132,098

Other taxation and social security
135,749
92,064

Other creditors
424,407
254,903

Accruals and deferred income
5,657
5,011

743,706
484,076



8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100



9.


Commitments under operating leases

At 31 March 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
38,300
35,120

38,300
35,120

Page 8

 
NORTHSTAR CONSULTANCY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

10.


Related party transactions

The director Mr Richard Brown controls a company in the United Arab Emirates. At the balance sheet date, included within creditors due within one year is a balance of £421,211 due from Northstar Consultancy Limited (2021 - £252,497 ). The loan does not incur interest.
 
Included within debtors due within one year is a loan balance due to the company from Air Rail News Ltd of NIL  (2021 - £43,358). The loan does not incur interest. The loan less the value of assets transferred from Air Rail News Ltd was written off in 2022.
Included within debtors due within one year is a loan balance due to the company from North Star Railway Operations Consultancy Pty Limited of £350,471  (2021 - £267,982). The loan does not incur interest. 


11.


Controlling party

The company was under the control of Mr Richard Brown throughout the current and previous year.


Page 9