Company registration number 10514348 (England and Wales)
BRIGHT STAR LETTINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BRIGHT STAR LETTINGS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BRIGHT STAR LETTINGS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,820
2,207
Current assets
Debtors
4
520
4,103
Cash at bank and in hand
4,812
6,997
5,332
11,100
Creditors: amounts falling due within one year
5
(7,016)
(9,255)
Net current (liabilities)/assets
(1,684)
1,845
Total assets less current liabilities
136
4,052
Creditors: amounts falling due after more than one year
6
(6,227)
(7,950)
Net liabilities
(6,091)
(3,898)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(6,092)
(3,899)
Total equity
(6,091)
(3,898)
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 2021 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.
The members have 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.
BRIGHT STAR LETTINGS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
Mr A D Coleman
Mrs S Coleman
Director
Director
Company Registration No. 10514348
BRIGHT STAR LETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Bright Star Lettings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Steam Shop, Pottery Road, Bovey Tracey, Devon, TQ13 9TZ.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end date the company's balance sheet reflected a net liabilities position. The company is reliant on the financial support of the directors in order to meet its day to day working capital requirements. The directors expect that financial support to be ongoing for the foreseeable future and therefore consider it appropriate to prepare these financial statements on a going concern basis.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% per annum on cost
Computers
15% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
BRIGHT STAR LETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
BRIGHT STAR LETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021 and 31 December 2021
2,558
Depreciation and impairment
At 1 January 2021
351
Depreciation charged in the year
387
At 31 December 2021
738
Carrying amount
At 31 December 2021
1,820
At 31 December 2020
2,207
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
520
4,103
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
1,740
1,050
Taxation and social security
241
1,480
Other creditors
5,035
6,725
7,016
9,255
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
6,227
7,950
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
750
BRIGHT STAR LETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
7
Called up share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1