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REGISTERED NUMBER: 07125694 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ONWARD STAR LIMITED

ONWARD STAR LIMITED (REGISTERED NUMBER: 07125694)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ONWARD STAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M P Sayer
P I Sayer





REGISTERED OFFICE: Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ





REGISTERED NUMBER: 07125694 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

ONWARD STAR LIMITED (REGISTERED NUMBER: 07125694)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,325,100 1,338,658
1,325,100 1,338,658

CURRENT ASSETS
Debtors 6 2,543 41,131
Cash at bank 119,869 105,991
122,412 147,122
CREDITORS
Amounts falling due within one year 7 358,781 404,110
NET CURRENT LIABILITIES (236,369 ) (256,988 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,088,731

1,081,670

CREDITORS
Amounts falling due after more than one
year

8

(371,051

)

(472,347

)

PROVISIONS FOR LIABILITIES (252,024 ) (168,794 )
NET ASSETS 465,656 440,529

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 465,556 440,429
SHAREHOLDERS' FUNDS 465,656 440,529

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

ONWARD STAR LIMITED (REGISTERED NUMBER: 07125694)

BALANCE SHEET - continued
31 MARCH 2023


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

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 28 September 2023 and were signed on its behalf by:





M P Sayer - Director


ONWARD STAR LIMITED (REGISTERED NUMBER: 07125694)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Onward Star Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover relates to fishing income excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and at varying rates on cost

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

ONWARD STAR LIMITED (REGISTERED NUMBER: 07125694)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 20,000
AMORTISATION
At 1 April 2022
and 31 March 2023 20,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 1,443,140
Additions 30,884
At 31 March 2023 1,474,024
DEPRECIATION
At 1 April 2022 104,482
Charge for year 44,442
At 31 March 2023 148,924
NET BOOK VALUE
At 31 March 2023 1,325,100
At 31 March 2022 1,338,658

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 2,543 41,131

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 53,665 53,665
Trade creditors 624 22,059
Taxation and social security 177 251
Other creditors 304,315 328,135
358,781 404,110

ONWARD STAR LIMITED (REGISTERED NUMBER: 07125694)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 371,051 472,347

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 156,390 257,686

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 424,716 526,012

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100