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Registration number: 05209236

Star Lettings and Property Management Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Company Information

Directors

Mrs C Khadaroo

Mr S Khadaroo

Company secretary

Mrs C Khadaroo

Registered office

6 Northernhay Place
Exeter
Devon
EX4 3QJ

Bankers

HSBC

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,187

14,437

Tangible assets

5

8,508

9,225

 

17,695

23,662

Current assets

 

Debtors

6

16,526

128,354

Cash at bank and in hand

 

201,259

138,437

 

217,785

266,791

Creditors: Amounts falling due within one year

7

(136,686)

(74,941)

Net current assets

 

81,099

191,850

Total assets less current liabilities

 

98,794

215,512

Provisions for liabilities

(2,127)

(2,306)

Net assets

 

96,667

213,206

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

96,567

213,106

Total equity

 

96,667

213,206

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Balance Sheet as at 31 March 2023

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 Board on 4 October 2023 and signed on its behalf by:
 

.........................................
Mr S Khadaroo
Director

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
6 Northernhay Place
Exeter
Devon
EX4 3QJ

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

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.

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Short leasehold

10% straight line basis

Fixtures and fittings

15% reducing balance basis

Office equipment

33.3% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

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.

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 15).

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

105,000

105,000

At 31 March 2023

105,000

105,000

Amortisation

At 1 April 2022

90,563

90,563

Amortisation charge

5,250

5,250

At 31 March 2023

95,813

95,813

Carrying amount

At 31 March 2023

9,187

9,187

At 31 March 2022

14,437

14,437

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

11,501

50,441

7,024

68,966

Additions

-

1,954

-

1,954

At 31 March 2023

11,501

52,395

7,024

70,920

Depreciation

At 1 April 2022

9,101

43,704

6,936

59,741

Charge for the year

400

2,248

23

2,671

At 31 March 2023

9,501

45,952

6,959

62,412

Carrying amount

At 31 March 2023

2,000

6,443

65

8,508

At 31 March 2022

2,400

6,737

88

9,225

Included within the net book value of land and buildings above is £2,000 (2022 - £2,400) in respect of short leasehold land and buildings.
 

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

2,725

9,985

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

-

2,340

Other debtors

 

7,000

113,882

Prepayments and accrued income

 

6,801

2,147

Total current trade and other debtors

 

16,526

128,354

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

2,617

3,574

Taxation and social security

92,710

70,153

Other creditors

41,359

965

Accrued expenses

-

249

136,686

74,941

8

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mrs C Khadaroo

Director 1 - Interest free loan, repayable on demand

56,941

27,353

(84,294)

-

         
       

Mr S Khadaroo

Director 2 - Interest free loan, repayable on demand

56,941

27,353

(84,294)

-

         
       

 

 

Star Lettings and Property Management Limited
(Registration number: 05209236)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mrs C Khadaroo

Director 1 - Interest free loan, repayable on demand

-

66,471

(9,530)

56,941

         
       

Mr S Khadaroo

Director 2 - Interest free loan, repayable on demand

-

66,471

(9,530)

56,941

         
       

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Star Holdings (Exeter) Limited, incorporated in England and Wales.