1 March 2022 v2023.22.2 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP100151042022-03-012023-02-28100151042023-02-28100151042022-02-2810015104core:WithinOneYear2023-02-2810015104core:WithinOneYear2022-02-2810015104core:ShareCapital2023-02-2810015104core:ShareCapital2022-02-2810015104core:RetainedEarningsAccumulatedLosses2023-02-2810015104core:RetainedEarningsAccumulatedLosses2022-02-2810015104bus:Director12022-03-012023-02-2810015104core:OtherResidualIntangibleAssets2022-03-012023-02-2810015104core:OfficeEquipment2022-03-012023-02-28100151042021-03-012022-02-2810015104core:IntangibleAssetsOtherThanGoodwill2023-02-2810015104core:LandBuildings2023-02-2810015104core:PlantMachinery2023-02-2810015104core:PlantMachinery2022-03-01100151042022-03-0110015104core:PlantMachinery2022-03-012023-02-2810015104core:LandBuildings2022-02-2810015104core:PlantMachinery2022-02-281001510412022-03-012023-02-2810015104countries:EnglandWales2022-03-012023-02-2810015104bus:AuditExemptWithAccountantsReport2022-03-012023-02-2810015104bus:PrivateLimitedCompanyLtd2022-03-012023-02-2810015104bus:SmallEntities2022-03-012023-02-2810015104bus:FullAccounts2022-03-012023-02-28
Company registration number:
10015104
Binary Stars It Services Ltd
Unaudited Filleted Financial Statements for the year ended
28 February 2023
Binary Stars It Services Ltd
Statement of Financial Position
28 February 2023
20232022
Note££
Fixed assets    
Tangible assets 6
17,405
 
17,960
 
Current assets    
Stocks
66
 
66
 
Debtors 7
16,890
 
9,612
 
Cash at bank and in hand
23,198
 
32,926
 
40,154
 
42,604
 
Creditors: amounts falling due within one year 8
(38,137
)
(44,544
)
Net current assets/(liabilities)
2,017
 
(1,940
)
Total assets less current liabilities 19,422   16,020  
Capital and reserves    
Called up share capital
4
 
4
 
Profit and loss account
19,418
 
16,016
 
Shareholders funds
19,422
 
16,020
 
For the year ending
28 February 2023
, 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
14 July 2023
, and are signed on behalf of the board by:
I Watson
Director
Company registration number:
10015104
Binary Stars It Services Ltd
Notes to the Financial Statements
Year ended
28 February 2023

1 General information

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets
25% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 March 2022
and
28 February 2023
400
 
Amortisation  
At
1 March 2022
and
28 February 2023
400
 
Carrying amount  
At
28 February 2023
-  
At 28 February 2022 -  

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 March 2022
and
28 February 2023
15,742
 
8,368
 
24,110
 
Depreciation      
At
1 March 2022
-  
6,150
 
6,150
 
Charge -  
555
 
555
 
At
28 February 2023
-  
6,705
 
6,705
 
Carrying amount      
At
28 February 2023
15,742
 
1,663
 
17,405
 
At 28 February 2022
15,742
 
2,218
 
17,960
 

7 Debtors

20232022
££
Trade debtors
16,440
 
9,529
 
Other debtors
450
 
83
 
16,890
 
9,612
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
4,533
 
7,733
 
Trade creditors
3,937
 
2,970
 
Taxation and social security
14,860
 
16,116
 
Other creditors
14,807
 
17,725
 
38,137
 
44,544