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COMPANY REGISTRATION NUMBER: 04796424
STARLING PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 March 2023
STARLING PROPERTIES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Page
Officers and professional advisers 1
Director's report 2
Chartered accountants report to the director on the
preparation of the unaudited statutory financial statements 3
Profit and loss account 4
Balance sheet 5
Statement of changes in shareholders funds 6
Notes to the financial statements 7
STARLING PROPERTIES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
A J Skvortsov
Registered office
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
Accountants
Wheawill & Sudworth Limited
Chartered Accountants
35 Westgate
Huddersfield
HD1 1PA
Bankers
Santander UK plc
Bridle Road
Bootle
Liverpool
Merseyside
L30 4GB
STARLING PROPERTIES LIMITED
DIRECTOR'S REPORT
YEAR ENDED 31 MARCH 2023
The director presents her report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Principal activities
The principal activity of the company during the year was property investment.
Director
The director who served the company during the year was as follows:
A J Skvortsov
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 October 2023 and signed on behalf of the board by:
A J Skvortsov
Director
STARLING PROPERTIES LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STARLING PROPERTIES LIMITED
YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Starling Properties Limited for the year ended 31 March 2023, which comprise the profit and loss account, balance sheet, statement of changes in shareholders funds and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Starling Properties Limited in accordance with the terms of our engagement letter dated 23 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Starling Properties Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Starling Properties Limited and its director for our work or for this report.
It is your duty to ensure that Starling Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Starling Properties Limited. You consider that Starling Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Starling Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Wheawill & Sudworth Limited Chartered Accountants
35 Westgate Huddersfield HD1 1PA
23 October 2023
STARLING PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 MARCH 2023
2023
2022
Note
£
£
Turnover
433
500
------------
------------
Gross profit
433
500
Administrative expenses
( 500)
( 648)
------------
------------
Operating loss
( 67)
( 148)
------------
------------
Loss before taxation
( 67)
( 148)
Tax on loss
------------
------------
Loss for the financial year and total comprehensive income
( 67)
( 148)
------------
------------
All the activities of the company are from continuing operations.
STARLING PROPERTIES LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
202,374
202,374
Current assets
Debtors
5
4,681
4,673
Cash at bank and in hand
27
77
------------
------------
4,708
4,750
Creditors: amounts falling due within one year
6
( 147,727)
( 147,702)
------------
------------
Net current liabilities
( 143,019)
( 142,952)
------------
------------
Total assets less current liabilities
59,355
59,422
------------
------------
Net assets
59,355
59,422
------------
------------
Capital and reserves
Called up share capital
7
100
100
Other reserves
30,000
30,000
Profit and loss account
29,255
29,322
------------
------------
Shareholders funds
59,355
59,422
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the 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.
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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
A J Skvortsov
Director
Company registration number: 04796424
STARLING PROPERTIES LIMITED
STATEMENT OF CHANGES IN SHAREHOLDERS FUNDS
YEAR ENDED 31 MARCH 2023
Called up share capital
Other reserves
Profit and loss account
Total
£
£
£
£
At 1 April 2021
100
30,000
29,470
59,570
Loss for the year
( 148)
( 148)
------------
------------
------------
------------
Total comprehensive income for the year
( 148)
( 148)
At 31 March 2022
100
30,000
29,322
59,422
Loss for the year
( 67)
( 67)
------------
------------
------------
------------
Total comprehensive income for the year
( 67)
( 67)
------------
------------
------------
------------
At 31 March 2023
100
30,000
29,255
59,355
------------
------------
------------
------------
STARLING PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 04796424 . The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA. The trading address is The Old School, Green Lane, Greetland, HX4 8DB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of rents receivable net of value added tax.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
33% straight line
In the year of acquisition tangible fixed assets are depreciated from 1 April. No depreciation is provided on freehold property held for investment.The Financial Reporting Standard for Smaller Entities (effective January 2015) requires properties held for investment to be included in the balance sheet at their open market value. However, the director considers that to comply with this requirement would involve unjustifiable expense and properties are continuing to be stated at cost.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Freehold investment property
Freehold land
Office equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
172,374
30,000
1,999
204,373
------------
------------
------------
------------
Depreciation
At 1 April 2022 and 31 March 2023
1,999
1,999
------------
------------
------------
------------
Carrying amount
At 31 March 2023
172,374
30,000
202,374
------------
------------
------------
------------
At 31 March 2022
172,374
30,000
202,374
------------
------------
------------
------------
5. Debtors
2023
2022
£
£
Prepayments and accrued income
4,556
4,556
Other debtors
125
117
------------
------------
4,681
4,673
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
750
725
Director's loan account
16,509
16,509
Other creditors
130,468
130,468
------------
------------
147,727
147,702
------------
------------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
8. Related party transactions
Transactions with the director The director's loan account of £16,509 (2022: £16,509) set out above is unsecured, repayable on demand and currently interest free. The other creditors balance of £130,468 (2022: £130,468) set out above represents amounts due to parties connected with the director. They are unsecured, repayable on demand and currently interest free. Control of the company The company is controlled by the director.