Registered number
SC447896
Star News (Fife) Ltd
Filleted Accounts
31 May 2023
Star News (Fife) Ltd
Registered number: SC447896
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,140 5,501
Current assets
Stocks 35,000 35,000
Debtors 4 170,000 -
Cash at bank and in hand 18,216 209,055
223,216 244,055
Creditors: amounts falling due within one year 5 (16,775) (5,944)
Net current assets 206,441 238,111
Total assets less current liabilities 210,581 243,612
Creditors: amounts falling due after more than one year 6 (154,171) (176,721)
Provisions for liabilities (786) (1,045)
Net assets 55,624 65,846
Capital and reserves
Called up share capital 2 2
Profit and loss account 55,622 65,844
Shareholder's funds 55,624 65,846
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Mukhtar
Director
Approved by the board on 19 July 2023
Star News (Fife) Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% by Reducing Balance
Equipment, fixtures & fittings 20% by Reducing Balance
Motor Vehicles 25% by Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 1,201 21,943 23,144
At 31 May 2023 1,201 21,943 23,144
Depreciation
At 1 June 2022 918 16,725 17,643
Charge for the year 57 1,304 1,361
At 31 May 2023 975 18,029 19,004
Net book value
At 31 May 2023 226 3,914 4,140
At 31 May 2022 283 5,218 5,501
4 Debtors 2023 2022
£ £
Platinum Properties 170,000 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 15,173 72
Taxation and social security costs 1,603 5,871
Other creditors (1) 1
16,775 5,944
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,700 40,700
Funding Circle 43,021 57,771
Director's account 80,450 78,250
154,171 176,721
7 Other information
Star News (Fife) Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
6 Almondbank
Glenrothes
Fife
KY7 4US
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