Company Registration No. 00973014 (England and Wales)
ADSTAR PROPERTIES LIMITED
Unaudited Financial Statements
For The Year Ended 31 May 2023
Pages For Filing With Registrar
ADSTAR PROPERTIES LIMITED
Company Information
Directors
M. A. Collins
Z. Collins
Secretary
Z. Collins
Company number
00973014
Registered office
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
Accountants
Nicholas Hall
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
ADSTAR PROPERTIES LIMITED
Contents
Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes To The Financial Statements
4 - 8
ADSTAR PROPERTIES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Adstar Properties Limited For The Year Ended 31 May 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Adstar Properties Limited for the year ended 31 May 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Adstar Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Adstar Properties Limited and state those matters that we have agreed to state to the Board of Directors of Adstar Properties Limited, as a body, in this report in accordance with technical guidelines. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Adstar Properties Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Adstar 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 profit of Adstar Properties Limited. You consider that Adstar 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 Adstar 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.

Nicholas Hall
____________________________
Nicholas Hall
7 Johnston Road,
Woodford Green,
Essex,
IG8 0XA
14 November 2023
ADSTAR PROPERTIES LIMITED
Balance Sheet
As At 31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment Properties
3
416,000
416,000
Investments
4
2
2
416,002
416,002
Current assets
Stocks
259
259
Debtors
6
105
105
Investments
1,009,552
-
0
Cash At Bank And In Hand
109,306
1,092,189
1,119,222
1,092,553
Creditors: amounts falling due within one year
7
(835,369)
(832,678)
Net current assets
283,853
259,875
Total assets less current liabilities
699,855
675,877
Provisions for liabilities
(11,485)
(11,485)
Net assets
688,370
664,392
Capital and reserves
Called Up Share Capital
8
100
100
Non-Distributable Profits Reserve
200,327
200,327
Distributable Profit And Loss Reserves
487,943
463,965
Total equity
688,370
664,392

In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of filleted financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

ADSTAR PROPERTIES LIMITED
Balance Sheet (Continued)
As At 31 May 2023
- 3 -

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
M. A. Collins
_______________________
M. A. Collins
Director
Company Registration No. 00973014
ADSTAR PROPERTIES LIMITED
Notes To The Financial Statements
For The Year Ended 31 May 2023
- 4 -
1
Accounting policies
Company information

Adstar Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Johnston Road, Woodford Green, Essex, IG8 0XA

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ADSTAR PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including Creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ADSTAR PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

ADSTAR PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2023
- 7 -
3
Investment property
2023
£
Fair value
At 1 June 2022 And 31 May 2023
416,000

Investment property comprises one property held to earn rentals and for capital appreciation. The director has referenced market evidence of transaction prices for similar properties when reviewing this valuation.

 

4
Fixed asset investments
2023
2022
£
£
Investments
2
2
Movements in fixed asset investments
Investments Other Than Loans
£
Cost or valuation
At 1 June 2022 & 31 May 2023
2
Carrying amount
At 31 May 2023
2
At 31 May 2022
2
5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments Measured At Fair Value Through Profit Or Loss
1,009,552
-
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other Debtors
105
105
ADSTAR PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade Creditors
1,422
-
0
Taxation And Social Security
5,619
3,512
Other Creditors
828,328
829,166
835,369
832,678
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary of £1 each
100
100
9
Related party transactions

At the year end, Adstar Properties Limited owed £373,655 (2022: £373,655) to Woodmead Properties Limited a related company.

 

At the year end, Adstar Properties Limited owed £454,172 (2022: £454,172) to Michael Collins & Associates Limited a related company.

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