Company Registration No. 03966018 (England and Wales)
STAR AUTOS LIMITED
Unaudited accounts
for the year ended 28 February 2023
STAR AUTOS LIMITED
Unaudited accounts
Contents
STAR AUTOS LIMITED
Company Information
for the year ended 28 February 2023
Director
Mr Simon Peter Mills
Company Number
03966018 (England and Wales)
Registered Office
Unit 4, Pimhole Business Park
Pimhole Road
Bury
Lancashire
BL9 7ET
UK
Accountants
Eighty Twenty Business Limited
Bluebells
Grane Road
Haslingden
Lancashire
BB4 4AT
STAR AUTOS LIMITED
Statement of financial position
as at 28 February 2023
Tangible assets
1,259,361
1,281,390
Cash at bank and in hand
242,766
258,121
Creditors: amounts falling due within one year
(304,771)
(399,765)
Net current assets
253,760
148,108
Total assets less current liabilities
1,513,121
1,429,498
Creditors: amounts falling due after more than one year
(220,869)
(262,849)
Net assets
1,292,252
1,166,649
Called up share capital
6,000
6,000
Capital redemption reserve
(191,000)
(191,000)
Profit and loss account
1,477,252
1,351,649
Shareholders' funds
1,292,252
1,166,649
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 September 2023 and were signed on its behalf by
Mr Simon Peter Mills
Director
Company Registration No. 03966018
STAR AUTOS LIMITED
Notes to the Accounts
for the year ended 28 February 2023
STAR AUTOS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03966018. The registered office is Unit 4, Pimhole Business Park, Pimhole Road, Bury, Lancashire, BL9 7ET, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods and services is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
25% Reducing Balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
STAR AUTOS LIMITED
Notes to the Accounts
for the year ended 28 February 2023
4
Intangible fixed assets
Goodwill
At 28 February 2023
90,000
At 28 February 2023
90,000
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2022
1,766,130
195,178
75,850
2,037,158
Additions
336,550
59,000
-
395,550
Disposals
(538,575)
(22,660)
-
(561,235)
At 28 February 2023
1,564,105
231,518
75,850
1,871,473
At 1 March 2022
644,789
56,748
54,231
755,768
Charge for the year
127,044
31,864
5,405
164,313
On disposals
(290,150)
(17,819)
-
(307,969)
At 28 February 2023
481,683
70,793
59,636
612,112
At 28 February 2023
1,082,422
160,725
16,214
1,259,361
At 28 February 2022
1,121,341
138,430
21,619
1,281,390
Amounts falling due within one year
Trade debtors
296,465
289,433
STAR AUTOS LIMITED
Notes to the Accounts
for the year ended 28 February 2023
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
113,719
163,136
Trade creditors
78,624
177,832
Taxes and social security
27,639
34,088
Loans from directors
18,698
(3,771)
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
220,869
262,849
Allotted, called up and fully paid:
3,600 Ordinary 'A' Shares of £1 each
3,600
3,600
2,400 Ordinary 'B' Shares of £1 each
2,400
2,400
10
Average number of employees
During the year the average number of employees was 14 (2022: 15).