Company registration number 09984504 (England and Wales)
NETSTAR GROUP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
NETSTAR GROUP LIMITED
COMPANY INFORMATION
Directors
Mr J S Hardy
Mr J P Healey
Mr J H Steventon
(Appointed 1 March 2022)
Company number
09984504
Registered office
Unit 7 Interchange 25 Business Park
Bostocks Lane
Sandiacre
Nottingham
East Midlands
United Kingdom
NG10 5QG
Accountants
T&W Accounts Limited
Studio 109 Sunbeam Studios
Sunbeam Street
Wolvehampton
West Midlands
United Kingdom
WV2 4PF
NETSTAR GROUP LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 7
NETSTAR GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company continued to be that of a holding company in a trading group.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J S Hardy
Mr J P Healey
Mr J H Steventon
(Appointed 1 March 2022)
Mr J Whitty
(Resigned 1 March 2022)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr J S Hardy
Director
26 September 2023
NETSTAR GROUP LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF NETSTAR GROUP LIMITED
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Netstar Group Limited for the year ended 31 December 2022 which comprise, the balance sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Netstar Group Limited, as a body, in accordance with the terms of our engagement letter dated 1 December 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Netstar Group Limited and state those matters that we have agreed to state to the Board of Directors of Netstar Group Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Netstar Group Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Netstar Group 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 result of Netstar Group Limited. You consider that Netstar Group 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 Netstar Group 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.

T&W Accounts Limited
26 September 2023
Chartered Accountants
Studio 109 Sunbeam Studios
Sunbeam Street
Wolvehampton
West Midlands
United Kingdom
WV2 4PF
NETSTAR GROUP LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 3 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
2,285,054
2,285,054
Current assets
Debtors
5
1,378,759
1,378,759
Creditors: amounts falling due within one year
6
(14)
(14)
Net current assets
1,378,745
1,378,745
Net assets
3,663,799
3,663,799
Capital and reserves
Called up share capital
7
359
359
Share premium account
151,977
151,977
Other reserves
1,129,666
1,129,666
Profit and loss reserves
2,381,797
2,381,797
Total equity
3,663,799
3,663,799

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

For the financial year ended 31 December 2022 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 members have 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 26 September 2023 and are signed on its behalf by:
Mr J S Hardy
Director
Company Registration No. 09984504
NETSTAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information

Netstar Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Interchange 25 Business Park, Bostocks Lane, Sandiacre, Nottingham, East Midlands, United Kingdom, NG10 5QG.

1.1
Reporting period

FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Koru Topco Limited. These consolidated financial statements are available from Companies House.

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.

NETSTAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -

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
Cash and cash equivalents

Cash and cash equivalents 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.

1.5
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.

NETSTAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.6
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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
-
0
3
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
2,285,054
2,285,054
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,378,759
1,378,759
NETSTAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
14
14
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 10p each
188,000
188,000
188
188
Ordinary B Shares of 10p each
170,695
170,695
171
171
358,695
358,695
359
359
8
Parent company

The parent company is Air IT Limited, company number 05543898

The ultimate controlling party is Koru Topco Limited, company number 12351469. Koru Topco Limited is the largest group of undertakings for which group accounts are drawn up and of which the company is a member. Consolidated financial statements are available from Unit 7 Interchange 25 Business Park Bostocks Lane, Sandiacre, Nottingham, England, NG10 5QG.

2022-12-312022-01-01false26 September 2023CCH SoftwareCCH Accounts Production 2023.200Holding company
Mr J S HardyMr J P HealeyMr J H SteventonMr J Whitty
099845042022-01-012022-12-3109984504bus:Director12022-01-012022-12-3109984504bus:Director22022-01-012022-12-3109984504bus:Director32022-01-012022-12-3109984504bus:Director42022-01-012022-12-3109984504bus:RegisteredOffice2022-01-012022-12-31099845042022-12-31099845042021-12-3109984504core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109984504core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3109984504core:ShareCapital2022-12-3109984504core:ShareCapital2021-12-3109984504core:SharePremium2022-12-3109984504core:SharePremium2021-12-3109984504core:OtherMiscellaneousReserve2022-12-3109984504core:OtherMiscellaneousReserve2021-12-3109984504core:RetainedEarningsAccumulatedLosses2022-12-3109984504core:RetainedEarningsAccumulatedLosses2021-12-3109984504core:ShareCapitalOrdinaryShares2022-12-3109984504core:ShareCapitalOrdinaryShares2021-12-31099845042021-07-012021-12-3109984504core:CurrentFinancialInstruments2021-12-3109984504core:CurrentFinancialInstruments2022-12-3109984504bus:PrivateLimitedCompanyLtd2022-01-012022-12-3109984504bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3109984504bus:FRS1022022-01-012022-12-3109984504bus:AuditExemptWithAccountantsReport2022-01-012022-12-3109984504bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP