0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 786 569 352 1,003 646 209 352 503 500 140 500,000 500,000 500,000 xbrli:pure xbrli:shares iso4217:GBP 08871124 2022-03-01 2023-02-28 08871124 2023-02-28 08871124 2022-02-28 08871124 2021-03-01 2022-02-28 08871124 2022-02-28 08871124 2021-02-28 08871124 core:FurnitureFittings 2022-03-01 2023-02-28 08871124 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 08871124 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 08871124 bus:Director1 2022-03-01 2023-02-28 08871124 bus:Director2 2022-03-01 2023-02-28 08871124 core:FurnitureFittings 2022-02-28 08871124 core:FurnitureFittings 2023-02-28 08871124 core:AfterOneYear 2023-02-28 08871124 core:AfterOneYear 2022-02-28 08871124 core:WithinOneYear 2023-02-28 08871124 core:WithinOneYear 2022-02-28 08871124 core:ShareCapital 2023-02-28 08871124 core:ShareCapital 2022-02-28 08871124 core:RetainedEarningsAccumulatedLosses 2023-02-28 08871124 core:RetainedEarningsAccumulatedLosses 2022-02-28 08871124 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 08871124 core:Non-currentFinancialInstruments 2023-02-28 08871124 core:Non-currentFinancialInstruments 2022-02-28 08871124 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 08871124 core:AcceleratedTaxDepreciationDeferredTax 2022-02-28 08871124 core:RevaluationInvestmentPropertyDeferredTax 2023-02-28 08871124 core:RevaluationInvestmentPropertyDeferredTax 2022-02-28 08871124 core:FurnitureFittings 2022-02-28 08871124 bus:Director1 2022-02-28 08871124 bus:Director1 2023-02-28 08871124 bus:Director2 2022-02-28 08871124 bus:Director2 2023-02-28 08871124 bus:Director1 2021-02-28 08871124 bus:Director1 2022-02-28 08871124 bus:Director2 2021-02-28 08871124 bus:Director2 2022-02-28 08871124 bus:Director1 2021-03-01 2022-02-28 08871124 bus:Director2 2021-03-01 2022-02-28 08871124 bus:SmallEntities 2022-03-01 2023-02-28 08871124 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08871124 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 08871124 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08871124 bus:FullAccounts 2022-03-01 2023-02-28 08871124 bus:OrdinaryShareClass1 2023-02-28 08871124 bus:OrdinaryShareClass1 2022-02-28 08871124 bus:OrdinaryShareClass2 2023-02-28 08871124 bus:OrdinaryShareClass2 2022-02-28 08871124 bus:AllOrdinaryShares 2023-02-28 08871124 bus:AllOrdinaryShares 2022-02-28 08871124 core:AfterOneYear 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 08871124
Controstar Investments Limited
Filleted Unaudited Financial Statements
28 February 2023
Controstar Investments Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
500
140
Investments
6
500,000
500,000
----------
----------
500,500
500,140
Current Assets
Debtors
7
478
409
Cash at bank and in hand
24,026
16,966
---------
---------
24,504
17,375
Creditors: amounts falling due within one year
8
( 93,341)
( 92,009)
---------
---------
Net Current Liabilities
( 68,837)
( 74,634)
----------
----------
Total Assets Less Current Liabilities
431,663
425,506
Creditors: amounts falling due after more than one year
9
( 163,935)
( 163,935)
Provisions
Taxation including deferred tax
( 42,202)
( 42,134)
----------
----------
Net Assets
225,526
219,437
----------
----------
Capital and Reserves
Called up share capital
11
2
2
Profit and loss account
225,524
219,435
----------
----------
Shareholders Funds
225,526
219,437
----------
----------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28th February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Controstar Investments Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
Mr T Fechtner
Director
Company registration number: 08871124
Controstar Investments Limited
Notes to the Financial Statements
Year ended 28th February 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Downs Cottage, Wills Lane, Bristol, Avon, BS9 1FH.
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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Fixtures & Fittings
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment properties are revalued to their fair values at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a 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 intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 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, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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, 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 payment 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. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4. Staff Costs
The average number of persons employed by the company during the year, including the director, amounted to 2 (2021: 2).
5. Tangible Assets
Fixtures and fittings
Total
£
£
Cost
At 1st March 2022
786
786
Additions
569
569
Disposals
( 352)
( 352)
-------
-------
At 28th February 2023
1,003
1,003
-------
-------
Depreciation
At 1st March 2022
646
646
Charge for the year
209
209
Disposals
( 352)
( 352)
-------
-------
At 28th February 2023
503
503
-------
-------
Carrying amount
At 28th February 2023
500
500
-------
-------
At 28th February 2022
140
140
-------
-------
6. Investments
Other investments other than loans
£
Cost
At 1st March 2022 and 28th February 2023
500,000
----------
Impairment
At 1st March 2022 and 28th February 2023
----------
Carrying amount
At 28th February 2023
500,000
----------
At 28th February 2022
500,000
----------
On 28th February 2023 the investment properties were revalued by the directors of the company on an open market value basis in the sum of £500,000 (2022 - £500,000).
7. Debtors
2023
2022
£
£
Other debtors
478
409
----
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
740
626
Other creditors
92,601
91,383
---------
---------
93,341
92,009
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
163,935
163,935
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £163,935 (2022: £163,935) in respect of liabilities payable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured against assets of the company.
10. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
42,202
42,134
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
94
26
Fair value adjustment of investment property
42,108
42,108
---------
---------
42,202
42,134
---------
---------
11. Called Up Share Capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
----
----
----
----
2
2
2
2
----
----
----
----
12. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr T Fechtner
( 43,582)
( 312)
( 43,894)
Mr J Fechtner
( 45,108)
( 888)
( 45,996)
---------
-------
---------
( 88,690)
( 1,200)
( 89,890)
---------
-------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr T Fechtner
( 43,270)
( 312)
( 43,582)
Mr J Fechtner
( 44,508)
( 600)
( 45,108)
---------
----
---------
( 87,778)
( 912)
( 88,690)
---------
----
---------
The non-interest bearing loans are repayable on demand.