Starlight Design Limited
Unaudited Financial Statements
For the year ended 31 December 2022
For Filing with Registrar
Company Registration No. 02161071 (England and Wales)
Starlight Design Limited
Company Information
Directors
M Lakin
J Kellett
I Bakker
M Rumble
R Platt
Secretary
J Kellett
Company number
02161071
Registered office
6th Floor Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Starlight Design Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Starlight Design Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,687,870
137,389
Investment properties
4
1,378,200
Investments
5
1
1
6,066,071
137,390
Current assets
Stock
6
102,190
56,799
Debtors
7
955,688
1,281,412
Cash at bank and in hand
2,351,699
8,325,085
3,409,577
9,663,296
Creditors: amounts falling due within one year
8
(4,681,136)
(1,963,241)
Net current (liabilities)/assets
(1,271,559)
7,700,055
Total assets less current liabilities
4,794,512
7,837,445
Provisions for liabilities
9
(139,669)
(20,557)
Net assets
4,654,843
7,816,888
Capital and reserves
Called up share capital
10
17,307
17,307
Share premium account
97,500
97,500
Capital redemption reserve
1,923
1,923
Profit and loss reserves
4,538,113
7,700,158
Total equity
4,654,843
7,816,888
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.
Starlight Design Limited
Balance Sheet (Continued)
As at 31 December 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
R Platt
Director
Company Registration No. 02161071
Starlight Design Limited
Statement of Changes in Equity
For the year ended 31 December 2022
Page 3
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2021
19,230
97,500
2,738,973
-
4,528,210
7,383,913
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
-
-
582,975
582,975
Dividends
-
-
-
-
(148,077)
(148,077)
Own shares acquired
-
-
-
-
(1,923)
(1,923)
Redemption of shares
10
(1,923)
-
1,923
Transfers
-
-
(2,738,973)
-
2,738,973
-
Balance at 31 December 2021
17,307
97,500
1,923
7,700,158
7,816,888
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
-
1,358,099
1,358,099
Dividends
-
-
-
-
(4,520,144)
(4,520,144)
Balance at 31 December 2022
17,307
97,500
1,923
4,538,113
4,654,843
Starlight Design Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 4
1
Accounting policies
Company information
Starlight Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold building - trade element
50 years straight line
Leasehold improvements
5 years straight line
Plant and machinery
3 years straight line
Fixtures, fittings & equipment
3 years straight line
Motor vehicles
25% per annum reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Starlight Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 5
1.4
Investment properties
The property is a mixed used asset. Part of it is in relation to trade and part of it has been deemed an investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised 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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stock
Stock 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 stock to their present location and condition.
Stock held for distribution at no or nominal consideration is measured at 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 stock 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.
1.8
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.
1.9
Financial instruments
The company only has basic financial instruments measured at amortised cost with no financial instruments classified as other or basic instruments measured at fair value.
Starlight Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 6
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Starlight Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 7
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
22
17
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
55,347
2,460,460
2,515,807
Additions
4,344,099
383,668
4,727,767
At 31 December 2022
4,399,446
2,844,128
7,243,574
Depreciation and impairment
At 1 January 2022
55,347
2,323,071
2,378,418
Depreciation charged in the year
65,161
112,125
177,286
At 31 December 2022
120,508
2,435,196
2,555,704
Carrying amount
At 31 December 2022
4,278,938
408,932
4,687,870
At 31 December 2021
137,389
137,389
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £6,103 (2021: £28,871) for the year.
Starlight Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 8
4
Investment property
2022
£
Fair value
At 1 January 2022
Additions
1,378,200
At 31 December 2022
1,378,200
The investment property is part of a mixed use asset. Part of it is in relation to trade and part of it is deemed an investment property.
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
6
Stock
2022
2021
£
£
Finished goods and goods for resale
102,190
56,799
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
351,291
501,056
Amounts owed by group undertakings
314,691
Other debtors
289,706
780,356
955,688
1,281,412
Starlight Design Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 9
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
142,824
179,236
Corporation tax
206,121
788,700
Other taxation and social security
710,030
404,987
Other creditors
3,622,161
590,318
4,681,136
1,963,241
9
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
139,669
20,557
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
-
12,500
-
12,500
Ordinary B shares of £1 each
-
4,807
-
4,807
Ordinary shares of £1 each
17,307
-
17,307
-
17,307
17,307
17,307
17,307
On 25 July 2022 there was a reorganisation of shares. All ordinary A and B shares were re-designated as ordinary shares.
11
Related party transactions
The company has taken advantage of the exemption within FRS 102 Section 1A not to disclose
transactions with parties that are wholly owned members of the group.
During the year the company voted dividends worth £4,520,144 (2021: £148,077).
Included in Other Creditors at the year end is £3,300,000 (2021: £459 due from) due to the directors of the company.
12
Controlling party
There is no ultimate controlling party.
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