Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-304102022-06-01falseThe prinicpal activity of the company continued to be that of property investment and tradingtruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02100945 2022-06-01 2023-04-30 02100945 2021-06-01 2022-05-31 02100945 2023-04-30 02100945 2022-05-31 02100945 2021-06-01 02100945 1 2022-06-01 2023-04-30 02100945 1 2021-06-01 2022-05-31 02100945 5 2022-06-01 2023-04-30 02100945 d:Director1 2022-06-01 2023-04-30 02100945 e:FurnitureFittings 2022-06-01 2023-04-30 02100945 e:FurnitureFittings 2023-04-30 02100945 e:FurnitureFittings 2022-05-31 02100945 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-06-01 2023-04-30 02100945 e:OtherPropertyPlantEquipment 2022-06-01 2023-04-30 02100945 e:OtherPropertyPlantEquipment 2023-04-30 02100945 e:OtherPropertyPlantEquipment 2022-05-31 02100945 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2022-06-01 2023-04-30 02100945 e:OwnedOrFreeholdAssets 2022-06-01 2023-04-30 02100945 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 02100945 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 02100945 e:Goodwill 2022-06-01 2023-04-30 02100945 e:Goodwill 2023-04-30 02100945 e:Goodwill 2022-05-31 02100945 e:FreeholdInvestmentProperty 2022-06-01 2023-04-30 02100945 e:FreeholdInvestmentProperty 2023-04-30 02100945 e:FreeholdInvestmentProperty 2022-05-31 02100945 e:CurrentFinancialInstruments 2023-04-30 02100945 e:CurrentFinancialInstruments 2022-05-31 02100945 e:Non-currentFinancialInstruments 2023-04-30 02100945 e:Non-currentFinancialInstruments 2022-05-31 02100945 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 02100945 e:CurrentFinancialInstruments e:WithinOneYear 2022-05-31 02100945 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 02100945 e:Non-currentFinancialInstruments e:AfterOneYear 2022-05-31 02100945 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-04-30 02100945 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-05-31 02100945 e:ShareCapital 2023-04-30 02100945 e:ShareCapital 2022-05-31 02100945 e:ShareCapital 2021-06-01 02100945 e:SharePremium 2023-04-30 02100945 e:SharePremium 1 2022-06-01 2023-04-30 02100945 e:SharePremium 2022-05-31 02100945 e:SharePremium 2021-06-01 02100945 e:SharePremium 1 2021-06-01 2022-05-31 02100945 e:InvestmentPropertiesRevaluationReserve 2023-04-30 02100945 e:InvestmentPropertiesRevaluationReserve 1 2022-06-01 2023-04-30 02100945 e:InvestmentPropertiesRevaluationReserve 2022-05-31 02100945 e:InvestmentPropertiesRevaluationReserve 2021-06-01 02100945 e:InvestmentPropertiesRevaluationReserve 1 2021-06-01 2022-05-31 02100945 e:RetainedEarningsAccumulatedLosses 2022-06-01 2023-04-30 02100945 e:RetainedEarningsAccumulatedLosses 2023-04-30 02100945 e:RetainedEarningsAccumulatedLosses 1 2022-06-01 2023-04-30 02100945 e:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 02100945 e:RetainedEarningsAccumulatedLosses 2022-05-31 02100945 e:RetainedEarningsAccumulatedLosses 2021-06-01 02100945 e:RetainedEarningsAccumulatedLosses 1 2021-06-01 2022-05-31 02100945 d:OrdinaryShareClass1 2022-06-01 2023-04-30 02100945 d:OrdinaryShareClass1 2023-04-30 02100945 d:FRS102 2022-06-01 2023-04-30 02100945 d:AuditExempt-NoAccountantsReport 2022-06-01 2023-04-30 02100945 d:FullAccounts 2022-06-01 2023-04-30 02100945 d:PrivateLimitedCompanyLtd 2022-06-01 2023-04-30 02100945 2 2022-06-01 2023-04-30 02100945 6 2022-06-01 2023-04-30 02100945 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02100945 e:AcceleratedTaxDepreciationDeferredTax 2022-05-31 02100945 e:TaxLossesCarry-forwardsDeferredTax 2023-04-30 02100945 e:TaxLossesCarry-forwardsDeferredTax 2022-05-31 02100945 e:RetirementBenefitObligationsDeferredTax 2023-04-30 02100945 e:RetirementBenefitObligationsDeferredTax 2022-05-31 02100945 e:OtherDeferredTax 2023-04-30 02100945 e:OtherDeferredTax 2022-05-31 02100945 e:Goodwill e:OwnedIntangibleAssets 2022-06-01 2023-04-30 02100945 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2022-06-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02100945














STARLIT PROPERTIES LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD FROM 1 JUNE 2022 to 30 APRIL 2023

 
STARLIT PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 12


 
STARLIT PROPERTIES LIMITED
REGISTERED NUMBER:02100945

BALANCE SHEET
AS AT 30 APRIL 2023

30 April
31 May
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
104
1,250

Tangible assets
 5 
9,786
14,182

Investments
 6 
100
100

Investment property
 7 
5,204,460
5,786,860

  
5,214,450
5,802,392

Current assets
  

Stocks
 8 
132,282
307,236

Debtors: amounts falling due within one year
 9 
3,240,549
1,932,053

Cash at bank and in hand
 10 
267,643
20,187

  
3,640,474
2,259,476

Creditors: amounts falling due within one year
 11 
(1,792,804)
(1,211,902)

Net current assets
  
 
 
1,847,670
 
 
1,047,574

Total assets less current liabilities
  
7,062,120
6,849,966

Creditors: amounts falling due after more than one year
 12 
(3,868,000)
(5,340,000)

Provisions for liabilities
  

Deferred tax
 14 
(290,018)
(201,921)

  
 
 
(290,018)
 
 
(201,921)

Net assets
  
2,904,102
1,308,045


Capital and reserves
  

Called up share capital 
 15 
200
200

Share premium account
  
5,804
5,804

Investment property reserve
 7 
1,050,510
1,267,290

Profit and loss account
  
1,847,588
34,751

  
2,904,102
1,308,045


1

 
STARLIT PROPERTIES LIMITED
REGISTERED NUMBER:02100945
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Rosenberg
Director

Date: 14 March 2024

The notes on pages 4 to 12 form part of these financial statements.

2

 
STARLIT PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2023


Called up share capital
Share premium account
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 June 2021
200
5,804
1,240,687
308,540
1,555,231


Comprehensive income for the year

Profit for the year
-
-
-
15,438
15,438

Deferred tax
-
-
26,603
-
26,603

Dividends: Equity capital
-
-
-
(289,227)
(289,227)



At 1 June 2022
200
5,804
1,267,290
34,751
1,308,045


Comprehensive income for the period

Profit for the period
-
-
-
1,596,057
1,596,057

Surplus on revaluation of freehold property
-
-
-
216,780
216,780

Revaluation
-
-
(216,780)
-
(216,780)


At 30 April 2023
200
5,804
1,050,510
1,847,588
2,904,102


The notes on pages 4 to 12 form part of these financial statements.

3

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

1.


General information

Starlit Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 02100945. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and trading address is First Floor, 17 Grosvenor Hill, Mayfair, London, W1K 3QB.
The prinicpal activity of the company continued to be that of property investment and trading.

          The company shortened its Accounting Reference Date from 1 June 2022 to 30 April 2023

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other
sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

4

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

5

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.8
 Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight line
Other fixed assets
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

 Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.13

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.14

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

6

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.15

 Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 10 (2022 - 4).

7

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

4.


Intangible assets






Intellectual property rights
Goodwill
Total

£
£
£



Cost


At 1 June 2022
3,000
2,000
5,000



At 30 April 2023

3,000
2,000
5,000



Amortisation


At 1 June 2022
2,250
1,500
3,750


Charge for the period on owned assets
688
458
1,146



At 30 April 2023

2,938
1,958
4,896



Net book value



At 30 April 2023
62
42
104



At 31 May 2022
750
500
1,250



5.


Tangible fixed assets







Fixtures and fittings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 June 2022
36,386
1,000
37,386



At 30 April 2023

36,386
1,000
37,386



Depreciation


At 1 June 2022
22,604
600
23,204


Charge for the period on owned assets
4,212
184
4,396



At 30 April 2023

26,816
784
27,600



Net book value



At 30 April 2023
9,570
216
9,786



At 31 May 2022
13,782
400
14,182

8

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 June 2022
100



At 30 April 2023

100






Net book value



At 30 April 2023
100



At 31 May 2022
100


7.


Investment property





Freehold investment property

£



Valuation


At 1 June 2022
5,786,860


Disposals
(582,400)



At 30 April 2023
5,204,460

The 2023 valuations were made by the directors, on an open market value for existing use basis.

30 April
31 May
2023
2022
£
£

Revaluation reserves


At 1 June 2022
1,267,290
1,240,687

Net (deficit)/surplus in movement properties
(216,780)
26,603

At 30 April 2023
1,050,510
1,267,290

9

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
 
7.Investment property (continued)



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

30 April
31 May
2023
2022
£
£


Historic cost
3,996,943
4,362,562


8.


Stocks

30 April
As restated
31 May
2023
2022
£
£

Property stock
132,282
307,236



9.


Debtors

30 April
As restated
31 May
2023
2022
£
£


Trade debtors
837,519
-

Amounts owed by group undertakings
1,886,686
1,888,335

Other debtors
501,740
33,586

Prepayments
14,604
10,132

3,240,549
1,932,053



10.


Cash and cash equivalents

30 April
31 May
2023
2022
£
£

Cash at bank
267,643
20,187


10

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

11.


Creditors: Amounts falling due within one year

30 April
31 May
2023
2022
£
£

Trade creditors
79,086
13,146

Corporation tax
330,774
-

Other taxation and social security
3,611
-

Other creditors
1,362,238
1,168,901

Accruals
17,095
29,855

1,792,804
1,211,902



12.


Creditors: Amounts falling due after more than one year

30 April
31 May
2023
2022
£
£

Bank loans
3,868,000
5,340,000


The bank loan is secured by a fixed charge against the assets owned by the company.


13.


Loans


Analysis of the maturity of loans is given below:


30 April
31 May
2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
3,868,000
5,340,000




14.


Deferred taxation






2023
2022


£

£






At beginning of year
(201,921)
(186,244)


Charged to profit or loss
(88,097)
(15,677)



At end of year
(290,018)
(201,921)

11

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
 
14.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

30 April
31 May
2023
2022
£
£


Accelerated capital allowances
(1,957)
(3,171)

Tax losses carried forward
-
134,273

Short term timing differences
188
-

Revaluation of investment properties
(288,249)
(333,023)

(290,018)
(201,921)


15.


Share capital

30 April
31 May
2023
2022
£
£
Allotted, called up and fully paid



200 Ordinary shares of £1.00 each
200
200



16.


Related party transactions


At the balance sheet date the company was owed £1,886,686 (2022 - £1,888,335) by associated companies. The loans are interest free and repayable on demand.

As at the balance sheet date the company owed directors £655,742 (2022 - £677,464). The loans are interest free and repayable on demand.

As at the year end the company owed £664,088 (2022 - £468,431) to companies under common control. The loans are interest free and repayable on demand.
 
12