Registered number
12981411
ELECTRIC STAR OLD STREET LIMITED
Filleted Accounts
31 October 2023
ELECTRIC STAR OLD STREET LIMITED
Registered number: 12981411
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 123,373 46,940
Current assets
Stocks 23,605 18,806
Debtors 4 46,672 160,679
Cash at bank and in hand 13,091 84,260
83,368 263,745
Creditors: amounts falling due within one year 5 (138,639) (108,088)
Net current (liabilities)/assets (55,271) 155,657
Total assets less current liabilities 68,102 202,597
Provisions for liabilities (18,107) (8,062)
Net assets 49,995 194,535
Capital and reserves
Called up share capital 1 1
Profit and loss account 49,994 194,534
Shareholders' funds 49,995 194,535
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Hives
Director
Approved by the board on 27 November 2023
ELECTRIC STAR OLD STREET LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer & Office Equipment 25% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 14
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 5,008 68,264 73,272
Additions 25,217 93,244 118,461
At 31 October 2023 30,225 161,508 191,733
Depreciation
At 1 November 2022 500 25,832 26,332
Charge for the year 1,651 40,377 42,028
At 31 October 2023 2,151 66,209 68,360
Net book value
At 31 October 2023 28,074 95,299 123,373
At 31 October 2022 4,508 42,432 46,940
4 Debtors 2023 2022
£ £
Trade debtors - 1,170
Amounts owed by group undertakings and undertakings in which the company has a participating interest 21,576 138,477
Prepayments 20,131 21,032
Other debtors 4,965 -
46,672 160,679
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 93,970 62,662
Amounts owed to group undertakings and undertakings in which the company has a participating interest 10,000 -
Accruals 27,227 29,185
Taxation and social security costs 7,442 16,241
138,639 108,088
6 Controlling party
The company is ultimately controlled by Rob Hives Esq.
7 Other information
ELECTRIC STAR OLD STREET LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
The Star of Bethnal Green
359 Bethnal Green Road
London
E2 6LG
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