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REGISTERED NUMBER: 06855938 (England and Wales)















STARBAY RESOURCES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 MARCH 2023






STARBAY RESOURCES LIMITED (REGISTERED NUMBER: 06855938)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


STARBAY RESOURCES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 26 MARCH 2023







DIRECTOR: J W G Newall





REGISTERED OFFICE: 923 Finchley Road
Golders Green
London
NW11 7PE





REGISTERED NUMBER: 06855938 (England and Wales)





ACCOUNTANTS: Joseph Kahan Associates LLP
Chartered Accountants
923 Finchley Road
London
NW11 7PE

STARBAY RESOURCES LIMITED (REGISTERED NUMBER: 06855938)

ABRIDGED BALANCE SHEET
26 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 48 64

CURRENT ASSETS
Cash at bank 153 491

CREDITORS
Amounts falling due within one year 43,494 34,147
NET CURRENT LIABILITIES (43,341 ) (33,656 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(43,293

)

(33,592

)

CAPITAL AND RESERVES
Called up share capital 5 1 1
Retained earnings (43,294 ) (33,593 )
SHAREHOLDERS' FUNDS (43,293 ) (33,592 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 26 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 26 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 26 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2024 and were signed by:



J W G Newall - Director


STARBAY RESOURCES LIMITED (REGISTERED NUMBER: 06855938)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2023


1. STATUTORY INFORMATION

Starbay Resources Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Tangible fixed assets 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixtures & Fittings - 25% Reducing balance
Computer Equipment - 25% Reducing balance

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.

STARBAY RESOURCES LIMITED (REGISTERED NUMBER: 06855938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments 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 non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 27 March 2022
and 26 March 2023 2,046
DEPRECIATION
At 27 March 2022 1,982
Charge for year 16
At 26 March 2023 1,998
NET BOOK VALUE
At 26 March 2023 48
At 26 March 2022 64

STARBAY RESOURCES LIMITED (REGISTERED NUMBER: 06855938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 MARCH 2023


5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1