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COMPANY REGISTRATION NUMBER: 11476131
Starboard Tack Property Services Ltd
Filleted Unaudited Financial Statements
31 July 2023
Starboard Tack Property Services Ltd
Financial Statements
Year ended 31 July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Starboard Tack Property Services Ltd
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
284,661
257,583
Investments
6
100
100
---------
---------
284,761
257,683
Current assets
Stocks
15,041
15,041
Debtors
7
214,836
221,716
Cash at bank and in hand
10,945
22,452
---------
---------
240,822
259,209
Creditors: amounts falling due within one year
8
682,180
526,931
---------
---------
Net current liabilities
441,358
267,722
---------
---------
Total assets less current liabilities
( 156,597)
( 10,039)
Creditors: amounts falling due after more than one year
9
10,978
14,580
---------
--------
Net liabilities
( 167,575)
( 24,619)
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 167,675)
( 24,719)
---------
--------
Shareholders deficit
( 167,575)
( 24,619)
---------
--------
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 31 July 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 .
Starboard Tack Property Services Ltd
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 3 April 2024 , and are signed on behalf of the board by:
Mr P W Harper-Hill
Director
Company registration number: 11476131
Starboard Tack Property Services Ltd
Notes to the Financial Statements
Year ended 31 July 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 Clere House West Street, Burghclere, Newbury, RG20 9LB, United Kingdom.
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.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
20% 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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2).
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 August 2022
256,000
2,175
258,175
Additions
27,513
27,513
---------
-------
---------
At 31 July 2023
283,513
2,175
285,688
---------
-------
---------
Depreciation
At 1 August 2022
592
592
Charge for the year
435
435
---------
-------
---------
At 31 July 2023
1,027
1,027
---------
-------
---------
Carrying amount
At 31 July 2023
283,513
1,148
284,661
---------
-------
---------
At 31 July 2022
256,000
1,583
257,583
---------
-------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
100
----
Impairment
At 1 August 2022 and 31 July 2023
----
Carrying amount
At 31 July 2023
100
----
At 31 July 2022
100
----
7. Debtors
2023
2022
£
£
Trade debtors
3,426
Amounts owed by group undertakings and undertakings in which the company has a participating interest
208,761
209,712
Other debtors
6,075
8,578
---------
---------
214,836
221,716
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,931
4,000
Trade creditors
16,806
466
Other creditors
661,443
522,465
---------
---------
682,180
526,931
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,978
14,580
--------
--------
10. Related party transactions
At the year end the company owed the Directors £520,020 (2022: £500,000). In addition, the company was owed £208,761 by its subsidiary company (2022: 209,712).