Starr Holdings Limited 13167007 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the letting of owned real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 13167007 2023-04-01 2024-03-31 13167007 2024-03-31 13167007 core:CurrentFinancialInstruments 2024-03-31 13167007 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13167007 core:Non-currentFinancialInstruments 2024-03-31 13167007 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 13167007 bus:SmallEntities 2023-04-01 2024-03-31 13167007 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13167007 bus:FullAccounts 2023-04-01 2024-03-31 13167007 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13167007 bus:RegisteredOffice 2023-04-01 2024-03-31 13167007 bus:Director3 2023-04-01 2024-03-31 13167007 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13167007 countries:EnglandWales 2023-04-01 2024-03-31 13167007 2023-03-31 13167007 2022-04-01 2023-03-31 13167007 2023-03-31 13167007 core:CurrentFinancialInstruments 2023-03-31 13167007 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13167007 core:Non-currentFinancialInstruments 2023-03-31 13167007 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13167007

Prepared for the registrar

Starr Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Starr Holdings Limited

(Registration number: 13167007)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,503,063

2,611,389

Current assets

 

Debtors

5

27,901

26,210

Cash at bank and in hand

 

31,871

23,454

 

59,772

49,664

Creditors: Amounts falling due within one year

6

(13,182)

(3,805)

Net current assets

 

46,590

45,859

Total assets less current liabilities

 

3,549,653

2,657,248

Creditors: Amounts falling due after more than one year

6

(3,596,405)

(2,773,128)

Deferred tax liabilities

 

(13,997)

-

Net liabilities

 

(60,749)

(115,880)

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

41,991

-

Profit and loss account

(102,840)

(115,980)

Shareholders' deficit

 

(60,749)

(115,880)

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 July 2024 and signed on its behalf by:
 

.........................................
S Young
Director

   
     
 

Starr Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
22 Stanwick Drive
Cheltenham
GL51 9LG

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the rents received in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Starr Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Starr Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

4

Investment properties

£

At 1 April 2023

2,611,389

Additions

933,623

Disposals

(97,937)

Fair value adjustments

55,988

At 31 March 2024

3,503,063

At 31 March 2024, the investment properties were valued by the director on an open market basis.

At 31 March 2024, the original cost of the properties was £3,447,074 (2023: £2,611,389)

 

5

Debtors

2024
 £

2023
 £

Other debtors

1,065

26,023

Prepayments

26,836

187

 

27,901

26,210

 

Starr Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

7

4,599

-

Other creditors

 

1,420

-

Accrued expenses

 

7,163

3,805

 

13,182

3,805

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

3,596,405

2,773,128

The bank borrowings are secured on the investment property

 

Starr Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

4,599

-

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

741,778

390,500

Directors' loan accounts

2,854,627

2,382,628

3,596,405

2,773,128

 

8

Related party transactions

Summary of transactions with other related parties

At 31 March 2024, the company owed £2,854,627 (2023: £2,382,628) to the directors. No interest was charged on the balance and there are no fixed repayment terms.