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Registered number: 06547239
Starkey Limited
Unaudited Financial Statements
For the Period 1 August 2022 to 30 September 2023
Lerica Tax Accountants Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06547239
30 September 2023 31 July 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 216,000 216,000
Tangible Assets 5 72,545 62,788
288,545 278,788
CURRENT ASSETS
Stocks 6 50 100
Debtors 7 45,023 38,666
Cash at bank and in hand 34,403 57,111
79,476 95,877
Creditors: Amounts Falling Due Within One Year 8 (183,814 ) (54,313 )
NET CURRENT ASSETS (LIABILITIES) (104,338 ) 41,564
TOTAL ASSETS LESS CURRENT LIABILITIES 184,207 320,352
Creditors: Amounts Falling Due After More Than One Year 9 (250 ) (138,236 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (990 ) (1,172 )
NET ASSETS 182,967 180,944
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 182,867 180,844
SHAREHOLDERS' FUNDS 182,967 180,944
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Page 2
For the period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Starkey
Director
26/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Starkey Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06547239 . The registered office is 54D Frome Road, Bradford On Avon, Wiltshire, BA15 1LA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It has been fully amortised over its useful life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 4% Straight Line
Plant & Machinery 20% Reducing Balance
Computer Equipment 20% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2022: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 216,000
As at 30 September 2023 216,000
Net Book Value
As at 30 September 2023 216,000
As at 1 August 2022 216,000
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2022 78,641 33,663 11,523 123,827
Additions 14,435 - 401 14,836
Disposals - - (319 ) (319 )
As at 30 September 2023 93,076 33,663 11,605 138,344
Depreciation
As at 1 August 2022 22,020 31,120 7,899 61,039
Provided during the period 3,723 509 794 5,026
Disposals - - (266 ) (266 )
As at 30 September 2023 25,743 31,629 8,427 65,799
Net Book Value
As at 30 September 2023 67,333 2,034 3,178 72,545
As at 1 August 2022 56,621 2,543 3,624 62,788
6. Stocks
30 September 2023 31 July 2022
£ £
Materials 50 100
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7. Debtors
30 September 2023 31 July 2022
£ £
Due within one year
Prepayments and accrued income 288 283
Other debtors 5,022 5,022
Other investments 39,713 33,361
45,023 38,666
8. Creditors: Amounts Falling Due Within One Year
30 September 2023 31 July 2022
£ £
Trade creditors 1,192 2,594
Bank loans and overdrafts 142,133 25,797
Corporation tax 40,428 -
Other taxes and social security - 23,904
Directors' loan accounts 61 2,018
183,814 54,313
9. Creditors: Amounts Falling Due After More Than One Year
30 September 2023 31 July 2022
£ £
Bank loans 250 138,236
250 138,236
10. Share Capital
30 September 2023 31 July 2022
£ £
Allotted, Called up and fully paid 100 100
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