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Registration number: 00879965

Starlight Xpress Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Starlight Xpress Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Starlight Xpress Limited

Company Information

Directors

Mrs Gillian Elizabeth Hattey

Mr Terence Christopher Platt

Mr Michael Hattey

Company secretary

Mrs Gillian Elizabeth Hattey

Registered office

Unit 3, Brooklands Farm Business Park
Bottle Lane
Binfield
Berkshire
RG42 5QX

Accountants

Opus Accounting Limited
Chartered Certified Accountants
Lindenmuth House
37 Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HW

 

Starlight Xpress Limited

(Registration number: 00879965)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

808

1,615

Current assets

 

Stocks

5

343,177

293,542

Debtors

6

118,987

160,160

Cash at bank and in hand

 

127,315

198,799

 

589,479

652,501

Creditors: Amounts falling due within one year

7

(13,885)

(38,525)

Net current assets

 

575,594

613,976

Total assets less current liabilities

 

576,402

615,591

Provisions for liabilities

(154)

(307)

Net assets

 

576,248

615,284

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

576,048

615,084

Shareholders' funds

 

576,248

615,284

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

 

Starlight Xpress Limited

(Registration number: 00879965)
Balance Sheet as at 31 March 2024 (continued)

.........................................
Mr Michael Hattey
Director

 

Starlight Xpress 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:
Unit 3, Brooklands Farm Business Park
Bottle Lane
Binfield
Berkshire
RG42 5QX

These financial statements were authorised for issue by the Board on 22 July 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Starlight Xpress Limited

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

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25 % on cost

Fixtures and fittings

33% and 25% on cost

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Starlight Xpress Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Starlight Xpress Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

42,899

42,899

Disposals

(6,866)

(6,866)

At 31 March 2024

36,033

36,033

Depreciation

At 1 April 2023

41,284

41,284

Charge for the year

807

807

Eliminated on disposal

(6,866)

(6,866)

At 31 March 2024

35,225

35,225

Carrying amount

At 31 March 2024

808

808

At 31 March 2023

1,615

1,615

5

Stocks

2024
£

2023
£

Raw materials and consumables

343,177

293,542

6

Debtors

Current

2024
£

2023
£

Trade debtors

95,715

124,954

Prepayments

7,838

8,214

Other debtors

15,434

26,992

 

118,987

160,160

 

Starlight Xpress Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,840

3,107

Trade creditors

 

(5,436)

17,572

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

8,867

8,867

Taxation and social security

 

4,308

4,673

Accruals and deferred income

 

4,306

4,306

 

13,885

38,525

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Non voting of £1 each

100

100

100

100

200

200

200

200

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

1,840

3,107

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary

-

-

 

 
 

Starlight Xpress Limited

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

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

107,713

98,447

Contributions paid to money purchase schemes

4,836

4,253

112,549

102,700