Company registration number 03259905 (England and Wales)
ASTRO DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
ASTRO DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ASTRO DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2
2
Investment property
5
3,022,314
3,022,314
3,022,316
3,022,316
Current assets
-
-
Creditors: amounts falling due within one year
6
(158,776)
(150,159)
Net current liabilities
(158,776)
(150,159)
Total assets less current liabilities
2,863,540
2,872,157
Provisions for liabilities
(683,180)
(683,180)
Net assets
2,180,360
2,188,977
Capital and reserves
Called up share capital
1,850
1,850
Revaluation reserve
7
2,324,279
2,324,279
Profit and loss reserves
(145,769)
(137,152)
Total equity
2,180,360
2,188,977

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
Mr R Karalapillai
Director
Company registration number 03259905 (England and Wales)
ASTRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Astro Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 587 Forest Road, Walthamstow, London, England, E17 4PP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

1.3
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fair value reserve

Surpluses or deficits arising on the revaluation of listed investment and investment properties are credited or debited to statement of comprehensive income and the net surplus or deficits arising after provision of deferred tax are transferred to non-distributable reserve known as the fair value reserve.

ASTRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

1.5

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
35,082
7,597
42,679
Depreciation and impairment
At 1 November 2022 and 31 October 2023
35,081
7,596
42,677
Carrying amount
At 31 October 2023
1
1
2
At 31 October 2022
1
1
2
ASTRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
5
Investment property
2023
£
Fair value
At 1 November 2022 and 31 October 2023
3,022,314

The Investment property has been valued by the director as at 31 October 2023,which is considered at fair value .

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
373
-
0
Corporation tax
12,397
11,761
Other creditors
146,006
138,398
158,776
150,159
7
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
2,324,279
2,324,279
8
Directors' transactions

Other creditors includes an amount which is owed to Mr R Karalapillai of £144,368 (2022: £136,761) who is a director of the company.

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