Five Star Property Management Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 01822771 (England and Wales)
Five Star Property Management Limited
Company Information
Directors
Mr K Fountain
Mrs L Fountain
Company number
01822771
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Five Star Property Management Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
Five Star Property Management Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
Investment properties
5
2,320,000
2,320,000
Investments
6
100
100
2,320,100
2,320,100
Current assets
Debtors
8
808,271
807,115
Cash at bank and in hand
369,081
260,539
1,177,352
1,067,654
Creditors: amounts falling due within one year
9
(64,811)
(62,691)
Net current assets
1,112,541
1,004,963
Total assets less current liabilities
3,432,641
3,325,063
Provisions for liabilities
10
(203,943)
(203,943)
Net assets
3,228,698
3,121,120
Capital and reserves
Called up share capital
11
10,000
10,000
Revaluation reserve
1,386,219
1,386,219
Profit and loss reserves
1,832,479
1,724,901
Total equity
3,228,698
3,121,120
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
Five Star Property Management Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
For the financial year ended 31 December 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 16 August 2024 and are signed on its behalf by:
Mr K Fountain
Director
Company Registration No. 01822771
Five Star Property Management Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
10,000
1,435,165
1,617,907
3,063,072
Year ended 31 December 2022:
Profit for the year
-
-
62,048
62,048
Other comprehensive income:
Tax relating to other comprehensive income
-
(48,946)
(48,946)
Total comprehensive income for the year
-
(48,946)
62,048
13,102
Dividends
-
-
(4,000)
(4,000)
Transfers
-
48,946
48,946
Balance at 31 December 2022
10,000
1,386,219
1,724,901
3,121,120
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
109,578
109,578
Dividends
-
-
(2,000)
(2,000)
Balance at 31 December 2023
10,000
1,386,219
1,832,479
3,228,698
Five Star Property Management Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 4
1
Accounting policies
Company information
Five Star Property Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the rent received or receivable for services provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
at variable rates on reducing balance
Plant and machinery
25% on cost
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Five Star Property Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during year was 2 (2022: 2).
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
31,253
25,309
Deferred tax
Origination and reversal of timing differences
48,946
Total tax charge
31,253
74,255
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Revaluation of property
-
48,946
Five Star Property Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
18,000
Depreciation and impairment
At 1 January 2023 and 31 December 2023
18,000
Carrying amount
At 31 December 2023
At 31 December 2022
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,320,000
The investment properties were valued at the year end by the director. The historical cost of the properties is £729,838 (2022: £729,838)
6
Fixed asset investments
2023
2022
£
£
Investments
100
100
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2023 & 31 December 2023
100
Carrying amount
At 31 December 2023
100
At 31 December 2022
100
Five Star Property Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Florence Walk Limited
England and Wales
Property Management
Ordinary
100.00
-
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
806,214
805,014
Prepayments and accrued income
2,057
2,101
808,271
807,115
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,224
Corporation tax
31,253
25,309
Other creditors
31,058
29,058
Accruals and deferred income
2,500
2,100
64,811
62,691
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
203,943
203,943
11
Called up share capital
2023
2022
£
£
Issued and fully paid
10,000 Ordinary Shares of £1 each
10,000
10,000
Five Star Property Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
12
Related party transactions
Included in other creditors at the balance sheet date is £12,907 (2022: £10,907) owed to the director by the company.
Included in other debtors at the balance sheet date is £806,214 (2022: £805,014) owed to the company by Florence Walk Limited, a fully owned subsidiary.
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