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Registered number: 03697844
Northstar Services Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Portishead Taxsavers
72 High Street
Portishead
BS20 6EH
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03697844
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 327,842 323,857
327,842 323,857
CURRENT ASSETS
Stocks 5 2,000 2,310
Debtors 6 110,294 118,511
Cash at bank and in hand 113,047 77,431
225,341 198,252
Creditors: Amounts Falling Due Within One Year 7 (246,855 ) (303,925 )
NET CURRENT ASSETS (LIABILITIES) (21,514 ) (105,673 )
TOTAL ASSETS LESS CURRENT LIABILITIES 306,328 218,184
NET ASSETS 306,328 218,184
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 306,228 218,084
SHAREHOLDERS' FUNDS 306,328 218,184
Page 1
Page 2
For the year ending 31 January 2024 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 John Williams
Director
18/06/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Northstar Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03697844 . The registered office is First Floor, 7A Triangle Centre, Kenn Road, Clevedon, North Somerset, BS21 6HX.
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. 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 0%
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. 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.
2.5. 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 years 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 assets reflect 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.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 10)
9 10
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2023 315,303 31,052 5,750 636
Additions - - - -
As at 31 January 2024 315,303 31,052 5,750 636
Depreciation
As at 1 February 2023 - 28,678 3,325 593
Provided during the period - 594 606 11
As at 31 January 2024 - 29,272 3,931 604
Net Book Value
As at 31 January 2024 315,303 1,780 1,819 32
As at 1 February 2023 315,303 2,374 2,425 43
Computer Equipment Total
£ £
Cost
As at 1 February 2023 4,108 356,849
Additions 6,911 6,911
As at 31 January 2024 11,019 363,760
Depreciation
As at 1 February 2023 396 32,992
Provided during the period 1,715 2,926
As at 31 January 2024 2,111 35,918
Net Book Value
As at 31 January 2024 8,908 327,842
As at 1 February 2023 3,712 323,857
5. Stocks
2024 2023
£ £
Materials 2,000 2,310
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 110,294 118,511
110,294 118,511
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 42,324 49,370
Bank loans and overdrafts 121,489 125,962
Corporation tax 25,162 10,909
Other taxes and social security 5,984 4,989
VAT 24,608 22,076
Other creditors 1,019 1,019
Credit Card (Current liabilities - creditors < 1 year) 17,564 4,561
Other creditors (2) - 9,000
Other creditors (3) 2,666 -
Accruals and deferred income 6,039 6,039
Directors' loan accounts - 70,000
246,855 303,925
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5