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Registration number: 13745582

Starmed Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Starmed Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Starmed Properties Ltd

Company Information

Director

Mr O V Staicu

Registered office

Office 111, Building A,
Biz Hub Hull Gibson Lane South
Melton
North Ferriby
HU14 3HH

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Starmed Properties Ltd

(Registration number: 13745582)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

988

544

Investment property

4

237,328

154,982

 

238,316

155,526

Current assets

 

Debtors

5

1,873

1,624

Cash at bank and in hand

 

2,980

2,505

 

4,853

4,129

Creditors: Amounts falling due within one year

6

(16,230)

(4,874)

Net current liabilities

 

(11,377)

(745)

Total assets less current liabilities

 

226,939

154,781

Creditors: Amounts falling due after more than one year

6

(230,882)

(160,997)

Net liabilities

 

(3,943)

(6,216)

Capital and reserves

 

Called up share capital

7

50

50

Retained earnings

(3,993)

(6,266)

Shareholders' deficit

 

(3,943)

(6,216)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 August 2024
 

 

Starmed Properties Ltd

(Registration number: 13745582)
Balance Sheet as at 30 November 2023

.........................................
Mr O V Staicu
Director

 

Starmed Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

Accounting policies

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.

Tax

The tax expense for the period comprises 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.

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

Fixtures and Fittings

- 25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Starmed Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Starmed Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

659

659

Additions

679

679

At 30 November 2023

1,338

1,338

Depreciation

At 1 December 2022

115

115

Charge for the year

235

235

At 30 November 2023

350

350

Carrying amount

At 30 November 2023

988

988

At 30 November 2022

544

544

4

Investment properties

2023
£

At 1 December

154,982

Additions

82,346

At 30 November

237,328

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2023
£

2022
£

Trade debtors

85

85

Prepayments

289

23

Other debtors

1,499

1,516

 

1,873

1,624

 

Starmed Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

6,336

4,334

Trade creditors

 

454

-

Accruals and deferred income

 

1,140

540

Other creditors

 

8,300

-

 

16,230

4,874

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

230,882

160,997

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £0.50 each

50

25

50

25

Ordinary B of £0.50 each

50

25

50

25

100

50

100

50

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

147,019

98,961

Other borrowings

83,863

62,036

230,882

160,997

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,336

4,334

 

Starmed Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Repayments by director
£

At 30 November 2023
£

Mr O V Staicu

No interest is charged on the loan and there is no fixed date of repayment.

62,037

21,826

83,863

2022

At 16 November 2021
£

Repayments by director
£

At 30 November 2022
£

Mr O V Staicu

No interest is charged on the loan and there is no fixed date of repayment.

-

62,037

62,037