Registered number
10220520
NEW STAR PROPERTY LTD
Filleted Accounts
30 June 2023
NEW STAR PROPERTY LTD
Registered number: 10220520
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,613,234 1,529,129
Current assets
Debtors 4 17,565 33,545
Cash at bank and in hand 18,197 40,875
35,762 74,420
Creditors: amounts falling due within one year 5 (192,643) (187,616)
Net current liabilities (156,881) (113,196)
Total assets less current liabilities 1,456,353 1,415,933
Creditors: amounts falling due after more than one year 6 (1,460,370) (1,376,627)
Net (liabilities)/assets (4,017) 39,306
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (5,017) 38,306
Shareholders' funds (4,017) 39,306
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J S Kullar
Director
Approved by the board on 2 September 2024
NEW STAR PROPERTY LTD
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the amount receivable for rent charged during the year exclusive of VAT.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than Investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, and equipment - 10% per annum on cost
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment properties Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 July 2022 1,528,862 413 1,529,275
Additions 84,146 - 84,146
At 30 June 2023 1,613,008 413 1,613,421
Depreciation
At 1 July 2022 - 146 146
Charge for the year - 41 41
At 30 June 2023 - 187 187
Net book value
At 30 June 2023 1,613,008 226 1,613,234
At 30 June 2022 1,528,862 267 1,529,129
4 Debtors 2023 2022
£ £
Trade debtors 17,565 33,545
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,501 17,974
Trade creditors 148,509 128,189
Accrued expenses 9,600 9,600
Corporation tax 13,071 13,071
Other creditors 10,962 18,782
192,643 187,616
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 884,899 891,531
Other creditors 575,471 485,096
1,460,370 1,376,627
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 842,895 819,637
Secured bank loans 895,400 909,505
The bank loans are secured by charges over the freehold investment properties owned by the company.
8 Other information
NEW STAR PROPERTY LTD is a private company limited by shares and incorporated in England. Its registered office is:
128A Evington Road
Leicester
LE2 1HL
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