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Company registration number: 02839448
Star Investment Properties Limited
Unaudited filleted financial statements
31 December 2023
Star Investment Properties Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Star Investment Properties Limited
Directors and other information
Director Mr T J McQuade
Company number 02839448
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Star Investment Properties Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Star Investment Properties Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Star Investment Properties Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Star Investment Properties Limited, as a body, in accordance with the terms of our engagement letter dated 22 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Star Investment Properties Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Star Investment Properties Limited and its director as a body for our work or for this report.
It is your duty to ensure that Star Investment Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Star Investment Properties Limited. You consider that Star Investment Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Star Investment Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
4 September 2024
Star Investment Properties Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 145 3,446
Investments 6 587,315 567,367
_________ _________
587,460 570,813
Current assets
Stocks 31,941 11,500
Debtors 7 372,769 239,433
Cash at bank and in hand 112,286 325,979
_________ _________
516,996 576,912
Creditors: amounts falling due
within one year 8 ( 31,755) ( 31,548)
_________ _________
Net current assets 485,241 545,364
_________ _________
Total assets less current liabilities 1,072,701 1,116,177
Creditors: amounts falling due
after more than one year 9 ( 1,313,235) ( 1,386,050)
_________ _________
Net liabilities ( 240,534) ( 269,873)
_________ _________
Capital and reserves
Called up share capital 250 250
Profit and loss account ( 240,784) ( 270,123)
_________ _________
Shareholders deficit ( 240,534) ( 269,873)
_________ _________
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 September 2024 , and are signed on behalf of the board by:
Mr T J McQuade
Director
Company registration number: 02839448
Star Investment Properties Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which assumes the continued support of the company's director and shareholders.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 626 11,635 12,261
Disposals - ( 6,035) ( 6,035)
_________ _________ _________
At 31 December 2023 626 5,600 6,226
_________ _________ _________
Depreciation
At 1 January 2023 625 8,190 8,815
Charge for the year - 251 251
Disposals - ( 2,985) ( 2,985)
_________ _________ _________
At 31 December 2023 625 5,456 6,081
_________ _________ _________
Carrying amount
At 31 December 2023 1 144 145
_________ _________ _________
At 31 December 2022 1 3,445 3,446
_________ _________ _________
6. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 January 2023 567,367 567,367
Disposals ( 18,853) ( 18,853)
Revaluations 38,801 38,801
_________ _________
At 31 December 2023 587,315 587,315
_________ _________
Impairment
At 1 January 2023 and 31 December 2023 - -
_________ _________
Carrying amount
At 31 December 2023 587,315 587,315
_________ _________
At 31 December 2022 567,367 567,367
_________ _________
7. Debtors
2023 2022
£ £
Other debtors 372,769 239,433
_________ _________
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 2,089 1,022
Other creditors 19,666 20,526
_________ _________
31,755 31,548
_________ _________
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 14,167 24,167
Other creditors 1,299,068 1,361,883
_________ _________
1,313,235 1,386,050
_________ _________
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr T J McQuade ( 20,158) 2,840 ( 17,318)
_________ _________ _________
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr T J McQuade ( 17,180) ( 2,978) ( 20,158)
_________ _________ _________
The loan to the company from the director is interest free and repayable on demand.
11. Related party transactions
During the year the company provided financial support to KT Roofing Ltd, a company in which T McQuade is a director and shareholder. The balance due from KT Roofing Ltd as at 31 December 2023 was £371,027 (2022 - £236,877).During the year the company repaid funds to N Zvereva, a shareholder of the company. The balance due to N Zvereva as at 31 December 2023 was £1,299,068 (2022 - £1,361,883).