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Registered Number: 09703695


 

 

 


Abridged Accounts

for the year ended 31 December 2023

for

SUN AND STAR PROPERTIES LIMITED

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 December 2023.

We have prepared these finance statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view.

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.



....................................................
MBS Accountants
Unit 3 Tuffley Park
Lower Tuffley Lane
Gloucester
GL2 5DE
11 September 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 6,300    7,200 
Tangible fixed assets 4 25,570    34,846 
31,870    42,046 
Current assets      
Debtors 183,612    55,422 
Cash at bank and in hand 23,369    71,168 
206,981    126,590 
Creditors: amount falling due within one year (33,213)   (17,275)
Net current assets 173,768    109,315 
 
Total assets less current liabilities 205,638    151,361 
Creditors: amount falling due after more than one year (16,955)   (20,085)
Provisions for liabilities (4,858)   (6,621)
Net assets 183,825    124,655 
 

Capital and reserves
     
Called up share capital 5 1    1 
Profit and loss account 183,824    124,654 
Shareholders' funds 183,825    124,655 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 11 September 2024 and were signed on its behalf by:


-------------------------------
Gregory Houghton Dorban
Director
2
General Information
Sun and Star Properties Limited is a private company, limited by shares, registered in , registration number 09703695, registration address Bedford Heights, Brickhill Drive, Bedford, Bedfordshire, MK41 7PH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Fixtures and Fittings 3 Years Straight Line
Computer Equipment 30% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Intangible fixed assets

Cost Goodwill - 10% Straight Line   Total
  £   £
At 01 January 2023 17,120    17,120 
Additions  
Disposals  
At 31 December 2023 17,120    17,120 
Amortisation
At 01 January 2023 9,920    9,920 
Charge for year 900    900 
On disposals  
At 31 December 2023 10,820    10,820 
Net book values
At 31 December 2023 6,300    6,300 
At 31 December 2022 7,200    7,200 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 January 2023 19,687    30,227    7,793    57,707 
Additions     5,115    5,115 
Disposals      
At 31 December 2023 19,687    30,227    12,908    62,822 
Depreciation
At 01 January 2023 10,080    10,067    2,714    22,861 
Charge for year 1,442    10,077    2,872    14,391 
On disposals      
At 31 December 2023 11,522    20,144    5,586    37,252 
Net book values
Closing balance as at 31 December 2023 8,165    10,083    7,322    25,570 
Opening balance as at 01 January 2023 9,607    20,160    5,079    34,846 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1,000 Class A shares of £0.001 each  
 

6.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Dorban Investment Limited150,000 
The Right Property Accommodation Limited375,507 (37,560)
Comfy Workers Limited1,381 

Sun and Star Properties Limited has extended an interest-free cash loan of £150,000 to Dorban Investments Limited, which is intended to be used by the latter for operating and investing activities. The loan to Dorban Investments Limited is repayable on demand. There were no repayments made during the year so the balance of the loan as at 31 December 2023 is £150,000.
The Right Property Accommodation Limited manages the rental properties leased by Sun and Star Properties Limited wherein the latter pays the former management fees for its services. From January 2023 to April 2023 the total property management fees (gross of VAT) paid by Sun and Star Properties Limited to The Right Property Accommodation Limited amounted to £10,800. On the other hand, the total property property management fees (gross of VAT) paid by Sun and Star Properties Limited to The Right Property Accommodation Limited in financial year 2022 amounted to £37,560. From May to December 2023, the Right Property Accommodation has subleased the rental properties from Sun and Star Properties Limited. The total lease payments (gross of VAT) between the two companies during this period amounted to £386,307.
In financial year 2023, Comfy Workers Limited has paid a sales commission of £1,381 to Sun and Star Properties Limited. There are no transactions between the two companies in the financial year 2023.
3