Registered number
01851131
Tecnostar Limited
Filleted Accounts
30 June 2024
Tecnostar Limited
Registered number: 01851131
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,402,039 4,402,039
Current assets
Cash at bank and in hand 42,267 29,551
Creditors: amounts falling due within one year 4 (1,327,126) (1,284,242)
Net current liabilities (1,284,859) (1,254,691)
Total assets less current liabilities 3,117,180 3,147,348
Creditors: amounts falling due after more than one year 5 (756,742) (821,811)
Net assets 2,360,438 2,325,537
Capital and reserves
Called up share capital 300 300
Share premium 6 66,633 66,633
Profit and loss account 2,293,505 2,258,604
Shareholders' funds 2,360,438 2,325,537
The director is 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 director acknowledges her 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.
Mr C Shah
Director
Approved by the board on 9 September 2024
Tecnostar Limited
Notes to the Accounts
for the year ended 30 June 2024
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 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investment property
Investment property is included in the Balance Sheet at cost.The property is not depreciated in accordance with the Financial Reporting Standards as in the directors opinion the open market valuatuion is higher than the origianl cost.
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 freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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 initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 4,402,039
At 30 June 2024 4,402,039
Depreciation
At 30 June 2024 -
Net book value
At 30 June 2024 4,402,039
At 30 June 2023 4,402,039
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 90,592 48,000
Shareholders loans 1,088,300 1,088,300
Trade creditors 31,898 41,180
Directors loan account 65,996 61,412
Taxation and social security costs 27,906 22,916
Other creditors 22,434 22,434
1,327,126 1,284,242
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 350,000 521,811
Other loans 406,742 300,000
756,742 821,811
Bank loan is secured by guarantee from directors and the shareholders.
Other loans are unsecured and payable on demand.
6 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years - 329,000
Secured bank loans 440,592 569,811
Bank loan is secured by guarantee from directors and the shareholders.
7 Share premium account 2024 2023
£ £
At 1 July 2023 66,633 66,633
At 30 June 2024 66,633 66,633
8 Controlling party
The company is controlled by the director and the shareholders.
9 Other information
Tecnostar Limited is a private company limited by shares and incorporated in England. Its registered office is:
64 Belmont Lane
Stanmore
Middlesex
HA7 2PZ
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