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Registration number: 04131266

Star Uretech Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Star Uretech Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Star Uretech Ltd

(Registration number: 04131266)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

162,435

155,058

Current assets

 

Stocks

6

402,778

429,914

Debtors

7

461,315

552,513

Cash at bank and in hand

 

132,963

4,308

 

997,056

986,735

Creditors: Amounts falling due within one year

8

(280,807)

(341,904)

Net current assets

 

716,249

644,831

Total assets less current liabilities

 

878,684

799,889

Provisions for liabilities

(21,438)

(18,899)

Net assets

 

857,246

780,990

Capital and reserves

 

Called up share capital

9

200,004

200,004

Retained earnings

657,242

580,986

Shareholders' funds

 

857,246

780,990

For the financial 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.

Directors' 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 directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors' report have not been delivered in accordance with the special provisions applicable to companies subject to the small company regime.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr M Almond
Director

 

Star Uretech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 14-15
Longridge Road
Preston
Lancashire
PR2 5BB

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with financial reporting standard 102 section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime)

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is the functional currency of the company and are rounded to the nearest pound.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Star Uretech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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

Improvements to property

10% Straight line

Fixtures and fittings

15% Reducing balance

Computer equipment

33% Straight line

Plant and machinery

15% Reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks, patents and licenses

The directors review the measurement of intangible assets on a regular basis and adjust the amortisation policy as appropriate

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Star Uretech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Star Uretech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 14).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

89,023

89,023

At 31 December 2023

89,023

89,023

Amortisation

At 1 January 2023

89,023

89,023

At 31 December 2023

89,023

89,023

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

 

Star Uretech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Cost or valuation

At 1 January 2023

55,174

35,578

245,886

40,712

Additions

10,566

7,698

9,834

957

At 31 December 2023

65,740

43,276

255,720

41,669

Depreciation

At 1 January 2023

2,091

16,299

164,018

39,884

Charge for the year

5,741

3,757

11,298

882

At 31 December 2023

7,832

20,056

175,316

40,766

Carrying amount

At 31 December 2023

57,908

23,220

80,404

903

At 31 December 2022

53,083

19,279

81,868

828

Total
£

Cost or valuation

At 1 January 2023

377,350

Additions

29,055

At 31 December 2023

406,405

Depreciation

At 1 January 2023

222,292

Charge for the year

21,678

At 31 December 2023

243,970

Carrying amount

At 31 December 2023

162,435

At 31 December 2022

155,058

6

Stocks

2023
£

2022
£

Other inventories

402,778

429,914

 

Star Uretech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

2023
£

2022
£

Trade debtors

363,502

459,890

Prepayments

64,559

56,539

Other debtors

33,254

36,084

461,315

552,513

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

11,933

Trade creditors

 

199,077

268,469

Taxation and social security

 

71,713

49,516

Accruals and deferred income

 

5,054

7,625

Other creditors

 

4,963

4,361

 

280,807

341,904

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

200,000

200,000

200,000

200,000

Ordinary B share of £1 each

1

1

1

1

Ordinary C share of £1 each

1

1

1

1

Ordinary D share of £1 each

1

1

1

1

Ordinary E share of £1 each

1

1

1

1

 

200,004

200,004

200,004

200,004

 

Star Uretech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

11,933

11

Off-balance sheet arrangements

Employee share option scheme
On 1 February 2018, the company entered into an Enterprise Management Incentive Scheme. It granted share options on 11,111 ordinary shares to two directors exercisable before expiry of ten years at an exercise price of £1 per share.