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Registration number: 01118568

Moatstar Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Moatstar Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Moatstar Limited

Company Information

Directors

O A Burge

H L Lakin

Company secretary

L Whitford

Registered office

The Courtyard Holt Lodge Farm
Horton
Wimborne
Dorset
BH21 7JN

Accountants

Manningtons
8 High Street
High Street
Heathfield
East Sussex
TN21 8LS

 

Moatstar Limited

(Registration number: 01118568)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

2,209,500

1,340,000

Investments

6

50

50

Other financial assets

7

1,007

1,007

 

2,210,557

1,341,057

Current assets

 

Debtors

8

1,372

-

Cash at bank and in hand

 

5,060

-

 

6,432

-

Creditors: Amounts falling due within one year

9

(1,219,841)

(315,697)

Net current liabilities

 

(1,213,409)

(315,697)

Total assets less current liabilities

 

997,148

1,025,360

Creditors: Amounts falling due after more than one year

9

(425,000)

(425,000)

Net assets

 

572,148

600,360

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

452,195

452,195

Revaluation reserve

42,633

42,633

Retained earnings

77,220

105,432

Shareholders' funds

 

572,148

600,360

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

 

Moatstar Limited

(Registration number: 01118568)
Balance Sheet as at 31 December 2023

.........................................
O A Burge
Director

 

Moatstar Limited

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:
The Courtyard Holt Lodge Farm
Horton
Wimborne
Dorset
BH21 7JN
England

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 presentation currency of the financial statements is the Pound Sterling (£).

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 of rental income, provision of services in the ordinary course of the company’s activities including commissions.

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.

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:

 

Moatstar Limited

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

Asset class

Depreciation method and rate

Rental property furniture

10% straight line

Investment property

Investment property comprises freehold and long leasehold buildings. They are measured initially at cost, included related transaction cost. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the balance sheet date.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions.

Subsequent expenditure is added to the assets carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.

Any movement in the fair value of the properties is reflected within the profit and loss account for the year.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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 at the transaction price, 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.

 

Moatstar Limited

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

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 at the transaction price.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Moatstar Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

11,430

11,430

At 31 December 2023

11,430

11,430

Depreciation

At 1 January 2023

11,430

11,430

At 31 December 2023

11,430

11,430

Carrying amount

At 31 December 2023

-

-

5

Investment properties

2023
£

At 1 January

1,340,000

Additions

869,500

At 31 December

2,209,500

A valuation of investment properties was carried out by an independent valuer in December 2022.

6

Investments

2023
£

2022
£

Investments in subsidiaries

50

50

Subsidiaries

£

Fair value

At 1 January 2023

50

At 31 December 2023

50

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Moatstar Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Oakfern Properties Limited

The Courtyard
Holt Lodge Farm
Horton
Wimborne
Dorset
BH21 7JN

England

Ordinary

50%

50%

Subsidiary undertakings

Oakfern Properties Limited

The principal activity of Oakfern Properties Limited is property investment and trading.

 

Moatstar Limited

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

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

1,007

1,007

At 31 December 2023

1,007

1,007

Impairment

Carrying amount

At 31 December 2023

1,007

1,007

8

Debtors

2023
£

2022
£

Prepayments

1,372

-

1,372

-

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

-

2,351

Trade creditors

 

-

114

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

1,218,441

312,032

Accruals and deferred income

 

1,400

1,200

 

1,219,841

315,697

 

Moatstar Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

425,000

425,000

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

425,000

425,000

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

2,351

Other borrowings

Loan Mrs A H Burge is denominated in £ with a nominal interest rate of 7.25%, and the final instalment is due on 1 January 2018. The carrying amount at year end is £425,000 (2022 - £425,000).

The loan is secured on the fixed assets known as Paradise Farm.

11

Related party transactions

Summary of transactions with other related parties

Wife of Mr O A Burge
 Loan in the sum of £ 425,000 (2021 £ 425,000)
 Interest only loan at 7.25% per annum
 

Expenditure with and payables to related parties

2023

Other related parties
£

Rendering of services

30,843

Amounts payable to related party

425,000

2022

Other related parties
£

Rendering of services

29,181

Amounts payable to related party

425,000

 

Moatstar Limited

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

12

Parent and ultimate parent undertaking

The company's immediate parent is Marchmont Farms Limited, incorporated in England and Wales.