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Company registration number: SC366497
Star Actuarial Futures Limited
Unaudited filleted financial statements
31 December 2023
Star Actuarial Futures Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Star Actuarial Futures Limited
Directors and other information
Directors Mr Louis Manson
Mr Antony Buxton
Company number SC366497
Registered office 123 Irish Street
Dumfries
Dumfries and Galloway
DG1 2PE
Accountants Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
Star Actuarial Futures Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Star Actuarial Futures Limited
Year ended 31st 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 Actuarial Futures Limited for the year ended 31st 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 ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Star Actuarial Futures Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Star Actuarial Futures Limited and state those matters that we have agreed to state to the board of directors of Star Actuarial Futures Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Star Actuarial Futures Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Star Actuarial Futures 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 Actuarial Futures Limited. You consider that Star Actuarial Futures 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 Actuarial Futures 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.
Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
25th September 2024
Star Actuarial Futures Limited
Statement of financial position
31st December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 14,405 20,009
_______ _______
14,405 20,009
Current assets
Debtors 6 673,796 1,001,424
Cash at bank and in hand 380,037 977,023
_______ _______
1,053,833 1,978,447
Creditors: amounts falling due
within one year 7 ( 269,164) ( 882,666)
_______ _______
Net current assets 784,669 1,095,781
_______ _______
Total assets less current liabilities 799,074 1,115,790
Provisions for liabilities ( 2,917) ( 5,003)
_______ _______
Net assets 796,157 1,110,787
_______ _______
Capital and reserves
Called up share capital 8 4 4
Profit and loss account 796,153 1,110,783
_______ _______
Shareholders funds 796,157 1,110,787
_______ _______
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.
Directors 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 directors acknowledge 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 20 September 2024 , and are signed on behalf of the board by:
Mr Antony Buxton
Director
Company registration number: SC366497
Star Actuarial Futures Limited
Notes to the financial statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 123 Irish Street, Dumfries, Dumfries and Galloway, DG1 2PE.
2. Statement of compliance
The significant accounting policies applied in the preparation of these financial statements are set out below. These have been consistently applied unless otherwise stated. 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.
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 and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 25 % reducing balance
Computer equipmemt - 33.33 % straight line
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.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into Basic Financial Instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans with related parties.All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Defined contribution plans
Contributions to pension plans are recognised as an expense when they are due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 17 ).
5. Tangible assets
Fixtures, fittings and equipment Computer Equipment Total
£ £ £
Cost
At 1st January 2023 13,326 60,564 73,890
Additions 158 6,549 6,707
_______ _______ _______
At 31st December 2023 13,484 67,113 80,597
_______ _______ _______
Depreciation
At 1st January 2023 10,362 43,519 53,881
Charge for the year 782 11,529 12,311
_______ _______ _______
At 31st December 2023 11,144 55,048 66,192
_______ _______ _______
Carrying amount
At 31st December 2023 2,340 12,065 14,405
_______ _______ _______
At 31st December 2022 2,964 17,045 20,009
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 667,479 961,381
Other debtors 6,317 40,043
_______ _______
673,796 1,001,424
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 179,193 652,497
Corporation tax 11,992 95,413
Social security and other taxes 65,617 126,165
Other creditors 12,362 8,591
_______ _______
269,164 882,666
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 4 4 4 4
_______ _______ _______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Louis Manson 26,718 ( 26,718) -
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Louis Manson - 26,718 26,718
_______ _______ _______
10. Related party transactions
The company paid dividends to the directors of £354,242. There were no other commercial transactions during the year.
11. Controlling party
The company is under the control of the directors.