Registered number
08853435
Hubstar Systems Limited
Unaudited Filleted Accounts
31 December 2023
Hubstar Systems Limited
Registered number: 08853435
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 7,878 18,462
Current assets
Stocks 8,250 8,250
Debtors 5 1,026,812 1,114,559
Cash at bank and in hand 382,445 98,566
1,417,507 1,221,375
Creditors: amounts falling due within one year 6 (395,473) (340,464)
Net current assets 1,022,034 880,911
Net assets 1,029,912 899,373
Capital and reserves
Called up share capital 5,152 5,152
Share premium 352,078 352,078
Capital contribution 1,895,438 1,768,607
Profit and loss account (1,222,756) (1,226,464)
Shareholders' funds 1,029,912 899,373
The directors are 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 directors acknowledge their 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.
M D Hiles
Director
Approved by the board on 26 September 2024
Hubstar Systems Limited
Notes to the Accounts
for the year ended 31 December 2023
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).
2 Going concern
The company is dependent on loans from companies under the control of the ultimate controlling party to provide working capital and to enable it to pay its liabilities as they fall due. The directors have received assurances from the ultimate controlling party that he will continue to provide this support for the foreseeable future and will not seek repayment of the amounts due to the various companies until there are alternative sources of finance available. As such, these loans, which are interest free are under FRS102 classed as capital contributions and presented as such. On this basis and in conjunction with their forecasts for the coming twelve months the directors are satisfied that the company is a going concern and accordingly the accounts have been prepared on that basis.
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.
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:
Fixtures, fittings, and equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 28 26
4 Tangible fixed assets
Office equipment etc
£
Cost
At 1 January 2023 50,954
Disposals (13,519)
At 31 December 2023 37,435
Depreciation
At 1 January 2023 32,492
Charge for the year 10,584
On disposals (13,519)
At 31 December 2023 29,557
Net book value
At 31 December 2023 7,878
At 31 December 2022 18,462
5 Debtors 2023 2022
£ £
Trade debtors 259,491 347,027
Amounts owed by group undertakings and undertakings in which the company has a participating interest 364,000 -
Other taxes 394,314 766,628
Other debtors 9,007 904
1,026,812 1,114,559
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 258,136 261,055
Taxation and social security costs 122,826 61,734
Other creditors 14,511 17,675
395,473 340,464
7 Contingent assets
The company has tax losses carried forward of £716,199 (2022: £716,199). The potential deferred tax asset in respect of these losses is £179,050 (2022: £179,050). No provision has been made for this asset as the timing of the recoverability of these tax losses is uncertain.
8 Controlling party
The company is a wholly owned subsidiary of Hubstar Group Limited, whose registered office is Regent House, 316 Beulah Hill, London SE19 3HF.
9 Other information
Hubstar Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Corner Cottage
Hempstead
Norwich
NR12 0SH
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