Company registration number 08850444 (England and Wales)
STARBUILD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
STARBUILD PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STARBUILD PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,970,000
7,000,000
Current assets
Debtors
4
2,889,971
2,863,407
Cash at bank and in hand
70,151
21,723
2,960,122
2,885,130
Creditors: amounts falling due within one year
5
(7,551,264)
(2,113,278)
Net current (liabilities)/assets
(4,591,142)
771,852
Total assets less current liabilities
(621,142)
7,771,852
Creditors: amounts falling due after more than one year
6
-
0
(5,041,500)
Provisions for liabilities
7
-
0
(700,551)
Net (liabilities)/assets
(621,142)
2,029,801
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(622,142)
2,028,801
Total equity
(621,142)
2,029,801

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

STARBUILD PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
S O'Driscoll
Director
Company Registration No. 08850444
STARBUILD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Starbuild Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the company's net liabilities istrue £621,142.

 

The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due.

 

If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount, to provide for any further liabilities which might arise, and to re-classify long term liabilities as current liabilities

1.3
Turnover

Turnover represents rents and income derived from managing the property on a receivable basis.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

STARBUILD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including trade creditors, bank loans and loans from fellow group companies are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
STARBUILD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Investment property
2023
£
Fair value
At 1 July 2022
7,000,000
Additions
21,840
Revaluations
(3,051,840)
At 30 June 2023
3,970,000

The fair value of the investment property has been arrived at on the basis of valuation carried out by director as at year end. The valuation was made on an open market basis by reference to market trends and evidence of transaction prices for similar properties.

 

The historical cost of the land and buildings included in the valuation above is £4,219,635 (2022: £4,197,795).

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
56,950
14,855
Amounts owed by group undertakings
1,690,664
1,649,374
Other debtors
1,142,357
1,199,178
2,889,971
2,863,407
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,042,014
-
0
Trade creditors
8,307
59,467
Amounts owed to group undertakings
494,237
494,237
Other creditors
2,006,706
1,559,574
7,551,264
2,113,278

Included within bank loans due within one year is an amount of £5,000,000 (2022: £5,000,000 - due more than one year) which are secured against the assets of the company. There are cross guarantees and debenture with other group members.

 

Included within bank loans due within one year is an amount of £42,014 (2022: £41,500 - due more than one year) in respect of an unsecured bank loan which is backed by the government under the Bounce Back Loan Scheme.

STARBUILD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
5,041,500
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
-
41,500
7
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
-
700,551
2023
Movements in the year:
£
Liability at 1 July 2022
700,551
Credit to profit or loss
(700,551)
Liability at 30 June 2023
-
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
A Ordinary shares of £1 each
900
900
900
900
1,000
1,000
1,000
1,000
STARBUILD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
9
Related party transactions

Included within other debtors is an aggregate amount of £1,081,885 (2022: £1,095,017) due from companies in which S O'Driscoll and B Patel are directors.

 

Included within other debtors is an aggregate amount of £57,272 (2022: £57,272) due from a company in which B Patel is a director.

 

Included within creditors due within one year, is an aggregate amount of £424,727 (2022: £47,000) owed to a company, in which S O'Driscoll and B Patel are directors.

 

Included within creditors due within one year, is an aggregate amount of £1,457,008 (2022: £1,457,008) owed to a company, in which S O'Driscoll is a director.

10
Parent company

The company's immediate parent company is Starbuild Holdings Limited and the ultimate parent company is CAS Property Limited. The registered office address is 166 College Road, Harrow, Middlesex, HA1 1RA.

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