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REGISTERED NUMBER: 07122154 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Bright Star Properties Limited

Bright Star Properties Limited (Registered number: 07122154)






Contents of the Financial Statements
for the year ended 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Bright Star Properties Limited (Registered number: 07122154)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 760,000 760,000

CURRENT ASSETS
Debtors 6 575 487
Cash at bank 303,303 299,988
303,878 300,475
CREDITORS
Amounts falling due within one year 7 39,313 42,045
NET CURRENT ASSETS 264,565 258,430
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,024,565

1,018,430

PROVISIONS FOR LIABILITIES 67,323 67,323
NET ASSETS 957,242 951,107

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 8 313,873 313,873
Retained earnings 643,368 637,233
957,242 951,107

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Bright Star Properties Limited (Registered number: 07122154)

Balance Sheet - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 October 2024 and were signed by:





Miss P Kang - Director


Bright Star Properties Limited (Registered number: 07122154)

Notes to the Financial Statements
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Bright Star Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07122154

Registered office: 10 Dovecot Close
Pinner
Middlesex
HA5 2RE

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


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rental income from investment properties. Revenue from rentals is recognised in the period to which the rentals received relates to.

Investment property
Investment property, which are properties held to earn rental income and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, they are measured at fair value at the reporting end date. The gain or loss on revaluation is recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Bright Star Properties Limited (Registered number: 07122154)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 760,000
NET BOOK VALUE
At 31 January 2024 760,000
At 31 January 2023 760,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2018 201,196
Valuation in 2020 120,000
Valuation in 2022 60,000
Cost 378,804
760,000

Investment property comprises residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transactions for similar properties.

The revaluation gain is taken to profit and loss account.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 575 487

Bright Star Properties Limited (Registered number: 07122154)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 8,476 8,740
Other creditors 30,837 33,305
39,313 42,045

8. RESERVES
Fair
value
reserve
£   
At 1 February 2023
and 31 January 2024 313,873

The Fair Value Reserve is the cumulative fair value changes of the company's investment property, net of deferred tax.

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £34,000 were paid to the director .