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Registration number: 13550068

Star Property Capital Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Star Property Capital Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Star Property Capital Investments Limited

Company Information

Directors

Mr Benjamin Keith

Mr Maxwell Scott

Registered office

255 Old Shoreham Road
Hove
East Sussex
BN3 7ED

Accountants

SRC Advisory Ltd
2nd Floor
Stanford Gate
South Road
Brighton
East Sussex
BN1 6SB

 

Star Property Capital Investments Limited

(Registration number: 13550068)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,491

3,579

Investment property

5

20,039,998

18,537,600

 

20,049,489

18,541,179

Current assets

 

Debtors

6

434,694

903,731

Cash at bank and in hand

 

223,877

95,049

 

658,571

998,780

Creditors: Amounts falling due within one year

7

(11,422,222)

(11,640,652)

Net current liabilities

 

(10,763,651)

(10,641,872)

Total assets less current liabilities

 

9,285,838

7,899,307

Creditors: Amounts falling due after more than one year

7

(8,413,000)

(6,560,710)

Provisions for liabilities

(105,015)

(210,821)

Net assets

 

767,823

1,127,776

Capital and reserves

 

Called up share capital

8

100,000

100,000

Revaluation reserve

552,714

1,109,586

Retained earnings

115,109

(81,810)

Shareholders' funds

 

767,823

1,127,776

For the financial year ending 31 March 2024 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.

 

Star Property Capital Investments Limited

(Registration number: 13550068)
Balance Sheet as at 31 March 2024

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.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr Benjamin Keith
Director

 

Star Property Capital Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
255 Old Shoreham Road
Hove
East Sussex
BN3 7ED
England

These financial statements were authorised for issue by the Board on 23 September 2024.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Star Property Capital Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Star Property Capital Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Star Property Capital Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

4,980

4,980

Additions

9,758

9,758

At 31 March 2024

14,738

14,738

Depreciation

At 1 April 2023

1,401

1,401

Charge for the year

3,846

3,846

At 31 March 2024

5,247

5,247

Carrying amount

At 31 March 2024

9,491

9,491

At 31 March 2023

3,579

3,579

5

Investment properties

2024
£

At 1 April

18,537,600

Additions

2,059,270

Fair value adjustments

(556,872)

At 31 March

20,039,998

The investment properties are valued by an unqualified valuer Mr MF Scott, a director of the company. The value has been calculated using local property information and where available post balance sheet estate agent valuations.

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

84,419

160,843

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

45,052

145,445

Prepayments

 

124,653

89,133

Other debtors

 

180,570

508,310

 

434,694

903,731

 

Star Property Capital Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

604,250

371,340

Trade creditors

 

36,397

221,226

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

9,220,640

6,714,964

Taxation and social security

 

26,525

40,326

Accruals and deferred income

 

185,034

163,067

Other creditors

 

1,349,376

4,129,729

 

11,422,222

11,640,652

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

8,413,000

6,560,710

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £0.00 each

100,000,000

100,000

100,000,000

100,000

         
 

Star Property Capital Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(556,872)

(556,872)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

924,601

924,601

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

8,413,000

6,560,710

2024
£

2023
£

Current loans and borrowings

Bank borrowings

604,250

371,340

Bank Borrowings

The bank loans included in both current liabilities and non current liabilities are secured over the investment properties held by the company.

11

Parent and ultimate parent undertaking

The company's immediate parent is Star Property Investment & Management Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr B Keith.