Company registration number 07953163 (England and Wales)
STARLIGHT MANAGEMENT SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
STARLIGHT MANAGEMENT SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STARLIGHT MANAGEMENT SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,254
23,826
Investment properties
4
14,910,280
15,235,280
14,930,534
15,259,106
Current assets
Debtors
5
71,257
71,089
Cash at bank and in hand
169,935
138,105
241,192
209,194
Creditors: amounts falling due within one year
6
(489,107)
(518,204)
Net current liabilities
(247,915)
(309,010)
Total assets less current liabilities
14,682,619
14,950,096
Creditors: amounts falling due after more than one year
7
(123,104)
(868,065)
Net assets
14,559,515
14,082,031
Capital and reserves
Called up share capital
8
337
337
Share premium account
10,587,775
10,587,775
Profit and loss reserves
3,971,403
3,493,919
Total equity
14,559,515
14,082,031

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

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 17 October 2024 and are signed on its behalf by:
Mr J P Cox
Director
Company Registration No. 07953163
STARLIGHT MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Starlight Management Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brookwood House, Ty Trappa Road, West Pontnewydd, Cwmbran, South Wales, United Kingdom, NP44 1BH.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue from the rental of property is recognised when the significant risks and rewards of ownership of the rental property have passed to the tenant, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% on cost
Fixtures and fittings
25% reducing balance
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

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. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.6
Taxation

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

STARLIGHT MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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 and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. 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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2024
2023
Number
Number
Total
4
4
STARLIGHT MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
-
0
5,642
112,842
118,484
Additions
11,263
-
0
-
0
11,263
At 31 March 2024
11,263
5,642
112,842
129,747
Depreciation and impairment
At 1 April 2023
-
0
4,935
89,723
94,658
Depreciation charged in the year
805
176
13,854
14,835
At 31 March 2024
805
5,111
103,577
109,493
Carrying amount
At 31 March 2024
10,458
531
9,265
20,254
At 31 March 2023
-
0
707
23,119
23,826
4
Investment property
2024
£
Fair value
At 1 April 2023
15,235,280
Disposals
(325,000)
At 31 March 2024
14,910,280

The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
52,713
63,602
Other debtors
18,544
7,487
71,257
71,089
STARLIGHT MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
171,063
231,864
Trade creditors
8,680
19,629
Corporation tax
162,391
119,328
Other taxation and social security
1,158
1,069
Other creditors
145,815
146,314
489,107
518,204

Included in creditors above is bank loans of £171,063 (2023: £231,864), secured over the company's investment properties.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
123,104
868,065

The secured debts included within creditors are other loans of £123,104 (2023: £868,065), secured over the company's investment properties.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
336,414
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
337
337
337
337
9
Directors' transactions

Dividends totalling £52,000 (2023 - £14,000) were paid in the year in respect of shares held by the company's directors.

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