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Registration number: 13497229

Star Cromwell Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Star Cromwell Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Star Cromwell 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 Cromwell Limited

(Registration number: 13497229)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

525,000

525,000

Current assets

 

Debtors

5

20,301

20,263

Cash at bank and in hand

 

6,744

15,552

 

27,045

35,815

Creditors: Amounts falling due within one year

6

(380,189)

(359,331)

Net current liabilities

 

(353,144)

(323,516)

Total assets less current liabilities

 

171,856

201,484

Creditors: Amounts falling due after more than one year

6

(324,538)

(324,538)

Net liabilities

 

(152,682)

(123,054)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(152,782)

(123,154)

Shareholders' deficit

 

(152,682)

(123,054)

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.

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 21 October 2024 and signed on its behalf by:
 

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

 

Star Cromwell 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 21 October 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.

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.

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.

 

Star Cromwell Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

 

Star Cromwell Limited

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

4

Investment properties

2024
£

At 1 April

525,000

At 31 March

525,000


 

5

Debtors

2024
£

2023
£

Prepayments

609

571

Other debtors

19,692

19,692

20,301

20,263

 

Star Cromwell Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

6,352

6,352

Trade creditors

 

-

187

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

371,148

351,442

Accruals and deferred income

 

2,689

1,350

 

380,189

359,331

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

324,538

324,538

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Share Capital of £1 each

100

100

100

100

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

324,538

324,538

2024
£

2023
£

Current loans and borrowings

Other borrowings

6,352

6,352

 

Star Cromwell Limited

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

9

 

Control

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

The ultimate controlling party is Mr B Ketih.