REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
29 September 2022 to 30 September 2023 |
for |
Nova Stellar Property Management Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
29 September 2022 to 30 September 2023 |
for |
Nova Stellar Property Management Limited |
Nova Stellar Property Management Limited (Registered number: 04889007) |
Contents of the Financial Statements |
for the Period 29 September 2022 to 30 September 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 4 |
Nova Stellar Property Management Limited |
Company Information |
for the Period 29 September 2022 to 30 September 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Charter House, Wyvern Court |
Stanier Way |
Derby |
DE21 6BF |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Nova Stellar Property Management Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nova Stellar Property Management Limited for the period ended 30 September 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Nova Stellar Property Management Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nova Stellar Property Management Limited and state those matters that we have agreed to state to the director of Nova Stellar Property Management Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nova Stellar Property Management Limited and its director for our work or for this report. |
It is your duty to ensure that Nova Stellar Property Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Nova Stellar Property Management Limited. You consider that Nova Stellar Property Management Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Nova Stellar Property Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Charter House, Wyvern Court |
Stanier Way |
Derby |
DE21 6BF |
Nova Stellar Property Management Limited (Registered number: 04889007) |
Statement of Financial Position |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Nova Stellar Property Management Limited (Registered number: 04889007) |
Notes to the Financial Statements |
for the Period 29 September 2022 to 30 September 2023 |
1. | STATUTORY INFORMATION |
Nova Stellar Property Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised at the fair value of the consideration receivable for rental income in the normal course of business, and is shown net of VAT. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: |
Fixtures, fittings and equipment 25% reducing balance |
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. |
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. Changes in fair value are recognised in profit or loss. |
Nova Stellar Property Management Limited (Registered number: 04889007) |
Notes to the Financial Statements - continued |
for the Period 29 September 2022 to 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised 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 trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of 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. |
Taxation |
Taxation for the period 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
Nova Stellar Property Management Limited (Registered number: 04889007) |
Notes to the Financial Statements - continued |
for the Period 29 September 2022 to 30 September 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 29 September 2022 |
and 30 September 2023 |
DEPRECIATION |
At 29 September 2022 |
Charge for period |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 28 September 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 29 September 2022 |
Revaluations | 2,500 |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 28 September 2022 |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 2022 | 235,740 |
Valuation in 2023 | 2,500 |
Cost | 1,071,760 |
1,310,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,071,760 | - |
Aggregate depreciation | (21,435 | ) | - |
Investment property was valued on an open market basis on 30 September 2023 by the director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Nova Stellar Property Management Limited (Registered number: 04889007) |
Notes to the Financial Statements - continued |
for the Period 29 September 2022 to 30 September 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The director has provided a personal guarantee over the mortgages held by the company. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
Transfer | 174,923 |
At 30 September 2023 |