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COMPANY REGISTRATION NUMBER: 12306515
7 STAR CONSULTANCY LIMITED
Filleted Unaudited Financial Statements
30 November 2023
7 STAR CONSULTANCY LIMITED
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
89,170
47,557
Current assets
Debtors
6
1,029,368
611,534
Cash at bank and in hand
1,194,387
249,580
------------
---------
2,223,755
861,114
Creditors: amounts falling due within one year
7
2,047,247
513,015
------------
---------
Net current assets
176,508
348,099
---------
---------
Total assets less current liabilities
265,678
395,656
Creditors: amounts falling due after more than one year
8
77,694
103,416
---------
---------
Net assets
187,984
292,240
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
187,884
292,140
---------
---------
Shareholders funds
187,984
292,240
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
7 STAR CONSULTANCY LIMITED
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Ms C SHARMA
Mr Y RAMBRICHH
Director
Director
Company registration number: 12306515
7 STAR CONSULTANCY LIMITED
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4b.01, 4th Floor Block 4b, Vista Centre, 50 Salisbury Road, Hounslow, TW4 6JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the disclosure exemptions available under paragraph 1.12 of FRS 102
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1,813 (2022: 492 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 December 2022
50,029
11,578
61,607
Additions
63,906
63,906
--------
--------
---------
At 30 November 2023
50,029
75,484
125,513
--------
--------
---------
Depreciation
At 1 December 2022
10,006
4,044
14,050
Charge for the year
8,005
14,288
22,293
--------
--------
---------
At 30 November 2023
18,011
18,332
36,343
--------
--------
---------
Carrying amount
At 30 November 2023
32,018
57,152
89,170
--------
--------
---------
At 30 November 2022
40,023
7,534
47,557
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
1,009,840
608,349
Other debtors
19,528
3,185
------------
---------
1,029,368
611,534
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
330,267
123,216
Social security and other taxes
1,554,050
330,406
Other creditors
162,930
59,393
------------
---------
2,047,247
513,015
------------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bounce back loan
38,717
45,000
Other creditors
38,977
58,416
--------
---------
77,694
103,416
--------
---------
9. Directors' advances, credits and guarantees
Directors current account is overdrawn by £9528.