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REGISTERED NUMBER: 08743442 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

STAR PLATFORMS LIMITED

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


STAR PLATFORMS LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: P Munjal
S Seth





REGISTERED OFFICE: Unit 2 Charnwood Edge Business Park
Syston Road
Cossington
United Kingdom
LE7 4UZ





REGISTERED NUMBER: 08743442 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

STRATEGIC REPORT
for the year ended 31 March 2024


The directors present their strategic report for the year ended 31 March 2024.

Fair review of the business and company development
The company's principal activity during the year continued to be that of powered access hire, sales, and training.

Profit on ordinary activities before taxation for the year ended 31 March 2024 was £2,243,033. Total equity at the year end was £8,593,731- a 17.2% increase on the 31 March 2023 figure (£7,332,797).

Despite the Company being impacted by a delay in major projects such as HS2 caused by industry-wide cost increases and rising interest rates, the performance over the financial year has been very impressive. Total fleet holding has increased from 3,125 machines to 3,545 whilst maintaining strong utilisation levels.

Fleet holding has increased across all depots allowing us to continue to provide nationwide service. In addition to this, our newest depot launch in Warrington has been very successful and has allowed us to meet the needs of our customers in the Northwest region.

Strategy
The company will continue to use its reputation within the market to build a profitable customer base. It is always open to the idea of further expansion and will consider opening additional branches on the proviso it makes business sense.

Due to the nature of current economic conditions, the company will seek to consolidate the current fleet holding. However, we will continue to invest in capital equipment to further enhance fleet offering when we feel it is the correct decision both commercially and financially.

The company also recognises the importance of its staff and staff retention. The aim is always to be the employer of choice within the industry. Wages and working conditions therefore reflect this and the staff enjoy several benefits, including bonuses, private health care, excellent holiday entitlement and promotion opportunities as the company looks to promote from within.

Key Performance Indicators ('KPIs')
As well as turnover and profitability the company also monitors its plant hire utilisation. It considers a utilisation level of 70% is needed to enable the company to continue to grow at a manageable rate. The company also uses return on capital employed as a key performance indicator, in particular the payback period of individual fleet items. The combination of both utilisation and payback allows the company to make informed decisions on what areas of the fleet offering need further investment.

Principal risks and uncertainties
Along with general market conditions, pricing and competition, high inflation and the interest rate climate presents the greatest challenge to the company and the hire industry at large over the coming months and years. Despite the company's strong performance for the year, the prospect of the UK facing sluggish growth is very real. Furthermore, the war in Ukraine continues to contribute to volatility in input costs.

Despite this, the directors remain confident that the company can continue to strengthen its current level of performance and has the procedures, polices and internal controls in place to mitigate any potential risk.

Environment
The company's suite of accreditations such as FORS Silver, CLOCS, ISO 14001:2015, ISO 45001:2018, ISO9001:2015 IPAF Rental Plus, CHAS and Safe Hire are all related to managing the company's' environmental impact. Over 85% of the hire fleet is either electric or hybrid, thus further supporting the company's commitment to the environment.


STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

STRATEGIC REPORT
for the year ended 31 March 2024

FUTURE DEVELOPMENTS
It is predicted that the UK's economy will be impacted by high inflation and the war in Ukraine, however the government has continued to commit to an increase in public spending, which will include construction activities. In the meantime, the company will continue to focus on increasing market share further using its current strategy which has been extremely effective to date.

ON BEHALF OF THE BOARD:





P Munjal - Director


20 September 2024

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of powered access hire, sales and training.

DIVIDENDS
Total dividends of £1,000,000 (2023: £300,000) have been declared during the year but paid after the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

P Munjal
S Seth

FINANCIAL INSTRUMENTS
The principal financial instruments of the company comprise bank balances and borrowings, trade creditors, trade debtors and hire purchase contracts. The main purpose of these instruments is to raise funds for the company's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances and overdraft facilities along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers, and regular monitoring of amounts outstanding for both time and credit limits.

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made £7,337 of charitable donations (2023: £6,110).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




P Munjal - Director


20 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STAR PLATFORMS LIMITED


Opinion
We have audited the financial statements of Star Platforms Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STAR PLATFORMS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, healh and safety regulations and employment law. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulation, and fraud;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
or with unusual descriptions;
- Challenging assumptions made by management in their significant accounting estimates, in particular the useful
economic lives of tangible assets.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

20 September 2024

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 27,137,733 24,731,374

Cost of sales (12,169,695 ) (11,530,832 )
GROSS PROFIT 14,968,038 13,200,542

Administrative expenses (12,164,236 ) (10,750,434 )
2,803,802 2,450,108

Other operating income 4 240,000 2,500
OPERATING PROFIT 6 3,043,802 2,452,608

Interest receivable and similar income 2,875 1,853
3,046,677 2,454,461

Interest payable and similar expenses 7 (803,644 ) (509,344 )
PROFIT BEFORE TAXATION 2,243,033 1,945,117

Tax on profit 8 17,901 (459,195 )
PROFIT FOR THE FINANCIAL YEAR 2,260,934 1,485,922

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,260,934

1,485,922

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 10 25,754,665 28,438,595

CURRENT ASSETS
Stocks 11 486,431 380,078
Debtors 12 6,149,844 5,496,917
Cash at bank and in hand 551,329 723
7,187,604 5,877,718
CREDITORS
Amounts falling due within one year 13 (11,582,354 ) (12,240,283 )
NET CURRENT LIABILITIES (4,394,750 ) (6,362,565 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,359,915

22,076,030

CREDITORS
Amounts falling due after more than one
year

14

(10,554,600

)

(12,556,993

)

PROVISIONS FOR LIABILITIES 18 (2,211,584 ) (2,186,240 )
NET ASSETS 8,593,731 7,332,797

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 8,593,631 7,332,697
SHAREHOLDERS' FUNDS 8,593,731 7,332,797

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





P Munjal - Director


STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 6,146,775 6,146,875

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 1,485,922 1,485,922
Balance at 31 March 2023 100 7,332,697 7,332,797

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 2,260,934 2,260,934
Balance at 31 March 2024 100 8,593,631 8,593,731

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Star Platforms Limited is a limited company, registered in England and Wales. Its registered office address is Unit 2 Charnwood Edge Business Park, Syston Road, Cossington, United Kingdom, LE7 4UZ and the registered number is 08743442.

The address of its principle place of business is Kensworth Nurseries, Watling Street, Dunstable, Bedfordshire, LU6 3QT.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within accounting policies below.

The company's functional and presentational currency is pound sterling.

Going concern
The company had net current liabilities of £4,394,750 (2023: £6,362,565) and net assets of £8,593,731 (2023: £7,332,797) as at 31 March 2024. For the year ended 31 March 2024 the company made a profit before tax of £2,243,033 (2023: £1,945,117).

The directors have prepared forecasts and projections along with an assessment of existing cash resources, profit and cash generation. On this basis the directors deem the company will be able to meet it's liabilities as they fall due for at least 12 months from the signing of these financial statements and have therefore prepared the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Sudhir Power (UK) Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised as described below for the different sales channels:

(i) Hire and associated income

Hire income is recognised at the earlier of when the asset is collected or returned to the depot (off-hire invoicing), or at the month end (continuation invoicing), if the asset remains on hire at this date.

Transport income, damage income and recoveries income are directly tied to the level of hire income and recognised as above.

(ii) Machine sales

Machines sales revenue relates to the re-sale of new equipment. No stock is held, as equipment is purchased when sales orders are received and is recognised when the following criteria are met:

(a) the significant risks and rewards of ownership have been transferred to the buyer;
(b) the company retains no continuing involvement or control over the goods;
(c) the amount of revenue can be measured reliably;
(d) it is probable that future economic benefits will flow to the entity

(iii) Training

Training income is earned through the provision of International Powered Access Federation (IPAF) accredited training, which is the industry standard for the safe operation of the equipment and is recognised at the point the training takes place.

Other income
Other income is mainly comprised of management charge income from a group company and recognised in the period to which the service provided relates.

Tangible fixed assets
Tangible assets are stated at historical cost less depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on a straight line basis.

Depreciation is provided on the following basis:

Freehold property- 5 years straight line
Leasehold land and buildings- 5 years straight line
Plant and Machinery- 3 to 10 years straight line
Fixtures and fittings- 5 years straight line
Motor vehicles- 5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, investments and loans to fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies 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.

Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the liability is extinguished, when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting
Financial assets and liabilities are offset and 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.


STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating and finance lease commitments
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

(i) Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company’s incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

(ii) Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

(iii) Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Hire and associated sales 26,506,076 24,075,280
Machines sales 280,913 277,968
Training 350,744 378,126
27,137,733 24,731,374

All turnover arises in the UK.

4. OTHER OPERATING INCOME
2024 2023
£    £   
Managementt charges 240,000 2,500

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,875,160 6,065,529
Social security costs 762,132 686,789
Other pension costs 185,782 152,583
7,823,074 6,904,901

The average number of employees during the year was as follows:
2024 2023

Administration 78 76
Engineering and distribution 90 78
168 154

2024 2023
£    £   
Directors' remuneration - -

Key management compensation
Key management includes the directors and members of senior management. The compensation paid or payable to key management for employee service amounted to £959,692 for the year ended 31 March 2024 (2023: £1,114,860).

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 4,900,972 4,403,242
Profit on disposal of fixed assets (141,193 ) (53,642 )
Operating lease rentals - plant and machinery 1,102,870 508,023
Operating lease rentals - land and buildings 729,479 503,430
Auditors' remuneration for audit services 17,000 15,400

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Finance charges 81,319 22,768
Hire purchase 722,325 486,576
803,644 509,344

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 72,189
Adjustment to prior years (43,245 ) 9,135
Total current tax (43,245 ) 81,324

Deferred tax 25,344 377,871
Tax on profit (17,901 ) 459,195

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,243,033 1,945,117
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

560,758

369,572

Effects of:
Expenses not deductible for tax purposes 33,721 32,139
Adjustments to tax charge in respect of previous periods (6,935 ) -

Adjustments in respect of prior years - 1,026
Super deduction - (36,383 )
Group relief (607,759 ) -
Changes in tax rate - 92,635
Non-taxable income - (475 )
Chargeable gain 2,314 681
Total tax (credit)/charge (17,901 ) 459,195

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 1,000,000 300,000

10. TANGIBLE FIXED ASSETS
Long
Freehold leasehold
land & land & Plant and
buildings buildings machinery
£    £    £   
COST
At 1 April 2023 32,831 1,013,039 43,131,178
Additions - 234,205 1,917,925
Disposals - - (284,872 )
At 31 March 2024 32,831 1,247,244 44,764,231
DEPRECIATION
At 1 April 2023 29,053 274,915 16,110,080
Charge for year 1,464 181,628 4,542,782
Eliminated on disposal - - (231,143 )
At 31 March 2024 30,517 456,543 20,421,719
NET BOOK VALUE
At 31 March 2024 2,314 790,701 24,342,512
At 31 March 2023 3,778 738,124 27,021,098

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 341,703 537,284 45,056,035
Additions 118,641 - 2,270,771
Disposals - - (284,872 )
At 31 March 2024 460,344 537,284 47,041,934
DEPRECIATION
At 1 April 2023 154,461 48,931 16,617,440
Charge for year 63,303 111,795 4,900,972
Eliminated on disposal - - (231,143 )
At 31 March 2024 217,764 160,726 21,287,269
NET BOOK VALUE
At 31 March 2024 242,580 376,558 25,754,665
At 31 March 2023 187,242 488,353 28,438,595

The net carrying amount of assets held under finance leases included in plant, machinery and motor vehicles is £24,615,686 (2023: £24,068,743).

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


11. STOCKS
2024 2023
£    £   
Stocks 486,431 380,078

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,415,139 4,961,141
Amounts owed by group undertakings 86,905 -
Other debtors 37,026 42,270
Prepayments 610,774 493,506
6,149,844 5,496,917

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) - 279,358
Hire purchase contracts (see note 16) 5,567,106 5,682,262
Trade creditors 2,442,119 4,656,660
Amounts owed to group undertakings 1,115,616 423,968
Tax - 49,813
Social security and other taxes 1,022,847 514,931
Dividends payable 1,000,000 300,000
Other creditors 434,666 333,291
11,582,354 12,240,283

The company has provided a fixed and floating charge over all assets including book debts to HSBC UK Bank Plc to support the overdraft and other facilities.

Included within Other creditors are pension contributions payable of £nil (2023: £24,782).

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 10,554,600 12,556,993

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 279,358

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,567,106 5,682,262
Between one and five years 10,554,600 12,556,993
16,121,706 18,239,255

The future minimum hire purchase lease payments are as follows:
2024 2023
£ £
Not later than one year 5,862,744 6,025,162
Later than one year and not later than five years 11,001,183 13,281,202
Total gross payments 16,863,927 19,306,202
Less: finance charges (742,221 ) (1,067,109 )
Carrying amount of liability 16,121,706 18,239,255

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,493,350 1,647,619
Between one and five years 3,360,754 4,310,219
In more than five years 1,518,570 2,062,455
6,372,674 8,020,293

Leases relate to commercial vehicles and other motor vehicles and leases for the properties the company trades from.

The finance leases are secured by the lessors' title to the leased assets and the directors consider that the carrying amount of the obligations under the finance leases approximate to their fair value. Interest rates underlying all obligations are fixed at respective contract rates.

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 279,358
Hire purchase contracts 16,121,706 18,239,255
16,121,706 18,518,613

The company has provided a fixed and floating charge over all assets including book debts to HSBC UK Bank Plc to support the overdraft and other facilities.

The finance leases are secured by the lessors' title to the leased assets and the directors consider that the carrying amount of the obligations under the finance leases approximate to their fair value. Interest rates underlying all obligations are fixed at respective contract rates.

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 2,222,750 2,186,240
Other timing differences (11,166 ) -
2,211,584 2,186,240

Deferred
tax
£   
Balance at 1 April 2023 2,186,240
Charge to Statement of Comprehensive Income during year 25,344
Balance at 31 March 2024 2,211,584

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

The holder of the ordinary shares is entitled to receive dividends as declared from time to time, and is entitled to one vote per share at meetings of the company. All shares rank equally with regard to the Company's residual assets.

20. RESERVES
Retained
earnings
£   

At 1 April 2023 7,332,697
Profit for the year 2,260,934
Dividends (1,000,000 )
At 31 March 2024 8,593,631

21. ULTIMATE AND IMMEDIATE PARENT COMPANY

The entire share capital of Star Platforms Limited is owned by Sudhir Power (UK) Limited, a company incorporated in the United Kingdom and is considered the immediate parent company.

The entire share capital of Sudhir Power (UK) Limited is owned by Sudhir Power Limited, a company incorporated in India and is considered the ultimate parent company.

The smallest group in which the results of the company are consolidated for the current year ended is that headed by Sudhir Power (UK) Limited. The consolidated accounts of this company are available to the public and may be obtained from Unit 2 Charnwood Edge Business Park, Syston Road, Cossington, United Kingdom, LE7 4UZ.

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year purchases of £14,603 (2023: £15,896) were made to a company controlled by the Joint Managing director.

STAR PLATFORMS LIMITED (REGISTERED NUMBER: 08743442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Seth, by virtue of his majority shareholding in the ultimate parent company, Sudhir Power Limited.