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Registration number: 09633098

A Star Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

A Star Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

A Star Property Ltd

Company Information

Director

Mr Lee Anthony Brown

Registered office

1 Victoria Gardens
Victoria Avenue
Hull
East Yorkshire
HU5 3ED

Solicitors

Brewer Wallace
Shackles Chambers
7 Land of Green Ginger
Hull
East Yorkshire
HU1 2ED

Bankers

Santander UK plc

Accountants

Flexibility Professional Services (UK) Ltd
Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

A Star Property Ltd

(Registration number: 09633098)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

57,007

-

Investment property

4

965,240

965,240

 

1,022,247

965,240

Current assets

 

Debtors

5

3,365

3,365

Cash at bank and in hand

 

95,469

30,383

 

98,834

33,748

Creditors: Amounts falling due within one year

6

(124,956)

(114,471)

Net current liabilities

 

(26,122)

(80,723)

Total assets less current liabilities

 

996,125

884,517

Creditors: Amounts falling due after more than one year

6

(530,729)

(490,664)

Provisions for liabilities

(71,878)

(61,047)

Net assets

 

393,518

332,806

Capital and reserves

 

Called up share capital

7

25,000

25,000

Non-distributable reserve

260,254

260,254

Retained earnings

108,264

47,552

Shareholders' funds

 

393,518

332,806

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.

Director's 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 director acknowledges his 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.

 

A Star Property Ltd

(Registration number: 09633098)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 June 2024
 

.........................................
Mr Lee Anthony Brown
Director

 

A Star Property Ltd

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:
1 Victoria Gardens
Victoria Avenue
Hull
East Yorkshire
HU5 3ED
United Kingdom

These financial statements were authorised for issue by the director on 10 June 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

A Star Property Ltd

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

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment property

0%

Motor vehicles

Reducing balance @ 20%

 

A Star Property Ltd

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

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRS, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the non-distributable reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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.

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.

 

A Star Property Ltd

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 April

965,240

At 31 March

965,240

There has been no valuation of investment property by an independent valuer.

 

A Star Property Ltd

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

5

Debtors

Current

2024
£

2023
£

Other debtors

3,365

3,365

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

21,887

12,395

Taxation and social security

 

10,702

10,399

Accruals and deferred income

 

1,380

690

Other creditors

 

90,987

90,987

 

124,956

114,471

Creditors: amounts falling due after more than one year

Note

2024
£

(As restated)

2023
£

Due after one year

 

Loans and borrowings

9

494,604

460,539

Other non-current financial liabilities

 

36,125

30,125

 

530,729

490,664

 

A Star Property Ltd

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

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary £1 of £1 each

25,000

25,000

25,000

25,000

         

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

44,398

57,144

Hire purchase contracts

46,811

-

Other borrowings

403,395

403,395

494,604

460,539

2024
£

2023
£

Current loans and borrowings

Bank borrowings

12,747

12,395

Hire purchase contracts

9,140

-

21,887

12,395

 

A Star Property Ltd

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

Bank borrowings

Halifax Bank Mortgage is denominated in GBP with a nominal interest rate of 4.0%, and the final instalment is due on 30 April 2035. The carrying amount at year end is £34,710 (2023 - £37,152).

Secured by way of first charge over Boothferry Road, Hessle.

Santander Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £22,435 (2023 - £32,387).

Unsecured business loan with no repayments and interest rebated by UK government during first 12 months.

Tesla Finance is denominated in GBP with a nominal interest rate of 2.6%, and the final instalment is due on 31 October 2027. The carrying amount at year end is £55,951 (2023 - £Nil).

First legal charge taken over motor vehicle.

10

Related party transactions

Dividends paid to the director

   

2024
£

 

2023
£

Mr Lee Anthony Brown

       

Ordinary £1

 

2,000

 

2,000

         

Loans from related parties

2024

Key management
£

Total
£

At start of period

403,395

403,395

At end of period

403,395

403,395

2023

Key management
£

Total
£

At start of period

403,395

403,395

At end of period

403,395

403,395

Terms of loans from related parties

Unsecured loan provided with no repayment terms and fixed interest charge of £1,000 per annum.