Company registration number 03968797 (England and Wales)
POINTSTART LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
POINTSTART LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
POINTSTART LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The director presents his annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of property dealing.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
D E Conway
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
D E Conway
Director
3 December 2024
POINTSTART LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
-
177,095
Debtors
5
43,095
12,212
Investments
6
1,911,316
1,196,316
Cash at bank and in hand
130,309
295,832
2,084,720
1,681,455
Creditors: amounts falling due within one year
7
(235,055)
(78,618)
Net current assets
1,849,665
1,602,837
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,849,663
1,602,835
Total equity
1,849,665
1,602,837
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 3 December 2024
D E Conway
Director
Company registration number 03968797 (England and Wales)
POINTSTART LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
2
1,505,473
1,505,475
Year ended 30 April 2023:
Profit and total comprehensive income
-
157,362
157,362
Dividends
4
-
(60,000)
(60,000)
Balance at 30 April 2023
2
1,602,835
1,602,837
Year ended 30 April 2024:
Profit and total comprehensive income
-
246,828
246,828
Balance at 30 April 2024
2
1,849,663
1,849,665
POINTSTART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Pointstart Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Financial assets, other than investments, are initially measured at transaction price and subsequently held at cost, less any impairment.
Financial liabilities are measured initially at transaction price and subsequently at amortised cost.
Financial liabilities and equity are classified according to the substance of the instrument's contractual obligation, rather than its legal form.
Finance costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.
POINTSTART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantially enacted by the reporting date.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Dividends
2024
2023
£
£
Final paid
60,000
POINTSTART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
43,095
12,212
6
Current asset investments
2024
2023
£
£
Other investments
1,911,316
1,196,316
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
120,420
36,955
Other creditors
114,635
41,663
235,055
78,618
8
Related party transactions
Transactions with related parties
Included in other creditors is £66,681 (2023 - £37,412) payable to Galliard Homes Limited, a company of which D E Conway is also a director.
Included in other creditors is £47,238 (2023 - £4,251) payable to D E Conway, sole shareholder and director of the company.
9
Directors' transactions
A dividend of £Nil (2023: £30,000) per share was paid for the year.
10
Control
The immediate and ultimate controlling party is the director, D E Conway, who is the owner of 100% of the ordinary share capital.