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Registration number: 03375421

Start (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Start (UK) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Start (UK) Ltd

Company Information

Director

Mr P C Martin

Registered office

Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

Accountants

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Start (UK) Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Start (UK) Ltd for the year ended 30 September 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Start (UK) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Start (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of Start (UK) Ltd, as a body, and for no other reason. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Start (UK) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Start (UK) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Start (UK) Ltd. You consider that Start (UK) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Start (UK) Ltd. 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 accounts.

......................................

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

4 December 2024

 

Start (UK) Ltd

(Registration number: 03375421)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

2,408

Other financial assets

6

35,700

40,900

 

35,700

43,308

Current assets

 

Stocks

7

6,155

7,125

Debtors

8

1,491

5,264

Cash at bank and in hand

 

108,037

105,657

 

115,683

118,046

Creditors: Amounts falling due within one year

9

(117,454)

(126,115)

Net current liabilities

 

(1,771)

(8,069)

Total assets less current liabilities

 

33,929

35,239

Provisions for liabilities

-

(458)

Net assets

 

33,929

34,781

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

33,927

34,779

Shareholders' funds

 

33,929

34,781

For the financial year ending 30 September 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.

Approved and authorised by the director on 4 December 2024
 

.........................................

Mr P C Martin

Director

 

Start (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

These financial statements were authorised for issue by the director on 4 December 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.

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.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction.

Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

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.

 

Start (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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

Plant and machinery

25% per annum - reducing balance basis

Other tangibles

33% per annum - reducing balance basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Start (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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.

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.

Financial instruments


Start Uk Limited invested £50,000 and aquired 4 ordinary and 4 preference shares in Horizon view developments . This has been recorded at cost. The shares are subject to a buy back contract via dividend quarterly payments until they are repaid in full with a surplus which will then be recorded through the P&L.
 

3

Staff numbers

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

 

Start (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,408

873

5

Tangible assets

Other tangibles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 October 2023

4,475

11,726

16,201

At 30 September 2024

4,475

11,726

16,201

Depreciation

At 1 October 2023

4,034

9,759

13,793

Charge for the year

441

1,967

2,408

At 30 September 2024

4,475

11,726

16,201

Carrying amount

At 30 September 2024

-

-

-

At 30 September 2023

441

1,967

2,408

6

Other financial assets (current and non-current)

Financial assets at cost
£

Total
£

Non-current financial assets

Cost or valuation

Additions

40,900

40,900

Dividends

(5,200)

(5,200)

At 30 September 2024

35,700

35,700

 

-

-

Carrying amount

At 30 September 2024

35,700

35,700

 

Start (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Stocks

2024
£

2023
£

Other inventories

6,155

7,125

8

debtors

2024
£

2023
£

Trade debtors

1,220

4,998

Prepayments

271

266

1,491

5,264

 

Start (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

110,868

104,040

Trade creditors

 

909

1,628

Taxation and social security

 

556

9,518

Accruals and deferred income

 

5,121

9,949

Other creditors

 

-

980

 

117,454

126,115

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

11

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

110,868

104,040

12

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £50,000) per ordinary share

-

100,000

 

 
 

Start (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

13

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Other payments made to company by director
£

At 30 September 2024
£

Mr P C Martin

Interest free loan

104,040

6,828

110,868

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Mr P C Martin

Interest free loan

4,040

100,000

104,040

Summary of transactions with other related parties


Almit Limited

 Mr P C Martin was a director and shareholder.
He ceased to be such on 8 October 2023
of Almit Limited.

 Almit Limited paid commission to Start (UK) Limited to the value of £Nil (2023 - £10,082). Start (UK) Limited purchased goods to the value of £53 (2023 - £370) from Almiit Limited. Almit Limited charged management fees to the company of £Nil (2023 - £3,414). Almit Limited paid management fees to the company of £Nil (2023 - £12,000). At the year end £Nil (2023 - £50) was owed to Almit Limited and £Nil (2023 - £3,649 ) was owed by Almit Limited to the company. At the balance sheet date the amount due from/(to) Almit Limited was £Nil (2023 - £3,599).