Company registration number 14585418 (England and Wales)
SHERSTAR JV LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
SHERSTAR JV LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
SHERSTAR JV LIMITED
COMPANY INFORMATION
- 1 -
Directors
B O'Grady
(Appointed 4 May 2023)
J Matharu
(Appointed 4 May 2023)
R Matharu
(Appointed 4 May 2023)
S Matharu
(Appointed 4 May 2023)
T Matharu
(Appointed 4 May 2023)
Company number
14585418
Registered office
Lion House
72-75 Red Lion Street
London
WC1R 4NA
Auditor
Azets Audit Services
37 Commercial Road
Poole
Dorset
BH14 0HU
SHERSTAR JV LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
2024
Notes
£
£
Fixed assets
Investments
3
2
Current assets
Debtors
5
3,387,691
Creditors: amounts falling due within one year
6
(3,389,693)
Net current liabilities
(2,002)
Net liabilities
(2,000)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(2,100)
Total equity
(2,000)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 by the board of directors and authorised for issue on 10 January 2025 and are signed on its behalf by:
B O'Grady
Director
Company Registration No. 14585418
SHERSTAR JV LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Sherstar JV Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lion House, 72-75 Red Lion Street, London, WC1R 4NA.

1.1
Reporting period

The company was incorporated on 11 January 2023 and began trading on 1 May 2023. These financial statements have been prepared for a period of more than 12 months to 31 January 2024.

1.2
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.

1.3
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future, with support from fellow group companies.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

SHERSTAR JV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
6
SHERSTAR JV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 5 -
3
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 11 January 2023
-
Additions
2
At 31 January 2024
2
Carrying amount
At 31 January 2024
2
4
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Sherbourne Sennington Ltd
UK
Ordinary shares
100.00
Sherbourne Manningford Ltd
UK
Ordinary shares
100.00
5
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
3,387,691
6
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
3,387,593
Other creditors
2,100
3,389,693
SHERSTAR JV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 6 -
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Paul Francis
Statutory Auditor:
Azets Audit Services
9
Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

SDG Holdings Limited

(A company with Directors in common)

During the period, the company advanced £49 to SDG Holdings Limited. The balance due from SDG Holdings Limited at the period end was £49. No interest has been charged on this balance.

 

Jastar Capital Limited

(A company with Directors in common)

During the period, the company advanced £51 to Jastar Capital Limited and was credited £3,220,000. Interest of £167,644 was credited on this balance. The balance due to Jastar Capital Limited at the period end was £3,387,593.

 

 

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