Registered number
SC447896
Star News (Fife) Ltd
Filleted Accounts
31 May 2024
Star News (Fife) Ltd
Registered number: SC447896
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,116 4,140
Current assets
Stocks 27,500 35,000
Debtors 4 170,000 170,000
Cash at bank and in hand 13,058 18,216
210,558 223,216
Creditors: amounts falling due within one year 5 (10,763) (16,775)
Net current assets 199,795 206,441
Total assets less current liabilities 202,911 210,581
Creditors: amounts falling due after more than one year 6 (135,768) (154,171)
Provisions for liabilities (592) (786)
Net assets 66,551 55,624
Capital and reserves
Called up share capital 2 2
Profit and loss account 66,549 55,622
Shareholder's funds 66,551 55,624
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Mukhtar
Director
Approved by the board on 30 January 2025
Star News (Fife) Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% by Reducing Balance
Equipment, fixtures & fittings 20% by Reducing Balance
Motor Vehicles 25% by Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 1,201 21,943 23,144
At 31 May 2024 1,201 21,943 23,144
Depreciation
At 1 June 2023 975 18,029 19,004
Charge for the year 45 979 1,024
At 31 May 2024 1,020 19,008 20,028
Net book value
At 31 May 2024 181 2,935 3,116
At 31 May 2023 226 3,914 4,140
4 Debtors 2024 2023
£ £
Platinum Properties 170,000 170,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 6,169 15,173
Taxation and social security costs 4,595 1,603
Other creditors (1) (1)
10,763 16,775
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,700 30,700
Funding Circle 28,271 43,021
Director's account 86,797 80,450
135,768 154,171
7 Other information
Star News (Fife) Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
6 Almondbank
Glenrothes
Fife
KY7 4US
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