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REGISTERED NUMBER: 02988055 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

PROUDSTAR LTD

PROUDSTAR LTD (REGISTERED NUMBER: 02988055)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROUDSTAR LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr C Toumazos
Mrs M Toumazou





REGISTERED OFFICE: Solar House
282 Chase Road
London
N14 6NZ





REGISTERED NUMBER: 02988055 (England and Wales)





ACCOUNTANTS: Freemans Partnership LLP
Chartered Certified Accountants
Solar House
282 Chase Road
London
N14 6NZ

PROUDSTAR LTD (REGISTERED NUMBER: 02988055)

BALANCE SHEET
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 1,250,000 1,250,000
1,250,000 1,250,000

CURRENT ASSETS
Debtors 6 393,184 107,396
Cash at bank and in hand 4,928 6,980
398,112 114,376
CREDITORS
Amounts falling due within one year 7 45,735 95,550
NET CURRENT ASSETS 352,377 18,826
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,602,377

1,268,826

CREDITORS
Amounts falling due after more than one
year

8

(648,129

)

(317,684

)

PROVISIONS FOR LIABILITIES 10 (100,823 ) (100,823 )
NET ASSETS 853,425 850,319

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 779,449 779,449
Retained earnings 73,876 70,770
SHAREHOLDERS' FUNDS 853,425 850,319

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROUDSTAR LTD (REGISTERED NUMBER: 02988055)

BALANCE SHEET - continued
30 NOVEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2025 and were signed on its behalf by:





Mr C Toumazos - Director


PROUDSTAR LTD (REGISTERED NUMBER: 02988055)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Proudstar Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occurred. This is stated after trade discounts and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PROUDSTAR LTD (REGISTERED NUMBER: 02988055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 December 2022
and 30 November 2023 5,661
DEPRECIATION
At 1 December 2022
and 30 November 2023 5,661
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 1,250,000
NET BOOK VALUE
At 30 November 2023 1,250,000
At 30 November 2022 1,250,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2012 630,272
Valuation in 2015 100,000
Valuation in 2017 150,000
Cost 369,728
1,250,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Amounts due from related party 393,184 107,396

PROUDSTAR LTD (REGISTERED NUMBER: 02988055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts (see note 9) 7,500 55,114
Tax 25,999 24,859
Other creditors 10,000 10,000
Directors' current accounts 239 1,927
Accrued expenses 1,997 3,650
45,735 95,550

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans (see note 9) 648,129 317,684

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 608,750 84,104

9. LOANS

An analysis of the maturity of loans is given below:

30.11.23 30.11.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 7,500 55,114

Amounts falling due between one and two years:
Bank loans - 1-2 years 7,500 55,114

Amounts falling due between two and five years:
Bank loans - 2-5 years 31,879 178,466

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 608,750 84,104

10. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax 100,823 100,823

PROUDSTAR LTD (REGISTERED NUMBER: 02988055)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 December 2022 100,823
Balance at 30 November 2023 100,823

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
100 Ordinary Shares £1 100 100

12. RESERVES
Fair
value
reserve
£   
At 1 December 2022
and 30 November 2023 779,449