Starfish 9 Ltd SC358097 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of construction, in particular: building facade remediation, roofing and cladding, internal fit-outs, licensed asbestos removal and civil engineering. Digita Accounts Production Advanced 6.30.9574.0 true true true Class 1 Class 2 Class 3 false SC358097 2023-04-01 2024-03-31 SC358097 2024-03-31 SC358097 bus:CompanySecretaryDirector1 1 2024-03-31 SC358097 bus:Director6 2024-03-31 SC358097 bus:Director7 2024-03-31 SC358097 bus:Director8 2024-03-31 SC358097 bus:Director9 2024-03-31 SC358097 bus:OrdinaryShareClass1 2024-03-31 SC358097 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 SC358097 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 SC358097 core:CurrentFinancialInstruments 2024-03-31 SC358097 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC358097 core:Non-currentFinancialInstruments 2024-03-31 SC358097 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC358097 core:FurnitureFittings 2024-03-31 SC358097 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 SC358097 core:MotorVehicles 2024-03-31 SC358097 core:PlantMachinery 2024-03-31 SC358097 core:DeferredTaxation 2024-03-31 SC358097 bus:FRS102 2023-04-01 2024-03-31 SC358097 bus:Audited 2023-04-01 2024-03-31 SC358097 bus:FullAccounts 2023-04-01 2024-03-31 SC358097 bus:RegisteredOffice 2023-04-01 2024-03-31 SC358097 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 SC358097 bus:CompanySecretaryDirector1 1 2023-04-01 2024-03-31 SC358097 bus:Director2 2023-04-01 2024-03-31 SC358097 bus:Director3 2023-04-01 2024-03-31 SC358097 bus:Director4 2023-04-01 2024-03-31 SC358097 bus:Director6 2023-04-01 2024-03-31 SC358097 bus:Director7 2023-04-01 2024-03-31 SC358097 bus:Director8 2023-04-01 2024-03-31 SC358097 bus:Director9 2023-04-01 2024-03-31 SC358097 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC358097 bus:Consolidated 2023-04-01 2024-03-31 SC358097 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC358097 bus:Agent1 2023-04-01 2024-03-31 SC358097 1 2023-04-01 2024-03-31 SC358097 core:ReportableOperatingSegment1 2023-04-01 2024-03-31 SC358097 core:ReportableOperatingSegment2 2023-04-01 2024-03-31 SC358097 core:ReportableOperatingSegment3 2023-04-01 2024-03-31 SC358097 core:Buildings 2023-04-01 2024-03-31 SC358097 core:FurnitureFittings 2023-04-01 2024-03-31 SC358097 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC358097 core:MotorVehicles 2023-04-01 2024-03-31 SC358097 core:PlantMachinery 2023-04-01 2024-03-31 SC358097 core:DeferredTaxation 2023-04-01 2024-03-31 SC358097 core:UKTax 2023-04-01 2024-03-31 SC358097 countries:Scotland 2023-04-01 2024-03-31 SC358097 2023-03-31 SC358097 bus:CompanySecretaryDirector1 1 2023-03-31 SC358097 core:FurnitureFittings 2023-03-31 SC358097 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC358097 core:MotorVehicles 2023-03-31 SC358097 core:PlantMachinery 2023-03-31 SC358097 core:DeferredTaxation 2023-03-31 SC358097 2022-04-01 2023-03-31 SC358097 2023-03-31 SC358097 bus:CompanySecretaryDirector1 1 2023-03-31 SC358097 bus:OrdinaryShareClass1 2023-03-31 SC358097 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 SC358097 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC358097 core:CurrentFinancialInstruments 2023-03-31 SC358097 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC358097 core:Non-currentFinancialInstruments 2023-03-31 SC358097 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC358097 core:FurnitureFittings 2023-03-31 SC358097 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC358097 core:MotorVehicles 2023-03-31 SC358097 core:PlantMachinery 2023-03-31 SC358097 bus:CompanySecretaryDirector1 1 2022-04-01 2023-03-31 SC358097 1 2022-04-01 2023-03-31 SC358097 core:UKTax 2022-04-01 2023-03-31 SC358097 2022-03-31 SC358097 bus:CompanySecretaryDirector1 1 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Starfish 9 Ltd

trading as Starfish Construction

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Starfish 9 Ltd

trading as Starfish Construction

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account and Statement of Retained Earnings

10

Balance Sheet

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 24

 

Starfish 9 Ltd

trading as Starfish Construction

Company Information

Directors

J Jessimer

C Jessimer

T P Cadden

S McCluskey

D Jessimer

J McCabe

A D Beaumont

J Fay

Company secretary

J Jessimer

Registered office

9 Braid Avenue
Dalziel Park
Motherwell
ML1 5ET

Auditors

Clients 1st Accountancy Limited Chartered Certified Accountants and Statutory Auditors
t/a P Grimley & Company
172 Kelvinhaugh Street
Glasgow
G3 8PR

 

Starfish 9 Ltd

trading as Starfish Construction

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is that of construction, in particular: building facade remediation, roofing and cladding, internal fit-outs, licensed asbestos removal and civil engineering.

Fair review of the business

The company continues to trade in the construction industry specialising in cladding and roofing buildings. The directors consider the key performance indicators to be those that reflect the underlying trading performance of the company. This performance is reflected in these detailed financial statements and disclosed in more detail in this report. Our operations are controlled by our integrated management systems which are fully compliant with ISO 9001, 14001 and 45001. The company is continually monitored by external accreditation including :
- Lloyds Register of Quality Assurance
- Constructionline Gold
- Achilles UVDB
- Avetta
- CHAS
- Safe Contractor
- Joscar

The company reports a near 14% increase in turnover and encouraging profit margins continue to support our growth and expansion throughout the UK.

As part of our Strategic Growth Strategy, we have continued to invest heavily in the development of our people, IT systems, plant, machinery and buildings. Due to our healthy order book, we plan future substantial investments over the coming years.

The company is fully committed to the process of continual improvement, and we are constantly reviewing our markets, operations and service delivery methods.

 

Starfish 9 Ltd

trading as Starfish Construction

Strategic Report for the Year Ended 31 March 2024

Principal risks and uncertainties

The company's operations expose it to a variety of risks including financial, safety, environmental and reputational. Starfish 9 Ltd uses a risk management system to control and limit the effects of these risks.
Credit risk:
The company is exposed to credit related losses in the event of non-performance by counterparties to financial instruments, but mitigates such risk through its policy of selecting only counterparties with high credit ratings or arranging beneficial credit terms.

Liquidity risk:
The company's operations are financed by a mixture of existing cash resource and working capital. Should the need arise, the shareholders will inject additional capital.

Cashflow risk:
The company has access to adequate facilities through its current banking relationships. Additional funding sources exist to fund planned expansion and capital expenditure plans.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................
J Jessimer
Company secretary and director

 

Starfish 9 Ltd

trading as Starfish Construction

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

J Jessimer - Company secretary and director

C Jessimer

T P Cadden

S McCluskey

D Jessimer (appointed 1 September 2023)

J McCabe (appointed 1 September 2023)

A D Beaumont (appointed 1 September 2023)

J Fay (appointed 1 September 2023)

Information included in the Strategic Report

Despite the challenges the UK economy faces, Starfish Construction has performed exceptionally well during the past year. There has been an increase in demand for the services our company provides. The need for sustainable building remediation, refurbishments and upgrades is forecast to remain high for the forseeable future.

Our ability to act in a Principal Contractor and Principal Designer role has had a positive impact on our long -term order book. The size and complexity of the projects we have safely completed during the past year continues on an upward trajectory. This has been achieved through our hard work and commitment of our highly competent management team and skilled trade persons.

Future developments

Outlook
Our strong management and leadership have been able to create a compelling vision, as to the future direction of the company. Disciplined financial stewardship has allowed us to further strengthen our Balance Sheet and enhance our liquidity position.

Starfish Construction is well positioned for sustained growth, with a healthy order book, a robust balance sheet, and excellent liquidity, ensuring a bright and prosperous future. Our Strategic Development Plan for 2024 and 2025 includes further expansion of our service offering to our clients.

Future Investments
The company continues to invest in new technology to allow us to undertake detailed research and development activities to progress on knowledge and building techniques.

Research and development

The company continues to invest in new technology to allow us to undertake a detailed research and development activities to progress our construction knowledge and building techniques.

 

Starfish 9 Ltd

trading as Starfish Construction

Directors' Report for the Year Ended 31 March 2024

Going concern

These financial statements have been prepared on a going concern basis as the company continues to be profitable, has good cashflow, a healthy order book and sufficient resources to service those orders.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Clients 1st Accountancy Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................
J Jessimer
Company secretary and director

 

Starfish 9 Ltd

trading as Starfish Construction

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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. They are 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.

 

Starfish 9 Ltd

trading as Starfish Construction

Independent Auditor's Report to the Members of Starfish 9 Ltd

Opinion

We have audited the financial statements of Starfish 9 Ltd (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Starfish 9 Ltd

trading as Starfish Construction

Independent Auditor's Report to the Members of Starfish 9 Ltd

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Starfish 9 Ltd

trading as Starfish Construction

Independent Auditor's Report to the Members of Starfish 9 Ltd

With regards to the detection and responding to fraud, we made enquiries of those charged with corporate governance and executive management as to whether there was any knowledge of actual, suspected or alleged fraud.
We undertook discussions amongst the audit engagement team with respect to how and where fraud might occur in the financial statements and what the likely indicator would be.

We assessed the susceptibility of how the company is complying with those frameworks by making enquiries of those charged with governance and executive management. We collaborated our enquiries through correspondence with third partes where relevant and available.

We assessed the internal control environment to mitigate risks of fraud and non compliance with laws and regulations. In addition, we evaluated compliance with laws and regulations and made enquiries of any non compliances.

As a result of the procedures noted above we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be timing of recognition of income, posting of unusual journals and management override on controls.

There are inherent limitations on the audit procedures above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would be to become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
P Grimley (Senior Statutory Auditor)
For and on behalf of Clients 1st Accountancy Limited, Statutory Auditor
 Chartered Certified Accountants and Statutory Auditors
t/a P Grimley & Company
172 Kelvinhaugh Street
Glasgow
G3 8PR

25 February 2025

 

Starfish 9 Ltd

trading as Starfish Construction

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

19,535,566

17,182,625

Cost of sales

 

(11,545,704)

(12,015,797)

Gross profit

 

7,989,862

5,166,828

Administrative expenses

 

(3,226,856)

(3,515,416)

Operating profit

4

4,763,006

1,651,412

Interest payable and similar charges

5

(23,536)

(11,158)

 

(23,536)

(11,158)

Profit before tax

 

4,739,470

1,640,254

Taxation

9

(1,134,963)

(318,773)

Profit for the financial year

 

3,604,507

1,321,481

Retained earnings brought forward

 

4,968,475

3,646,994

Retained earnings carried forward

 

8,572,982

4,968,475

 

Starfish 9 Ltd

trading as Starfish Construction

(Registration number: SC358097)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

1,931,365

1,031,669

Current assets

 

Stocks

11

995,808

85,929

Debtors

12

2,943,317

922,344

Cash at bank and in hand

 

8,253,079

6,024,646

 

12,192,204

7,032,919

Creditors: Amounts falling due within one year

14

(5,176,482)

(2,816,543)

Net current assets

 

7,015,722

4,216,376

Total assets less current liabilities

 

8,947,087

5,248,045

Creditors: Amounts falling due after more than one year

14

(246,279)

(184,149)

Provisions for liabilities

15

(107,826)

(75,421)

Net assets

 

8,592,982

4,988,475

Capital and reserves

 

Called up share capital

20,000

20,000

Retained earnings

8,572,982

4,968,475

Shareholders' funds

 

8,592,982

4,988,475

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................
J Jessimer
Company secretary and director

 

Starfish 9 Ltd

trading as Starfish Construction

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

3,604,507

1,321,481

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

179,223

132,985

(Profit)/loss on disposal of tangible assets

(230,946)

18,191

Finance costs

5

23,536

11,158

Income tax expense

9

1,134,963

318,773

 

4,711,283

1,802,588

Working capital adjustments

 

(Increase)/decrease in stocks

11

(909,879)

325,871

(Increase)/decrease in trade debtors

12

(2,020,973)

1,435,210

Increase/(decrease) in trade creditors

14

1,485,165

(151,028)

 

-

-

Cash generated from operations

 

3,265,596

3,412,641

Income taxes paid

9

(261,515)

(82,577)

Net cash flow from operating activities

 

3,004,081

3,330,064

Cash flows from investing activities

 

Acquisitions of tangible assets

(1,301,259)

(372,438)

Proceeds from sale of tangible assets

 

453,286

21,904

Net cash flows from investing activities

 

(847,973)

(350,534)

Cash flows from financing activities

 

Interest paid

5

(23,536)

(11,158)

Proceeds from bank borrowing draw downs

 

(22,797)

(7,530)

Payments to finance lease creditors

 

118,658

150,715

Net cash flows from financing activities

 

72,325

132,027

Net increase in cash and cash equivalents

 

2,228,433

3,111,557

Cash and cash equivalents at 1 April

 

6,024,646

2,913,089

Cash and cash equivalents at 31 March

 

8,253,079

6,024,646

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
9 Braid Avenue
Dalziel Park
Motherwell
ML1 5ET

These financial statements were authorised for issue by the Board on 25 February 2025.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future, and by their nature, will rarely equal the related actual outcome.

The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

The company has made estimates when accounting for various provisions such as work in progress and stock provisions. These estimates are a reflection of what the company believes to be realistic at that given time.
.

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.

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.

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.

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

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

Land and buildings

2% straight line on buildings

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

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.

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

19,535,566

17,182,625

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

179,223

132,985

(Profit)/loss on disposal of property, plant and equipment

(230,946)

18,191

5

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

1,651

Interest on obligations under finance leases and hire purchase contracts

21,062

9,507

Interest expense on other finance liabilities

2,474

-

23,536

11,158

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Staff costs (continued)

2024
£

2023
£

Wages and salaries

7,765,343

8,755,896

Social security costs

75,594

100,619

Pension costs, defined contribution scheme

170,920

130,803

Other employee expense

33,180

21,215

8,045,037

9,008,533

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

26

30

Administration and support

31

30

57

60

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

665,702

735,833

Contributions paid to money purchase schemes

127,044

83,923

792,746

819,756

8

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

15,000

15,125


 

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

1,096,681

255,638

UK corporation tax adjustment to prior periods

5,877

5,577

1,102,558

261,215

Deferred taxation

Arising from origination and reversal of timing differences

32,405

57,558

Tax expense in the income statement

1,134,963

318,773

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

505,329

155,106

-

888,726

1,549,161

Additions

934,621

29,370

92,768

244,500

1,301,259

Disposals

(135,009)

-

-

(178,371)

(313,380)

At 31 March 2024

1,304,941

184,476

92,768

954,855

2,537,040

Depreciation

At 1 April 2023

2,802

90,338

-

424,352

517,492

Charge for the year

18,692

18,228

18,554

123,749

179,223

Eliminated on disposal

(2,802)

-

-

(88,238)

(91,040)

At 31 March 2024

18,692

108,566

18,554

459,863

605,675

Carrying amount

At 31 March 2024

1,286,249

75,910

74,214

494,992

1,931,365

At 31 March 2023

502,527

64,768

-

464,374

1,031,669

Included within the net book value of land and buildings above is £1,286,249 (2023 - £502,527) in respect of freehold land and buildings.
 

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Stocks

2024
£

2023
£

Work in progress

995,808

85,929

12

Debtors

Current

2024
£

2023
£

Trade debtors

2,627,193

827,344

Other debtors

316,124

95,000

 

2,943,317

922,344

13

Cash and cash equivalents

2024
£

2023
£

Cash at bank

8,253,079

6,024,646

14

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

160,095

126,364

Trade creditors

 

2,729,511

1,531,644

Social security and other taxes

 

692,595

285,945

Outstanding defined contribution pension costs

 

6,217

6,737

Other payables

 

24,984

12,660

Accruals

 

466,399

597,555

Income tax liability

9

1,096,681

255,638

 

5,176,482

2,816,543

Due after one year

 

Loans and borrowings

18

246,279

184,149

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

75,421

75,421

Increase (decrease) in existing provisions

32,405

32,405

At 31 March 2024

107,826

107,826

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £170,920 (2023 - £130,803).

Contributions totalling £6,217 (2023 - £6,737) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

20,000

20,000

20,000

20,000

       
 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

18

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

13,888

Hire purchase contracts

246,279

170,261

246,279

184,149

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

8,909

Hire purchase contracts

160,095

117,455

160,095

126,364

Bank borrowings represent a mortgage over the freehold property at 10 Jervison Street, and their bankers hold a charge over the property along with a bond and floating charge. The bank mortgage was repaid during the year.

19

Related party transactions

During the year ended 31st March 2024, the company had no transactions with Starfish Construction Group Limited in which J Jessimer and C Jessimer are directors, and had no balance due (2023 £nil) to or from that company.

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

J Jessimer

Directors loan account

95,000

200,000

295,000

 

Starfish 9 Ltd

trading as Starfish Construction

Notes to the Financial Statements for the Year Ended 31 March 2024

19

Related party transactions (continued)

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

J Jessimer

Directors loan account

101,621

95,000

(101,621)

95,000