Featherstar Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 08732976 (England and Wales)
Featherstar Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Featherstar Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
Fixed assets
Intangible assets
-
0
4,623
-
0
4,623
Current assets
Debtors
5
38,259
111,462
Cash at bank and in hand
1
626,982
38,260
738,444
Creditors: amounts falling due within one year
6
(7,418,091)
(4,806,722)
Net current liabilities
(7,379,831)
(4,068,278)
Total assets less current liabilities
(7,379,831)
(4,063,655)
Creditors: amounts falling due after more than one year
7
-
0
(3,045,620)
Net liabilities
(7,379,831)
(7,109,275)
Capital and reserves
Called up share capital
8
5,445
5,445
Profit and loss reserves
(7,385,276)
(7,114,720)
Total equity
(7,379,831)
(7,109,275)

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Featherstar Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 2 March 2025
S Tsentas Bertels
Director
Company Registration No. 08732976
Featherstar Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information

Featherstar Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor 9 Appold Street, London, United Kingdom, EC2A 2AP.

1.1
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 financial statements are prepared in Euros, the functional currency. The year end exchange rate for Pound Sterling to Euros was 1.15278.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company incurred a loss of €270,556 (20true22: €601,978) for the period from 1 January 2023 to 31 December 2023, and, as at 31 December 2023 the Company's liabilities exceeded its assets by €7,379,831 (2022: €7,109,275). The financial statements have not been prepared on a going concern basis since it is the intention of the members to strike off the Company as soon as arrangements can be made.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for chartering services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Usage of berth
Over the term of the lease
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Featherstar Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
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.

1.7
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.8
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.

1.9
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.

1.10
Foreign exchange

Items included in the financial statements are measured using the functional currency, being the currency of the primary economic environment in which the company operates. The functional and presentational currency is the Euro.

 

Foreign currency transactions are translated using the rate of exchange applicable at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-translation at the year end of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

1.11

Taxation

No provision has been made for UK corporation tax, as in the opinion of the board the company is managed and controlled outside of the UK. No overseas taxes are payable on the loss reported for the year.

Featherstar Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
1
10
4
Intangible fixed assets
Usage of berth
Cost
At 1 January 2023 and 31 December 2023
336,991
Amortisation and impairment
At 1 January 2023
332,368
Amortisation charged for the year
4,623
At 31 December 2023
336,991
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
4,623
Featherstar Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
5
Debtors
2023
2022
Amounts falling due within one year:
Other debtors
38,259
53,952
Prepayments and accrued income
-
0
57,510
38,259
111,462
6
Creditors: amounts falling due within one year
2023
2022
Other creditors
7,408,323
4,751,133
Accruals and deferred income
9,768
55,589
7,418,091
4,806,722
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
-
0
3,045,620

The Loan Facility of €3,045,620 was settled on 3 October 2023.

 

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
Issued and fully paid
Ordinary shares of £1 each
4,500
4,500
5,445
5,445
9
Related party transactions

Included within debtors is €nil (2022: €20,242) due from MT Featherstar, a company under common control.

Featherstar Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
10
Events after the reporting date

The intention of the members is to strike off the Company as soon as arrangements can be made.

 

Except from the matters mentioned above, there were no other material events after the reporting period, which have a bearing on the understanding of the financial statements.

 

11
Control

The immediate parent company is Air Boss Investments Limited, a company incorporated in Cyprus.

 

The ultimate controlling party is S Tsentas Bertels.

12
Directors' transactions

Included within creditors is an amount of €7,403,860 (2022: €4,676,091) due from directors. The balances are interest free and unsecured.

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