Company registration number 12632173 (England and Wales)
Starship Build Limited
Unaudited financial statements
For the year ended 31 March 2024
Starship Build Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Starship Build Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
165,878
204,947
Current assets
Trade and other receivables
5
3,020,133
890,893
Cash and cash equivalents
32,555
23,757
3,052,688
914,650
Current liabilities
6
(3,015,195)
(821,366)
Net current assets
37,493
93,284
Total assets less current liabilities
203,371
298,231
Non-current liabilities
7
(79,905)
(118,440)
Provisions for liabilities
(38,940)
(38,940)
Net assets
84,526
140,851
Equity
Called up share capital
400
400
Retained earnings
84,126
140,451
Total equity
84,526
140,851
Starship Build Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
David Dargan
Director
Company registration number 12632173 (England and Wales)
Starship Build Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information
Starship Build Limited is a private company limited by shares incorporated in England and Wales. The company's registered number is 12632173 and the registered office address is Hythe, Tower Road, Birkenhead, England, CH41 1AA.
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 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.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Plant and equipment
5 year straight line
Fixtures and fittings
2 year straight line
Computers
2 year straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
Starship Build Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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 statement of financial position 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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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.
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 non-current 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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Starship Build Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
There are currently no significant judgements and estimates applied by the directors which are considered key to the preparation of the financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 13 (2023 - 5)
2024
2023
Number
Number
Total
13
5
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023
232,727
Additions
8,600
At 31 March 2024
241,327
Depreciation and impairment
At 1 April 2023
27,780
Depreciation charged in the year
47,669
At 31 March 2024
75,449
Carrying amount
At 31 March 2024
165,878
At 31 March 2023
204,947
Starship Build Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
4
Property, plant and equipment
(Continued)
- 6 -
Included within the net book value of plant and machinery is £138,504 (2023 - £181,933) of hire purchase assets.
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
41,350
103,204
Amounts owed by group undertakings
150,287
Other receivables
2,828,496
787,689
3,020,133
890,893
6
Current liabilities
2024
2023
£
£
Trade payables
1,207,241
570,767
Taxation and social security
89,757
37,834
Other payables
1,718,197
212,765
3,015,195
821,366
Amounts due under hire purchase contracts within other payables are secured against the assets which they relate to.
7
Non-current liabilities
2024
2023
Notes
£
£
Obligations under finance leases
8
79,905
118,440
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
36,162
33,790
In two to five years
79,905
118,440
116,067
152,230
Amounts due under hire purchase contracts are secured against the assets which they relate to.