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Registration number: 06274638

Stargate Resources Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Stargate Resources Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Stargate Resources Limited

Company Information
__________________________________________________________________________

Director

Mr Gareth Edwards

Company secretary

Natalia Fetherston Dilke

Registered office

342 Regents Park Road
Finchley
London
N3 2LJ


 

Accountants

Brooks Green
Chartered AccountantsAbbey House
342 Regents Park Road
London
N3 2LJ

 

Stargate Resources Limited

(Registration number: 06274638)
Balance Sheet as at 30 June 2024
__________________________________________________________________________

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

3

 

9,446

 

9,446

Tangible assets

4

 

322

 

429

   

9,768

 

9,875

Current assets

   

 

Debtors

5

200

 

200

 

Cash at bank and in hand

 

1,012

 

35

 

 

1,212

 

235

 

Creditors: Amounts falling due within one year

6

(37,128)

 

(35,905)

 

Net current liabilities

   

(35,916)

 

(35,670)

Total assets less current liabilities

   

(26,148)

 

(25,795)

Creditors: Amounts falling due after more than one year

6

 

(336)

 

(336)

Net liabilities

   

(26,484)

 

(26,131)

Capital and reserves

   

 

Called up share capital

7

1

 

1

 

Retained earnings

(26,485)

 

(26,132)

 

Shareholders' deficit

   

(26,484)

 

(26,131)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 March 2025
 

 

Stargate Resources Limited

(Registration number: 06274638)
Balance Sheet as at 30 June 2024
__________________________________________________________________________

.........................................
Mr Gareth Edwards
Director

 

Stargate Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

1

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK 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

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

Plant and machinery

25% RB

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

are not being amortised

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.

 

Stargate Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

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.

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.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Stargate Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

3

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2023

9,446

9,446

At 30 June 2024

9,446

9,446

Amortisation

Carrying amount

At 30 June 2024

9,446

9,446

At 30 June 2023

9,446

9,446

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

18,525

18,525

At 30 June 2024

18,525

18,525

Depreciation

At 1 July 2023

18,060

18,060

Charge for the year

143

143

At 30 June 2024

18,203

18,203

Carrying amount

At 30 June 2024

322

322

At 30 June 2023

429

429

5

Debtors

Current

2024
£

2023
£

Other debtors

200

200

 

200

200

 

Stargate Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

335

157

Other creditors

36,793

35,748

37,128

35,905

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

336

336

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

336

336