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Registered number: 10646439 (England and Wales)














STARREZ LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
STARREZ LTD
 
 
COMPANY INFORMATION


Directors
T J Knipe 
D A Sullivan 
D D Wakeham 
J H Hodgman 
M Taylor 




Company secretaries
J H Hodgman  
T J Knipe



Registered number
10646439



Registered office
Birchin Court
5th Floor

19 - 25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
STARREZ LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 9


 
STARREZ LTD
REGISTERED NUMBER:10646439

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
54,300
45,843

  
54,300
45,843

Current assets
  

Debtors: amounts falling due within one year
 6 
2,001,765
1,347,822

Bank and cash balances
  
2,954,790
3,337,177

  
4,956,555
4,684,999

Creditors: amounts falling due within one year
 7 
(4,219,038)
(4,097,493)

Net current assets
  
 
 
737,517
 
 
587,506

Total assets less current liabilities
  
791,817
633,349

  

  

  

Net assets
  
791,817
633,349

Page 1

 
STARREZ LTD
REGISTERED NUMBER:10646439
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Profit And Loss Account
  
791,816
633,348

  
791,817
633,349


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



T J Knipe
Director

Date: 23 April 2025

The notes on pages 4 to 9 form part of these financial statements.
Page 2

 
STARREZ LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022 (as previously stated)
1
231,434
231,435

Prior year adjustment
-
156,432
156,432


At 1 July 2022 (as restated)
1
387,866
387,867



Profit for the year
-
245,482
245,482



At 1 July 2023
1
633,348
633,349



Profit for the year
-
158,468
158,468


At 30 June 2024
1
791,816
791,817


Page 3

 
STARREZ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

StarRez Ltd is a private company, limited by shares, incorporated in England. The registered office can be found on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Spartan Midco Pty Ltd as at 30 June 2024 and these financial statements may be obtained from:

https://connectonline .asic.gov.au/RegistrySearch /faces/landing /panelSearch.jspx ?searchTab=search &searchText=spartan +midco&searchType=OrgAndBusNm.

 
2.3

Going concern

At 30 June 2024, StarRez Ltd was in a net asset position, supported by a strong cash balance. The Company has also received written confirmation from the intermediate parent company, StarRez Global Pty Ltd, that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. 

In making their assessment, the directors have reviewed the available cash of the parent company and the forward looking information for both companies collectively. For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 4

 
STARREZ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

Rendering of services

Turnover from providing services is recognised in the accounting period in which the services are rendered.

Subscription 
Subscription turnover is recognised on a straight-line basis over the period of subscription as the performance obligation relates to the delivery of SaaS over the subscription period.
Training and implementation
Training and implementation services turnover is recognised based on the performance of the number of hours stipulated within the initial contract.
 
R&D Intercompany services
Intercompany turnover is recognised as a recharge of research and development expenditure to an
intermediate parent company, StarRez Global Pty Ltd, with an additional mark up of 7.5%.

Page 5

 
STARREZ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

Page 6

 
STARREZ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

  
2.11

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.


3.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified

The audit report was signed on 28 April 2025 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


4.


Employees

2024
2023
£
£

Wages and salaries
2,258,120
1,495,194

Social security costs
275,108
193,171

Cost of defined contribution scheme
81,316
52,649

2,614,544
1,741,014


The directors were remunerated for their services via other group companies, any recharge of their time is not deemed material to these financial statements.

The average monthly number of employees during the year was as follows:


        2024
        2023
            No.
            No.







Employees
31
24

Page 7

 
STARREZ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2023
89,930


Additions
34,807


Disposals
(32,681)



At 30 June 2024

92,056



Depreciation


At 1 July 2023
44,088


Charge for the year on owned assets
26,333


Disposals
(32,665)



At 30 June 2024

37,756



Net book value



At 30 June 2024
54,300



At 30 June 2023
45,843


6.


Debtors

2024
2023
£
£


Trade debtors
1,141,031
1,075,161

Amounts owed by group undertakings
447,267
893

Prepayments and accrued income
413,467
271,768

2,001,765
1,347,822


Page 8

 
STARREZ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
38,844
759

Amounts owed to group undertakings
774,813
740,651

Corporation tax
56,845
102,061

Other taxation and social security
328,900
311,286

Other creditors
90,578
91,832

Accruals and deferred income
2,929,058
2,850,904

4,219,038
4,097,493



8.


Controlling party

StarRez Holdings Pty Ltd, is the parent company of the smallest group of which the Company is a member. The registered office of the parent company is TMF Corporate Services (AUST) Pty Limited, Level 9, 63 Exhibition Street, Melbourne Vic 3000.


9.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and
the date these financial statements were approved. 
 
Page 9