Caseware UK (AP4) 2024.0.164 2024.0.164 2024-04-302024-04-302023-05-01false1010truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02100945 2023-05-01 2024-04-30 02100945 2022-06-01 2023-04-30 02100945 2024-04-30 02100945 2023-04-30 02100945 2022-06-01 02100945 c:Director1 2023-05-01 2024-04-30 02100945 d:FurnitureFittings 2023-05-01 2024-04-30 02100945 d:FurnitureFittings 2024-04-30 02100945 d:FurnitureFittings 2023-04-30 02100945 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02100945 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 02100945 d:OtherPropertyPlantEquipment 2024-04-30 02100945 d:OtherPropertyPlantEquipment 2023-04-30 02100945 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02100945 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02100945 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 02100945 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 02100945 d:Goodwill 2023-05-01 2024-04-30 02100945 d:Goodwill 2024-04-30 02100945 d:Goodwill 2023-04-30 02100945 d:FreeholdInvestmentProperty 2023-05-01 2024-04-30 02100945 d:FreeholdInvestmentProperty 2024-04-30 02100945 d:FreeholdInvestmentProperty 2023-04-30 02100945 d:CurrentFinancialInstruments 2024-04-30 02100945 d:CurrentFinancialInstruments 2023-04-30 02100945 d:Non-currentFinancialInstruments 2024-04-30 02100945 d:Non-currentFinancialInstruments 2023-04-30 02100945 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 02100945 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 02100945 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 02100945 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 02100945 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 02100945 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 02100945 d:ShareCapital 2024-04-30 02100945 d:ShareCapital 2023-04-30 02100945 d:SharePremium 2024-04-30 02100945 d:SharePremium 2023-04-30 02100945 d:InvestmentPropertiesRevaluationReserve 2024-04-30 02100945 d:InvestmentPropertiesRevaluationReserve 2023-04-30 02100945 d:RetainedEarningsAccumulatedLosses 2024-04-30 02100945 d:RetainedEarningsAccumulatedLosses 2023-04-30 02100945 c:OrdinaryShareClass1 2023-05-01 2024-04-30 02100945 c:OrdinaryShareClass1 2024-04-30 02100945 c:FRS102 2023-05-01 2024-04-30 02100945 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 02100945 c:FullAccounts 2023-05-01 2024-04-30 02100945 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02100945 2 2023-05-01 2024-04-30 02100945 6 2023-05-01 2024-04-30 02100945 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02100945 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02100945 d:RetirementBenefitObligationsDeferredTax 2024-04-30 02100945 d:RetirementBenefitObligationsDeferredTax 2023-04-30 02100945 d:OtherDeferredTax 2024-04-30 02100945 d:OtherDeferredTax 2023-04-30 02100945 d:Goodwill d:OwnedIntangibleAssets 2023-05-01 2024-04-30 02100945 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02100945














STARLIT PROPERTIES LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
STARLIT PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 11


 
STARLIT PROPERTIES LIMITED
REGISTERED NUMBER:02100945

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
104

Tangible assets
 5 
4,991
9,786

Investments
 6 
100
100

Investment property
 7 
4,704,461
5,204,460

  
4,709,552
5,214,450

Current assets
  

Stocks
 8 
64,512
132,282

Debtors: amounts falling due within one year
 9 
2,682,210
3,240,549

Cash at bank and in hand
 10 
124,626
267,643

  
2,871,348
3,640,474

Creditors: amounts falling due within one year
 11 
(1,355,094)
(1,792,804)

Net current assets
  
 
 
1,516,254
 
 
1,847,670

Total assets less current liabilities
  
6,225,806
7,062,120

Creditors: amounts falling due after more than one year
 12 
(3,188,000)
(3,868,000)

Provisions for liabilities
  

Deferred tax
 14 
(191,802)
(290,018)

  
 
 
(191,802)
 
 
(290,018)

Net assets
  
2,846,004
2,904,102


Capital and reserves
  

Called up share capital 
 15 
200
200

Share premium account
  
5,804
5,804

Investment property reserve
 7 
612,416
1,050,510

Profit and loss account
  
2,227,584
1,847,588

  
2,846,004
2,904,102


1

 
STARLIT PROPERTIES LIMITED
REGISTERED NUMBER:02100945
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account 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: 




D Rosenberg
Director

Date: 29 April 2025

The notes on pages 3 to 11 form part of these financial statements.

2

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Starlit Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 02100945. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and trading address is First Floor, 17 Grosvenor Hill, Mayfair, London, W1K 3QB.
The prinicpal activity of the company continued to be that of property investment and trading

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other
sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

3

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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.

4

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
 Tangible fixed assets (continued)

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:

Fixtures and fittings
-
20%
straight line
Other fixed assets
-
20%
straight line

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

 Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.13

 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.

 
2.14

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

5

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

 Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).


4.


Intangible assets




Intellectual property rights
Goodwill
Total

£
£
£



Cost


At 1 May 2023
3,000
2,000
5,000



At 30 April 2024

3,000
2,000
5,000



Amortisation


At 1 May 2023
2,938
1,958
4,896


Charge for the year on owned assets
62
42
104



At 30 April 2024

3,000
2,000
5,000



Net book value



At 30 April 2024
-
-
-



At 30 April 2023
62
42
104


6

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Fixtures and fittings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 May 2023
36,386
1,000
37,386



At 30 April 2024

36,386
1,000
37,386



Depreciation


At 1 May 2023
26,816
784
27,600


Charge for the year on owned assets
4,595
200
4,795



At 30 April 2024

31,411
984
32,395



Net book value



At 30 April 2024
4,975
16
4,991



At 30 April 2023
9,570
216
9,786


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
100



At 30 April 2024

100






Net book value



At 30 April 2024
100



At 30 April 2023
100

7

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
5,204,461


Disposals
(500,000)



At 30 April 2024
4,704,461

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 May 2023
1,050,510
1,267,290

Transfer of reserve on the disposal of properties
(438,094)
(216,780)

At 30 April 2024
612,416
1,050,510



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
3,596,943
3,996,943


8.


Stocks

2024
2023
£
£

Property stock
64,512
132,282


8

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Debtors

2024
2023
£
£


Trade debtors
-
837,519

Amounts owed by group undertakings
1,884,004
1,886,686

Other debtors
782,186
501,740

Prepayments
16,020
14,604

2,682,210
3,240,549



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank
124,626
267,643



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,474
79,086

Corporation tax
92,027
330,774

Other taxation and social security
8
3,611

Other creditors
1,203,787
1,362,238

Accruals
53,798
17,095

1,355,094
1,792,804



12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,188,000
3,868,000


The bank loan is secured by a fixed charge against the assets owned by the company.

9

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
3,188,000
3,868,000




14.


Deferred taxation




2024
2023


£

£






At beginning of year
(290,018)
(201,921)


Charged to profit or loss
98,216
(88,097)



At end of year
(191,802)
(290,018)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(748)
(1,957)

Short term timing differences
74
188

Revaluation of investment properties
(191,128)
(288,249)

(191,802)
(290,018)


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 Ordinary shares of £1.00 each
200
200


10

 
STARLIT PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Related party transactions


At the balance sheet date the company was owed £1,884,004 (2023 - £1,886,686) by associated companies. The loans are interest free and repayable on demand.

As at the balance sheet date the company owed directors £603,154 (2023 - £655,742). The loans are interest free and repayable on demand.

As at the year end the company owed £582,967 (2023 - £664,088) to companies under common control. The loans are interest free and repayable on demand.
 
11