Company registration number 08850444 (England and Wales)
STARBUILD PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
STARBUILD PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STARBUILD PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
3
5,250,000
Current assets
Debtors
4
2,758,217
2,889,971
Cash at bank and in hand
139,661
70,151
2,897,878
2,960,122
Creditors: amounts falling due within one year
5
(2,723,912)
(7,551,264)
Net current assets/(liabilities)
173,966
(4,591,142)
Net assets
173,966
658,858
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
172,966
657,858
Total equity
173,966
658,858
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 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
S O'Driscoll
Director
Company registration number 08850444 (England and Wales)
STARBUILD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Starbuild Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents and income derived from managing the property on a receivable basis.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
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 balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade creditors, bank loans and loans from fellow group companies are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
STARBUILD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
2
3
Investment property
2024
£
Fair value
At 1 July 2023 (as restated)
5,250,000
Disposals
(5,250,000)
At 30 June 2024
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
56,950
Amounts owed by group undertakings
1,952,305
1,690,664
Other debtors
805,912
1,142,357
2,758,217
2,889,971
STARBUILD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,042,014
Trade creditors
216
8,307
Amounts owed to group undertakings
494,237
494,237
Other creditors
2,229,459
2,006,706
2,723,912
7,551,264
Included within bank loans due within one year is an amount of £Nil (2023: £5,000,000) which are secured against the assets of the company. There are cross guarantees and debenture with other group members.
Included within bank loans due within one year is an amount of £Nil (2023: £42,014) in respect of an unsecured bank loan which is backed by the government under the Bounce Back Loan Scheme.
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
1,000
100
A Ordinary shares of £1 each
900
900
900
1,000
1,000
1,000
1,000
7
Related party transactions
Included within other debtors is an aggregate amount of £803,586 (2023: £1,081,885) due from companies in which S O'Driscoll is a director.
Included within creditors due within one year, is an aggregate amount of £2,004,464 (2023: £1,881,734) owed to a company, in which S O'Driscoll is a director.
Included within creditors due within one year, is an amount of £73,354 (2023: £Nil) owed to the director, S O'Driscoll.
8
Parent company
The company's immediate parent company is Starbuild Holdings Limited and the ultimate parent company is CAS Property Limited. The registered office address is 166 College Road, Harrow, Middlesex, HA1 1RA.
9
Prior period adjustment
STARBUILD PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Prior period adjustment
(Continued)
- 5 -
Reconciliation of changes in equity
1 July
30 June
2022
2023
£
£
Adjustments to prior year
-
1,280,000
Equity as previously reported
2,029,801
(621,142)
Equity as adjusted
2,029,801
658,858
Analysis of the effect upon equity
Profit and loss reserves
-
1,280,000
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Uplift in fair value of investment property
1,280,000
Loss as previously reported
(2,650,943)
Loss as adjusted
(1,370,943)
Notes to reconciliation
In the previous period's financial statements, the fair value of investment property was understated. A prior period adjustment has been made to recognise the uplift in the fair value of investment property. Although this has had an effect on the profit and and loss account, but only in respect of unrecognised gains and losses, no corporation tax is payable.