Company registration number 11529398 (England and Wales)
STARR HOMES LIMITED
Unaudited Financial Statements
for the Year Ended 31 July 2024
STARR HOMES LIMITED
Contents
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STARR HOMES LIMITED
Balance Sheet
As at 31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
981,997
586,422
Current assets
Debtors
5
-
0
2,241
Cash at bank and in hand
8,334
132,968
8,334
135,209
Creditors: amounts falling due within one year
6
(23,369)
(22,074)
Net current (liabilities)/assets
(15,035)
113,135
Total assets less current liabilities
966,962
699,557
Creditors: amounts falling due after more than one year
7
(535,268)
(341,736)
Provisions for liabilities
(52,706)
(38,670)
Net assets
378,988
319,151
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
378,888
319,051
Total equity
378,988
319,151
STARR HOMES LIMITED
Balance Sheet
As at 31 July 2024
- 2 -

For the financial year ended 31 July 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 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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 30 June 2025
Mr P J Phillips
Director
Company registration number 11529398 (England and Wales)
STARR HOMES LIMITED
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 3 -
1
Accounting policies
Company information

Starr Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellfield House, Temple Street, Llandrindod Wells, Powys, Wales, LD1 5HG.

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. The principal accounting policies adopted are set out below.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Rental income

Rental income from investment property is recognized as it is earned.

1.2
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. Changes in fair value are recognised in profit or loss.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

STARR HOMES LIMITED
Notes to the Financial Statements
For the Year Ended 31 July 2024
1
Accounting policies
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

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. Trade creditors are recognised at transaction price.

1.5
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 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STARR HOMES LIMITED
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 August 2023
586,422
Additions
318,061
Revaluations
77,514
At 31 July 2024
981,997

Investment property comprises a total of thirteen flats. Investment properties bought during the year have been included at fair value. The fair value of the brought forward investment property is considered to be not significantly different to the previous year and consequently no fair value adjustment has been made on those.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
2,241
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
-
0
21,175
Other creditors
22,192
30
Accruals and deferred income
1,177
869
23,369
22,074
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
499,289
321,724
Other borrowings
35,979
20,012
535,268
341,736
STARR HOMES LIMITED
Notes to the Financial Statements
For the Year Ended 31 July 2024
7
Creditors: amounts falling due after more than one year
- 6 -

The bank loan balance of £499,289 is secured against the investment properties.

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