| REGISTERED NUMBER: 05142333 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| STARBANK HOLDINGS LIMITED |
| REGISTERED NUMBER: 05142333 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| STARBANK HOLDINGS LIMITED |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Statement of Comprehensive Income | 7 |
| Consolidated Balance Sheet | 8 |
| Company Balance Sheet | 9 |
| Consolidated Statement of Changes in Equity | 10 |
| Company Statement of Changes in Equity | 11 |
| Consolidated Cash Flow Statement | 12 |
| Notes to the Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Financial Statements | 14 |
| STARBANK HOLDINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and |
| Statutory Auditors |
| 17 George Street |
| St Helens |
| Merseyside |
| WA10 1DB |
| BANKERS: | HSBC Bank plc |
| Central Lancashire Commercial Centre |
| Beech House |
| Caxton Road, Fulwood |
| Preston |
| PR2 9NZ |
| SOLICITORS: |
| Carlton Chambers |
| 25 Hardshaw Street |
| St Helens |
| Merseyside |
| WA10 1RP |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 November 2024. |
| During the year, the group's principal activity continued to be that of laminate fabricators and postformers. |
| REVIEW OF BUSINESS |
| The installation, set-up, and commissioning of two major investments committed to in the previous year, presented significant challenges to the organisation and the production team. The total investment for the two new machines was £2.1m, both of which were supplied by the same long standing machinery supplier partner. |
| We experienced a catalogue of issues with both installations, leading to around 18 months of delays and downtime which had a huge impact on the performance of the organisation. The supplier let us down very badly on both of these important projects, causing the directors to review and ultimately cease our trading relationship. |
| The directors were very proud of the results that the Starbank team managed to achieve during a challenging installation period as they strove to maintain quality, service, and output levels during the resulting disruption. |
| Sales & Profit - The directors consider both turnover and operating profit as key indicators of financial performance. |
| Turnover in the year has fallen by 10.9% from £10,093,473 in the previous year to £8,989,416 in the current year as a result of the disruption to production output as a direct result of the impact of the poor machinery installation projects mentioned above. Additionally, a number of large contracts were delayed due to the disruption caused in the construction sector when ISG Construction suddenly fell into administration. Although we were not a direct supplier to ISG Construction, they were due to deliver several large projects that we were to be involved in. |
| The directors are confident that these projects will be delivered next year and therefore sales are expected to bounce back very strongly in 2025. |
| The machinery installation issues also had a huge impact on profitability, due to the reduced output but also from the increased energy, raw materials and direct labour costs incurred as a direct result of the protracted issues with the two machines. |
| No compensation was offered by the machinery supplier to cover any of the costs incurred, therefore the organisation has had to bear these costs alone, without any support from the supplier which has impacted directly on the bottom line. |
| Operating profit for the year was £631,111 (7.0% of turnover) compared with £1,126,546 (11.2% of turnover) in the previous year. |
| Cash Flow - Inevitably there was a negative impact on business cash flow due to the disruption and increased costs during 2024. However, the Finance Director and her team worked very well to manage the impact, always maintaining healthy cash reserves, which we expect to improve further in 2025. |
| Production - The installation, set-up, and commissioning of the major investments committed to in the previous year, presented a significant challenge to the organisation as a whole, but in particular the production team. Through teamwork, commitment and dedication of the production team we were able to maintain customer satisfaction and OTIF key performance indicators. |
| Human Resources - 2024 was a very successful year from a recruitment perspective, as the organisation continues to focus on succession planning for skills development within the organisation. We are aware of the challenges of an ageing workforce and have a strategic plan to address any skills gaps. |
| Investment / Development - The organisation has committed to another important investment which will be delivered in early 2025 by our other machinery partner IMA Schelling. Commencing in February 2025 we will take delivery of two new Beam Saws and a Storage Retrieval System which will incorporate new features such as automatic labelling for panels. |
| Carbon Reduction & ESG - To complement the existing onsite renewable energy investments, the organisation has secured a 24-month, 100% renewable energy supply contract with British Gas. This will ensure that all of the electricity used within the business now comes from renewable energy. |
| In addition, the group benefit scheme offering free EV charging to all staff has enabled many employees to transition to either hybrid or full EV cars reducing carbon dioxide emissions further. |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The business remains vigilant against risk, and we will ensure that we act quickly to mitigate any risks we identify. The business strategy map plays a key role in identifying and mitigating risk, this is reviewed monthly by the management team. |
| One of the main risks we face as an organisation is an ageing highly skilled and experienced workforce, many of whom have been with the organisation 20-30 years. Although we have made several excellent recruitments over the last 12 months, it remains a significant challenge to recruit and train the new skills we need to meet our succession planning goals. We are working with recruitment agencies and constantly benchmarking the salaries and benefits that we offer as an organisation, to ensure these remain attractive to potential candidates. |
| ON BEHALF OF THE BOARD: |
| 16 July 2025 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30th November 2024 will be £520,000 (2023 - £510,000). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report. |
| QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
| A qualifying third party indemnity provision as defined in section 234 of the Companies Act 2006, applicable to all of the company's directors was in place during the financial year and continues to be in force as at the date these financial statements were approved. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The group has chosen in accordance with section 414C of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF |
| STARBANK HOLDINGS LIMITED |
| Opinion |
| We have audited the financial statements of Starbank Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF |
| STARBANK HOLDINGS LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud; |
| - Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; and |
| - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amounts. |
| There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's shareholders those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and |
| Statutory Auditors |
| 17 George Street |
| St Helens |
| Merseyside |
| WA10 1DB |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| CONSOLIDATED |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 | 8,989,416 | 10,093,473 |
| Cost of sales | (5,970,263 | ) | (6,534,602 | ) |
| GROSS PROFIT | 3,019,153 | 3,558,871 |
| Administrative expenses | (3,094,834 | ) | (3,088,175 | ) |
| (75,681 | ) | 470,696 |
| Other operating income | 706,792 | 655,850 |
| OPERATING PROFIT | 5 | 631,111 | 1,126,546 |
| Unrealised gain on revaluation of land and buildings |
6 |
3,412,627 |
- |
| 4,043,738 | 1,126,546 |
| Interest receivable and similar income | 57,128 | 35,611 |
| 4,100,866 | 1,162,157 |
| Interest payable and similar expenses | 7 | (124,948 | ) | (123,553 | ) |
| PROFIT BEFORE TAXATION | 3,975,918 | 1,038,604 |
| Tax on profit | 8 | (883,522 | ) | (553,294 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,092,396 |
485,310 |
| Profit attributable to: |
| Owners of the parent | 3,092,396 | 485,310 |
| Total comprehensive income attributable to: |
| Owners of the parent | 3,092,396 | 485,310 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| CONSOLIDATED BALANCE SHEET |
| 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 | 12,438,203 | 9,682,567 |
| Investments | 12 | - | - |
| 12,438,203 | 9,682,567 |
| CURRENT ASSETS |
| Stocks | 13 | 428,337 | 326,082 |
| Debtors | 14 | 1,617,272 | 2,249,898 |
| Cash at bank and in hand | 1,699,266 | 1,855,613 |
| 3,744,875 | 4,431,593 |
| CREDITORS |
| Amounts falling due within one year | 15 | (2,499,859 | ) | (2,842,525 | ) |
| NET CURRENT ASSETS | 1,245,016 | 1,589,068 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
13,683,219 |
11,271,635 |
| CREDITORS |
| Amounts falling due after more than one year | 16 | (1,668,749 | ) | (2,694,145 | ) |
| PROVISIONS FOR LIABILITIES | 20 | (2,414,532 | ) | (1,549,948 | ) |
| NET ASSETS | 9,599,938 | 7,027,542 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 1,000 | 1,000 |
| Revaluation reserve | 22 | 2,183,125 | - |
| Capital redemption reserve | 22 | 850,000 | 850,000 |
| Retained earnings | 22 | 6,565,813 | 6,176,542 |
| SHAREHOLDERS' FUNDS | 9,599,938 | 7,027,542 |
| The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2025 and were signed on its behalf by: |
| Mr P G Darbyshire - Director |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| COMPANY BALANCE SHEET |
| 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 16 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Revaluation reserve | 22 |
| Capital redemption reserve | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 3,223,189 | 630,798 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 December 2022 | 1,000 | 6,201,232 | - | 850,000 | 7,052,232 |
| Changes in equity |
| Dividends paid | - | (510,000 | ) | - | - | (510,000 | ) |
| Total comprehensive income | - | 485,310 | - | - | 485,310 |
| Balance at 30 November 2023 | 1,000 | 6,176,542 | - | 850,000 | 7,027,542 |
| Changes in equity |
| Dividends paid | - | (520,000 | ) | - | - | (520,000 | ) |
| Total comprehensive income | - | 909,271 | 2,183,125 | - | 3,092,396 |
| Balance at 30 November 2024 | 1,000 | 6,565,813 | 2,183,125 | 850,000 | 9,599,938 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 December 2022 |
| Changes in equity |
| Dividends paid | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Dividends paid | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,878,764 | 1,382,052 |
| Interest paid | (31,242 | ) | (32,692 | ) |
| Interest element of hire purchase payments paid | (93,706 | ) | (90,861 | ) |
| Net cash from operating activities | 1,753,816 | 1,258,499 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (410,078 | ) | (445,518 | ) |
| Sale of tangible fixed assets | 3,713 | 399,854 |
| Interest received | 57,128 | 35,611 |
| Net cash from investing activities | (349,237 | ) | (10,053 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (87,292 | ) | (85,842 | ) |
| Capital repayments in year | (957,599 | ) | (599,281 | ) |
| Amount introduced by directors | 1,000 | - |
| Equity dividends paid | (520,000 | ) | (510,000 | ) |
| Net cash from financing activities | (1,563,891 | ) | (1,195,123 | ) |
| (Decrease)/increase in cash and cash equivalents | (159,312 | ) | 53,323 |
| Cash and cash equivalents at beginning of year | 2 | 1,855,613 | 1,802,548 |
| Effect of foreign exchange rate changes | 2,965 | (258 | ) |
| Cash and cash equivalents at end of year | 2 | 1,699,266 | 1,855,613 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 3,975,918 | 1,038,604 |
| Depreciation charges | 1,055,073 | 1,002,126 |
| Loss on disposal of fixed assets | 8,281 | 58,393 |
| Exchange rate variances | (2,965 | ) | 258 |
| Gain on revaluation of land & buildings | (3,412,627 | ) | - |
| Finance costs | 124,948 | 123,553 |
| Finance income | (57,128 | ) | (35,611 | ) |
| 1,691,500 | 2,187,323 |
| (Increase)/decrease in stocks | (102,255 | ) | 62,639 |
| Decrease/(increase) in trade and other debtors | 632,626 | (739,214 | ) |
| Decrease in trade and other creditors | (343,107 | ) | (128,696 | ) |
| Cash generated from operations | 1,878,764 | 1,382,052 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 November 2024 |
| 30/11/24 | 1/12/23 |
| £ | £ |
| Cash and cash equivalents | 1,699,266 | 1,855,613 |
| Year ended 30 November 2023 |
| 30/11/23 | 1/12/22 |
| £ | £ |
| Cash and cash equivalents | 1,855,613 | 1,802,548 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/12/23 | Cash flow | At 30/11/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,855,613 | (156,347 | ) | 1,699,266 |
| 1,855,613 | (156,347 | ) | 1,699,266 |
| Debt |
| Finance leases | (2,837,710 | ) | 957,599 | (1,880,111 | ) |
| Debts falling due within 1 year | (89,200 | ) | (2,850 | ) | (92,050 | ) |
| Debts falling due after 1 year | (814,034 | ) | 90,142 | (723,892 | ) |
| (3,740,944 | ) | 1,044,891 | (2,696,053 | ) |
| Total | (1,885,331 | ) | 888,544 | (996,787 | ) |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Starbank Holdings Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Basis of consolidation |
| The financial statements include the results of the company and its subsidiary. In the company's financial statements, investments in subsidiary undertakings are stated at cost less provision for permanent diminution in value. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies as set out below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: |
| Valuation of land and buildings |
| As described in note 11 to the financial statements, land and buildings are stated at revalued amounts based on a valuation performed by an independent professional valuer with experience in the location and category of property valued. The valuer used an open market basis for the valuation. |
| Depreciation |
| The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives of the assets. These are amended when necessary to reflect current estimates based on technological advancement, future investment, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the tangible fixed assets and the accounting policies for the depreciation rates for each class of assets. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Land and buildings | - 2% Straight line (excluding land) |
| Property improvements | - 2% - 5% Straight line and Straight line over 15 years |
| Plant and machinery | - 20% on reducing balance and 15% on reducing balance |
| Fixtures and fittings | - 15% on reducing balance |
| Motor vehicles | - 25% on reducing balance |
| Computer equipment | - Straight line over 3 years |
| Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals payable under operating leases are charged against profits on a straight line basis over the periods of the leases. Assets acquired under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with the accounting policy on depreciation. The related obligations, net of finance costs allocated to future periods, are included in creditors. Finance costs are charged against profits on a straight line basis over the periods of the contracts. |
| Pension costs and other post-retirement benefits |
| When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Related parties |
| For the purposes of these financial statements, a party is considered to be related to the company if: |
| 1. the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating decisions, or has joint control over the company; |
| 2. the company and the party are subject to common control; |
| 3. the party is an associate of the company or a joint venture in which the company is a venturer; |
| 4. the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
| 5. the party is a close family member of a party referred to in (1) or is an entity under the control, joint control or significant influence of such individuals; or |
| 6. the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
| Government grants |
| Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
| 3. | TURNOVER |
| During the year the turnover exported overseas was less than 1% (2023 < 1%). |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 2,548,803 | 2,631,314 |
| Social security costs | 252,979 | 267,518 |
| Other pension costs | 408,471 | 355,337 |
| 3,210,253 | 3,254,169 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Office and management | 30 | 30 |
| Production | 52 | 51 |
| The key management personnel of the group comprise the Senior Management Team. The total remuneration paid in respect of the group's key management personnel was £287,333 (2023 - £287,174). |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 69,501 | 66,009 |
| Directors' pension contributions to money purchase schemes | 120,000 | 72,000 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 2 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 13,707 | 10,235 |
| Other operating leases | 56,981 | 66,662 |
| Depreciation - owned assets | 518,860 | 486,509 |
| Depreciation - assets on hire purchase contracts | 536,215 | 515,617 |
| Loss on disposal of fixed assets | 8,281 | 58,393 |
| Auditors' remuneration | 14,950 | 18,000 |
| Foreign exchange differences | (2,965 | ) | 258 |
| 6. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Unrealised gain on revaluation of land and buildings | 3,412,627 | - |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest | 31,242 | 32,692 |
| Hire purchase interest | 93,706 | 90,861 |
| 124,948 | 123,553 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 18,938 | - |
| Deferred tax: |
| In respect of accelerated capital allowances | 136,876 | 238,686 |
| In respect of revalued land and buildings | 727,708 | - |
| In respect of changes in tax rates | - | 314,608 |
| Total deferred tax | 864,584 | 553,294 |
| Tax on profit | 883,522 | 553,294 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 3,975,918 | 1,038,604 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
993,980 |
259,651 |
| Effects of: |
| Expenses not deductible for tax purposes | 2,875 | 1,029 |
| Capital allowances in excess of depreciation | (57,142 | ) | (199,737 | ) |
| Utilisation of tax losses | (67,620 | ) | (128,563 | ) |
| Losses carried forward | - | 67,620 |
| Unrealised gain on revaluation of land and buildings | (853,157 | ) | - |
| Movement in deferred tax - Accelerated capital allowances | 136,878 | 238,686 |
| Movement in deferred tax - On revalued land and buildings | 727,708 | - |
| Movement in deferred tax - Changes in tax rates | - | 314,608 |
| Total tax charge | 883,522 | 553,294 |
| 9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS PAID |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Dividends paid | 520,000 | 510,000 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Land and | Property | Plant and |
| buildings | improvements | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 December 2023 | 2,563,614 | 2,571,198 | 8,934,826 |
| Additions | - | 101,349 | 100,891 |
| Disposals | - | (4,000 | ) | (177,703 | ) |
| Revaluations | 2,930,369 | - | - |
| Reclassification/transfer | 715,225 | (715,225 | ) | - |
| At 30 November 2024 | 6,209,208 | 1,953,322 | 8,858,014 |
| DEPRECIATION |
| At 1 December 2023 | 365,435 | 401,392 | 4,168,993 |
| Charge for year | 73,577 | 79,775 | 729,105 |
| Eliminated on disposal | - | (254 | ) | (169,455 | ) |
| Revaluation adjustments | (482,258 | ) | - | - |
| Reclassification/transfer | 83,974 | (83,974 | ) | - |
| At 30 November 2024 | 40,728 | 396,939 | 4,728,643 |
| NET BOOK VALUE |
| At 30 November 2024 | 6,168,480 | 1,556,383 | 4,129,371 |
| At 30 November 2023 | 2,198,179 | 2,169,806 | 4,765,833 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 December 2023 | 411,159 | 602,615 | 201,133 | 15,284,545 |
| Additions | 18,582 | 180,436 | 8,820 | 410,078 |
| Disposals | - | - | - | (181,703 | ) |
| Revaluations | - | - | - | 2,930,369 |
| Reclassification/transfer | - | - | - | - |
| At 30 November 2024 | 429,741 | 783,051 | 209,953 | 18,443,289 |
| DEPRECIATION |
| At 1 December 2023 | 299,810 | 191,892 | 174,456 | 5,601,978 |
| Charge for year | 17,169 | 141,741 | 13,708 | 1,055,075 |
| Eliminated on disposal | - | - | - | (169,709 | ) |
| Revaluation adjustments | - | - | - | (482,258 | ) |
| Reclassification/transfer | - | - | - | - |
| At 30 November 2024 | 316,979 | 333,633 | 188,164 | 6,005,086 |
| NET BOOK VALUE |
| At 30 November 2024 | 112,762 | 449,418 | 21,789 | 12,438,203 |
| At 30 November 2023 | 111,349 | 410,723 | 26,677 | 9,682,567 |
| Land and buildings have been revalued to reflect a valuation undertaken on 21 August 2024 by Lamb & Swift Commercial , independent specialist property consultants. The valuation is based on the open market value of the property. |
| The historical cost of the land and buildings included at valuation amounts to £3,278,839 (2023 - £3,177,490). Accumulated depreciation thereon amounts to £21,192 (2023 - £440,383). |
| The historical cost of land and buildings includes land with a value of £100,000 (2023 - £100,000) on which no depreciation charge is made. |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Group |
| The net book value of tangible fixed assets includes £3,256,107 (2023 - £3,937,045) in respect of assets held under hire purchase contracts. |
| Company |
| Land and | Property | Plant and | Motor |
| buildings | improvements | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| Reclassification/transfer | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Revaluation adjustments | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| Land and buildings have been revalued to reflect a valuation undertaken on 21 August 2024 by Lamb & Swift Commercial , independent specialist property consultants. The valuation is based on the open market value of the property. |
| The historical cost of the land and buildings included at valuation amounts to £3,278,839 (2023 - £3,177,490). Accumulated depreciation thereon amounts to £21,192 (2023 - £440,383). |
| The historical cost of land and buildings includes land with a value of £100,000 (2023 - £100,000) on which no depreciation charge is made. |
| The net book value of tangible fixed assets includes £319,176 (2023 - £336,908) in respect of assets held under hire purchase contracts. |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 December 2023 |
| and 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Loss for the year | ( |
) | ( |
) |
| 13. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Raw materials | 283,818 | 212,812 |
| Work-in-progress | 36,980 | 29,883 |
| Finished goods | 107,539 | 83,387 |
| 428,337 | 326,082 |
| 14. | DEBTORS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 1,154,681 | 1,914,481 |
| Other debtors | 102,608 | 16,744 |
| Prepayments | 203,452 | 162,142 |
| 1,460,741 | 2,093,367 |
| Amounts falling due after more than one year: |
| Amounts due from related parties | 156,531 | 156,531 | 156,531 | 156,531 |
| Aggregate amounts | 1,617,272 | 2,249,898 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | 92,050 | 89,200 |
| Hire purchase contracts (see note 18) | 935,254 | 957,599 |
| Trade creditors | 739,618 | 852,250 |
| Corporation tax | 18,938 | - |
| Social security and other taxes | 313,407 | 444,989 |
| Other creditors | 48,608 | 35,840 | 11,628 | 11,393 |
| Directors' current accounts | 1,000 | - | - | - |
| Accruals and deferred income | 350,984 | 462,647 |
| 2,499,859 | 2,842,525 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 17) | 723,892 | 814,034 |
| Hire purchase contracts (see note 18) | 944,857 | 1,880,111 |
| Amounts owed to group undertakings | - | - | 652,809 | 523,056 |
| 1,668,749 | 2,694,145 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 92,050 | 89,200 |
| Amounts falling due between one and two years: |
| Bank loans | 95,100 | 92,100 |
| Amounts falling due between two and five years: |
| Bank loans | 309,200 | 299,700 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | 319,592 | 422,234 | 319,592 | 422,234 |
| The bank loans are repayable by monthly instalments of £2,966 and £6,912 respectively. Interest is charged on the bank loans at 4.18% and 3.01% respectively. |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 1,018,889 | 1,051,305 |
| Between one and five years | 1,078,211 | 2,097,101 |
| 2,097,100 | 3,148,406 |
| Finance charges repayable: |
| Within one year | 83,635 | 93,706 |
| Between one and five years | 133,354 | 216,990 |
| 216,989 | 310,696 |
| Net obligations repayable: |
| Within one year | 935,254 | 957,599 |
| Between one and five years | 944,857 | 1,880,111 |
| 1,880,111 | 2,837,710 |
| Company |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 6,283 | 6,248 |
| Between one and five years | 34,697 | 95,802 |
| 40,980 | 102,050 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 18. | LEASING AGREEMENTS - continued |
| Operating leases - lessor (Group) |
| Total future minimum lease payments receivable under non-cancellable operating leases are as follows: |
| 2024 | 2023 |
| £ | £ |
| Not later than one year | 156,314 | 145,919 |
| Operating leases - lessor (Company) |
| Total future minimum lease payments receivable under non-cancellable operating leases are as follows: |
| 2024 | 2023 |
| £ | £ |
| Not later than one year | 189,181 | 178,786 |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans | 815,942 | 903,234 |
| Hire purchase contracts | 1,880,111 | 2,837,710 | 115,255 | 221,645 |
| 2,696,053 | 3,740,944 |
| Bank loans are secured by a legal charge dated 23 September 2014 over the freehold and leasehold property known as Junction Lane, Sankey Valley Industrial Estate, Newton-Le-Willows, together with a first fixed charge over all other assets of the company. |
| There are unlimited cross guarantees with Starbank Panel Products Limited. |
| The hire purchase contracts are secured against the assets to which they relate. |
| 20. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 1,686,824 | 1,549,948 | 294,436 | 301,200 |
| On revalued land and buildings | 727,708 | - | 727,708 | - |
| 2,414,532 | 1,549,948 | 1,022,144 | 301,200 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2023 | 1,549,948 |
| Movement in the year | 864,584 |
| Balance at 30 November 2024 | 2,414,532 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2023 |
| Movement in the year | 720,944 |
| Balance at 30 November 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 500 | 500 |
| Ordinary "A" | £1 | 300 | 300 |
| Ordinary "B" | £1 | 200 | 200 |
| 1,000 | 1,000 |
| 22. | RESERVES |
| Group |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 December 2023 | 6,176,542 | - | 850,000 | 7,026,542 |
| Profit for the year | 3,092,396 | - | - | 3,092,396 |
| Dividends paid | (520,000 | ) | - | - | (520,000 | ) |
| Transfer for unrealised gain on land and buildings |
(2,930,369 |
) |
2,930,369 |
- |
- |
| Transfer for depreciation charged on revalued land and buildings |
19,536 |
(19,536 |
) |
- |
- |
| Deferred tax movement on revalued land and buildings |
727,708 |
(727,708 |
) |
- |
- |
| At 30 November 2024 | 6,565,813 | 2,183,125 | 850,000 | 9,598,938 |
| Company |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 December 2023 | 2,827,327 |
| Profit for the year | - | - |
| Dividends paid | ( |
) | - | - | ( |
) |
| Transfer for unrealised gain on land and buildings |
(2,930,369 |
) |
2,930,369 |
- |
- |
| Transfer for depreciation charged on revalued land and buildings |
19,536 |
(19,536 |
) |
- |
- |
| Deferred tax movement on revalued land and buildings |
727,708 |
(727,708 |
) |
- |
- |
| At 30 November 2024 | 5,530,516 |
| STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 23. | PENSION COMMITMENTS |
| The group operates a personal pension plan for directors and employees. The scheme and its assets are managed by independent fund managers and are held separately from those of the company. The pension charge represents the amount paid by the company and amounted to £408,471 (2023 - £355,337). At 30 November 2024, the amount outstanding was £21,069 (2023 - £22,446). |
| 24. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | 980,148 | 159,369 |
| 25. | OTHER FINANCIAL COMMITMENTS |
| The group has entered into two arrangements before the year end to buy Euros at fixed exchange rates at dates after the year end as follows: |
Transaction Date |
£ |
Exchange rate |
€ |
| 17 December 2024 | 719,242 | £1 = €1.1818 | 850,000 |
| 18 December 2024 | 359,113 | £1 = €1.1818 | 424,400 |
| 26. | RELATED PARTY DISCLOSURES |
| During the year, the company paid dividends of £520,000 (2023 - £510,000) to its directors and their families. |
| Also during the year, the company provided financial support amounting to £156,531 (2023 - £156,531) to Hard Rock Energy Limited, a company in which the directors, Mr P Darbyshire and Mrs W K Elsworthy are also directors and shareholders. |
| 27. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling parties are Mr G Darbyshire and Mrs M K Darbyshire by virtue of their shareholdings in the group, however, the day to day running of the company and group is maintained by Mr P G Darbyshire. |