IRIS Accounts Production v25.1.4.42 05142333 Board of Directors 30.11.24 1.12.23 30.11.24 30.11.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. laminate fabricators and postformers. true true true false true true false false false true false Ordinary 1.00000 Ordinary "A" 1.00000 Ordinary "B" 1.00000 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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: Mr G Darbyshire
Mr P G Darbyshire
Mrs W K Elsworthy
Mrs M K Darbyshire



SECRETARY: Mrs M K Darbyshire



REGISTERED OFFICE: Unit 2 Anglezarke Road
Sankey Valley Industrial Estate
Newton Le Willows
Merseyside
WA12 8DJ



REGISTERED NUMBER: 05142333 (England and Wales)



AUDITORS: Livesey Spottiswood Ltd
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: Tickle Hall Cross
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:





Mr P G Darbyshire - Director


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.

Mr G Darbyshire
Mr P G Darbyshire
Mrs W K Elsworthy
Mrs M K Darbyshire

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:





Mrs W K Elsworthy - Director


16 July 2025

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.




Andrew McMinnis FCA FCCA (Senior Statutory Auditor)
for and on behalf of Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB

23 July 2025

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 3,092,396 485,310

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 7,139,436 3,704,412
Investments 12 859,000 859,000
7,998,436 4,563,412

CURRENT ASSETS
Debtors 14 190,577 193,333
Cash at bank 83,337 122,997
273,914 316,330
CREDITORS
Amounts falling due within one year 15 (333,124 ) (297,870 )
NET CURRENT (LIABILITIES)/ASSETS (59,210 ) 18,460
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,939,226

4,581,872

CREDITORS
Amounts falling due after more than one year 16 (1,385,566 ) (1,452,345 )

PROVISIONS FOR LIABILITIES 20 (1,022,144 ) (301,200 )
NET ASSETS 5,531,516 2,828,327

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 2,497,391 1,977,327
SHAREHOLDERS' FUNDS 5,531,516 2,828,327

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 16 July 2025 and were signed on its behalf by:





Mr P G Darbyshire - Director


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 1,000 1,856,529 - 850,000 2,707,529

Changes in equity
Dividends paid - (510,000 ) - - (510,000 )
Total comprehensive income - 630,798 - - 630,798
Balance at 30 November 2023 1,000 1,977,327 - 850,000 2,828,327

Changes in equity
Dividends paid - (520,000 ) - - (520,000 )
Total comprehensive income - 1,040,064 2,183,125 - 3,223,189
Balance at 30 November 2024 1,000 2,497,391 2,183,125 850,000 5,531,516

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
82 81

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 2,563,613 1,702,840 40,169 - 4,306,622
Additions - 101,349 - 70,473 171,822
Disposals - (4,000 ) - - (4,000 )
Revaluations 2,930,369 - - - 2,930,369
Reclassification/transfer 715,225 (715,225 ) - - -
At 30 November 2024 6,209,207 1,084,964 40,169 70,473 7,404,813
DEPRECIATION
At 1 December 2023 365,435 231,847 4,928 - 602,210
Charge for year 73,577 48,904 7,048 16,150 145,679
Eliminated on disposal - (254 ) - - (254 )
Revaluation adjustments (482,258 ) - - - (482,258 )
Reclassification/transfer 83,974 (83,974 ) - - -
At 30 November 2024 40,728 196,523 11,976 16,150 265,377
NET BOOK VALUE
At 30 November 2024 6,168,479 888,441 28,193 54,323 7,139,436
At 30 November 2023 2,198,178 1,470,993 35,241 - 3,704,412

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 859,000
NET BOOK VALUE
At 30 November 2024 859,000
At 30 November 2023 859,000

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

Starbank Panel Products Limited
Registered office: United Kingdom
Nature of business: Laminate fabricators and postformers
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,927,421 5,058,214
Loss for the year (130,793 ) (145,488 )


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 34,046 35,802
Other debtors 102,608 16,744 - 1,000
Prepayments 203,452 162,142 - -
1,460,741 2,093,367 34,046 36,802

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 2,249,898 190,577 193,333

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 92,050 89,200
Hire purchase contracts (see note 18) 935,254 957,599 106,390 106,390
Trade creditors 739,618 852,250 - 6,456
Corporation tax 18,938 - 18,938 -
Social security and other taxes 313,407 444,989 32,229 18,699
Other creditors 48,608 35,840 11,628 11,393
Directors' current accounts 1,000 - - -
Accruals and deferred income 350,984 462,647 71,889 65,732
2,499,859 2,842,525 333,124 297,870

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 723,892 814,034 723,892 814,034
Hire purchase contracts (see note 18) 944,857 1,880,111 8,865 115,255
Amounts owed to group undertakings - - 652,809 523,056
1,668,749 2,694,145 1,385,566 1,452,345

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 92,050 89,200
Amounts falling due between one and two years:
Bank loans 95,100 92,100 95,100 92,100
Amounts falling due between two and five years:
Bank loans 309,200 299,700 309,200 299,700
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 115,996 115,996
Between one and five years 9,666 125,662
125,662 241,658

Finance charges repayable:
Within one year 9,606 9,606
Between one and five years 801 10,407
10,407 20,013

Net obligations repayable:
Within one year 106,390 106,390
Between one and five years 8,865 115,255
115,255 221,645

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 815,942 903,234 815,942 903,234
Hire purchase contracts 1,880,111 2,837,710 115,255 221,645
2,696,053 3,740,944 931,197 1,124,879

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 301,200
Movement in the year 720,944
Balance at 30 November 2024 1,022,144

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary £1 500 500
300 Ordinary "A" £1 300 300
200 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 1,977,327 - 850,000 2,827,327
Profit for the year 3,223,189 - - 3,223,189
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 2,497,391 2,183,125 850,000 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.