Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
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| Investments | 5 |
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| 871,242 | 907,200 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| 1,264,347 | 1,241,519 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 537,761 | 691,594 | ||
| Total assets less current liabilities | 1,409,003 | 1,598,794 | ||
| Creditors: amounts falling due after more than one year | 8 | (
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| Provision for liabilities | 9 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 10 |
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| Share premium account |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Starlings of Sheringham Limited (registered number:
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J D W Starling
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Starlings of Sheringham Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Wrights Walk, Dereham, Norfolk, NR19 1TR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Goodwill |
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| Land and buildings |
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| Leasehold improvements | depreciated over the life of the lease |
| Plant and machinery |
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| Vehicles |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Goodwill | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 February 2024 |
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| At 31 January 2025 |
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| Accumulated amortisation | |||
| At 01 February 2024 |
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| At 31 January 2025 |
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| Net book value | |||
| At 31 January 2025 |
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| At 31 January 2024 |
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| Land and buildings | Leasehold improve- ments |
Plant and machinery | Vehicles | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 February 2024 |
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| Additions |
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| Disposals |
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| At 31 January 2025 |
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| Accumulated depreciation | |||||||||
| At 01 February 2024 |
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| Charge for the financial year |
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| Disposals |
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| At 31 January 2025 |
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| Net book value | |||||||||
| At 31 January 2025 | 661,126 | 36,736 | 141,888 | 27,492 | 867,242 | ||||
| At 31 January 2024 | 670,900 | 41,984 | 149,248 | 41,068 | 903,200 | ||||
| Leased assets included above: | |||||||||
| Net book value | |||||||||
| At 31 January 2025 | 0 | 0 | 0 | 0 | 0 | ||||
| At 31 January 2024 | 0 | 0 | 0 | 8,989 | 8,989 |
Revaluation of tangible assets
The freehold land and building was professionally revalued by Arnolds Keys, an independent valuer, to market value in 2019.
| 2025 | 2024 | ||
| £ | £ | ||
| Historical cost | 273,022 | 273,022 | |
| Accumulated depreciation | (69,039) | (60,392) | |
| Carrying value |
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| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 February 2024 |
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| At 31 January 2025 |
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| Carrying value at 31 January 2025 |
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| Carrying value at 31 January 2024 |
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| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to directors |
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| Accruals |
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| Corporation tax |
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| Other taxation and social security |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Credited/(charged) to the Income Statement |
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| At the end of financial year | (
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The deferred taxation balance is made up as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Accelerated capital allowances | (
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| Revaluation of tangible assets | (
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| Other timing differences |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 250,000 | 250,000 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,464 (2024 - £34,124). Contributions totalling £2,427 (2024 - £2,092) were payable to the fund at the reporting date and are included in creditors.
Transactions with the entity's directors
At the year end, the directors were owed £487 (2024 - £1,597) which is repayable on demand.
Within creditors falling due after more than one year is £150,000 (2024 - £150,000) in respect of redeemable preference shares, owned by the directors/family of the directors.