New Star Project & Property Management Limited - Period Ending 2019-03-31

New Star Project & Property Management Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2019

Registration number: 06459816

New Star Project & Property Management Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

New Star Project & Property Management Limited

Balance Sheet

31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	345	687
Current assets
Debtors	5	15,918	15,014
Cash at bank and in hand		16,280	525
		32,198	15,539
Creditors: Amounts falling due within one year	6	(41,159)	(39,784)
Net current liabilities		(8,961)	(24,245)
Total assets less current liabilities		(8,616)	(23,558)
Provisions for liabilities		(59)	-
Net liabilities		(8,675)	(23,558)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(8,775)	(23,658)
Total equity		(8,675)	(23,558)

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 June 2019
 

......................................... Mr J D Sawyer Director

Company Registration Number: 06459816

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

New Star Project & Property Management Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Penrose Way
Four Marks
Alton
Hampshire
GU34 5BG

These financial statements were authorised for issue by the director on 7 June 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors (and bankers).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 2

New Star Project & Property Management Limited

Notes to the Financial Statements

Year Ended 31 March 2019

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33% straight line

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 3

New Star Project & Property Management Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2018 - 2).

Page 4

New Star Project & Property Management Limited

Notes to the Financial Statements

Year Ended 31 March 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2018	3,015	3,015
At 31 March 2019	3,015	3,015
Depreciation
At 1 April 2018	2,328	2,328
Charge for the year	342	342
At 31 March 2019	2,670	2,670
Carrying amount
At 31 March 2019	345	345
At 31 March 2018	687	687

5

Debtors

	2019  £	2018  £
Trade debtors	15,679	15,014
Other debtors	239	-
	15,918	15,014

Page 5

New Star Project & Property Management Limited

Notes to the Financial Statements

Year Ended 31 March 2019

6

Creditors

Creditors: amounts falling due within one year

	2019  £	2018  £
Due within one year
Corporation tax	25,142	14,867
Social security and other taxes	11,067	10,380
Other creditors	3,665	13,287
Accrued expenses	1,285	1,250
	41,159	39,784

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A of £1 each	80	80	80	80
Ordinary B of £1 each	20	20	20	20
	100	100	100	100

Page 6