Stara Contracts Services Limited 31/01/2020 iXBRL

Stara Contracts Services Limited 31/01/2020 iXBRL

STARA CONTRACTS SERVICES LTD - Company Information

Print Friendly Version

2 31/01/2020 2020-01-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2019-02-01 Sage Accounts Production 20.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 10570871 2019-02-01 2020-01-31 10570871 2020-01-31 10570871 2019-01-31 10570871 bus:RegisteredOffice 2019-02-01 2020-01-31 10570871 bus:LeadAgentIfApplicable 2019-02-01 2020-01-31 10570871 bus:Director1 2019-02-01 2020-01-31 10570871 core:PlantMachinery 2019-01-31 10570871 core:FurnitureFittingsToolsEquipment 2019-01-31 10570871 core:PlantMachinery 2020-01-31 10570871 core:FurnitureFittingsToolsEquipment 2020-01-31 10570871 core:RetainedEarningsAccumulatedLosses 2019-02-01 2020-01-31 10570871 core:WithinOneYear 2020-01-31 10570871 core:ShareCapital 2020-01-31 10570871 core:RetainedEarningsAccumulatedLosses 2020-01-31 10570871 core:PlantMachinery 2019-02-01 2020-01-31 10570871 core:FurnitureFittingsToolsEquipment 2019-02-01 2020-01-31 10570871 bus:SmallEntities 2019-02-01 2020-01-31 10570871 bus:AuditExempt-NoAccountantsReport 2019-02-01 2020-01-31 10570871 bus:FullAccounts 2019-02-01 2020-01-31 10570871 bus:SmallCompaniesRegimeForAccounts 2019-02-01 2020-01-31 10570871 bus:PrivateLimitedCompanyLtd 2019-02-01 2020-01-31
Company registration number: 10570871
Stara Contracts Services Limited
Trading as Stara Contracts Services
Unaudited financial statements
31 January 2020
Stara Contracts Services Limited
Contents
Directors and other information
Director's report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Stara Contracts Services Limited
Directors and other information
Director Mr Steven Yarrow
Company number 10570871
Registered office 123 Furtherwick Road
Canvey Island
Essex
SS8 7AT
Business address 123 Furtherwick Road
Canvey Island
Essex
SS8 7AT
Accountants Redbook Accounting Ltd
32-34 Victoria Gardens
Neath
SA11 3BH
Stara Contracts Services Limited
Director's report
Year ended 31 January 2020
The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2020.
Director
The director who served the company during the year was as follows:
Mr Steven Yarrow
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 October 2020 and signed on behalf of the board by:
Mr Steven Yarrow
Director
Stara Contracts Services Limited
Statement of comprehensive income
Year ended 31 January 2020
2020
Note £
Turnover 68,208
Other external charges ( 2,264)
Staff costs ( 25,000)
Depreciation and other amounts written off tangible and intangible fixed assets ( 9,521)
Other operating expenses ( 18,310)
_______
Operating profit 13,113
_______
Profit before taxation 13,113
Tax on profit ( 691)
_______
Profit for the financial year and total comprehensive income 12,422
_______
All the activities of the company are from continuing operations.
Stara Contracts Services Limited
Statement of financial position
31 January 2020
2020
Note £ £
Fixed assets
Tangible assets 6 29,476
_______
29,476
Current assets
Cash at bank and in hand 14,731
_______
14,731
Creditors: amounts falling due
within one year 7 ( 691)
_______
Net current assets 14,040
_______
Total assets less current liabilities 43,516
_______
Net assets 43,516
_______
Capital and reserves
Called up share capital 50
Profit and loss account 43,466
_______
Shareholder funds 43,516
_______
For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2020 , and are signed on behalf of the board by:
Mr Steven Yarrow
Director
Company registration number: 10570871
Stara Contracts Services Limited
Statement of changes in equity
Year ended 31 January 2020
Called up share capital Profit and loss account Total
£ £ £
Dividends paid and payable (17,500) (17,500)
_______ _______ _______
Total investments by and distributions to owners - (17,500) (17,500)
At 1 February 2019 50 31,044 31,094
Profit for the year 12,422 12,422
_______ _______ _______
Total comprehensive income for the year - 12,422 12,422
_______ _______ _______
At 31 January 2020 50 43,466 43,516
_______ _______ _______
Stara Contracts Services Limited
Notes to the financial statements
Year ended 31 January 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 123 Furtherwick Road, Canvey Island, Essex, SS8 7AT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2
The aggregate payroll costs incurred during the year were:
2020
£
Wages and salaries 25,000
_______
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2020
£
Depreciation of tangible assets 9,521
_______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2019 29,750 3,985 33,735
Additions 18,995 - 18,995
_______ _______ _______
At 31 January 2020 48,745 3,985 52,730
_______ _______ _______
Depreciation
At 1 February 2019 13,016 717 13,733
Charge for the year 8,933 588 9,521
_______ _______ _______
At 31 January 2020 21,949 1,305 23,254
_______ _______ _______
Carrying amount
At 31 January 2020 26,796 2,680 29,476
_______ _______ _______
7. Creditors: amounts falling due within one year
2020
£
Corporation tax 691
_______