New Star Fashions Limited 31/03/2020 iXBRL

New Star Fashions Limited 31/03/2020 iXBRL

NEW STAR PROPERTY GROUP LTD - Company Information

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31/03/2020 2020-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-04-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 01384076 2019-04-01 2020-03-31 01384076 2020-03-31 01384076 2019-03-31 01384076 2018-04-01 2019-03-31 01384076 2019-03-31 01384076 bus:Director1 2019-04-01 2020-03-31 01384076 core:MotorVehicles 2019-03-31 01384076 core:MotorVehicles 2020-03-31 01384076 core:WithinOneYear 2020-03-31 01384076 core:WithinOneYear 2019-03-31 01384076 core:AfterOneYear 2020-03-31 01384076 core:AfterOneYear 2019-03-31 01384076 core:ShareCapital 2020-03-31 01384076 core:ShareCapital 2019-03-31 01384076 core:RetainedEarningsAccumulatedLosses 2020-03-31 01384076 core:RetainedEarningsAccumulatedLosses 2019-03-31 01384076 core:MotorVehicles 2019-04-01 2020-03-31 01384076 core:MotorVehicles 2019-03-31 01384076 bus:SmallEntities 2019-04-01 2020-03-31 01384076 bus:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 01384076 bus:FullAccounts 2019-04-01 2020-03-31 01384076 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 01384076 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 01384076 core:InvestmentPropertyIncludedWithinPPE 2019-03-31 01384076 core:InvestmentPropertyIncludedWithinPPE 2020-03-31
Company registration number: 01384076
New Star Fashions Limited
Unaudited filleted financial statements
31 March 2020
New Star Fashions Limited
Contents
Statement of financial position
Notes to the financial statements
New Star Fashions Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 787,423 686,801
_______ _______
787,423 686,801
Current assets
Debtors 6 3,275 1,107
Cash at bank and in hand 13,998 48,555
_______ _______
17,273 49,662
Creditors: amounts falling due
within one year 7 ( 69,374) ( 7,493)
_______ _______
Net current (liabilities)/assets ( 52,101) 42,169
_______ _______
Total assets less current liabilities 735,322 728,970
Creditors: amounts falling due
after more than one year 8 ( 84,149) ( 92,208)
Provisions for liabilities 5 ( 51)
_______ _______
Net assets 651,178 636,711
_______ _______
Capital and reserves
Called up share capital 39,015 39,015
Profit and loss account 612,163 597,696
_______ _______
Shareholders funds 651,178 636,711
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 November 2020 , and are signed on behalf of the board by:
Mr I Haq
Director
Company registration number: 01384076
New Star Fashions Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 7 Christie Way, Christie Fields, Manchester, M21 7QY.
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'.
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 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 and represents amounts receivable for goods supplied and rental income, stated net of discounts and of Value Added Tax and recognised in accordance with the lease with the tenant.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.Turnover in relation to rental income is recognised over the period to which it relates.
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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Motor vehicles - 25 %
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.
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure.Investment property is revalued to its fair value at each reporting date by the director and any changes in fair value are recognised in profit or loss.If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to property, plant and equipment and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
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 entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Tangible assets
Motor vehicles Investment properties Total
£ £ £
Cost
At 1 April 2019 12,000 685,500 697,500
Additions - 100,947 100,947
_______ _______ _______
At 31 March 2020 12,000 786,447 798,447
_______ _______ _______
Depreciation
At 1 April 2019 10,699 - 10,699
Charge for the year 325 - 325
_______ _______ _______
At 31 March 2020 11,024 - 11,024
_______ _______ _______
Carrying amount
At 31 March 2020 976 786,447 787,423
_______ _______ _______
At 31 March 2019 1,301 685,500 686,801
_______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 2,231 227
Other debtors 1,044 880
_______ _______
3,275 1,107
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 7,922 2,640
Trade creditors - 212
Corporation tax 4,299 1,310
Social security and other taxes 15 15
Other creditors 57,138 3,316
_______ _______
69,374 7,493
_______ _______
The bank loan is secured.
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 84,149 92,208
_______ _______
The bank loan is secured.