North Star Sussex Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03268293 (England and Wales)

Financial Statements for the Year Ended 31 December 2020

for

North Star Sussex Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Buckle

Mrs J Buckle

SECRETARY:

M L Buckle

REGISTERED OFFICE:

39 Sackville Road

Hove

East Sussex

BN3 3WD

REGISTERED NUMBER:

03268293 (England and Wales)

ACCOUNTANTS:

Bristow Still

Chartered Accountants

39 Sackville Road

Hove

East Sussex

BN3 3WD

Fixed assets

Tangible assets

4

32,239

42,985

Current assets

Stocks

1,364,661

1,414,673

Debtors

5

45,195

88,565

Cash at bank

23,270

-

1,433,126

1,503,238

Creditors

Amounts falling due within one year

6

825,654

733,092

Net current assets

607,472

770,146

Total assets less current liabilities

639,711

813,131

Capital and reserves

Called up share capital

10,000

10,000

Retained earnings

629,711

803,131

Shareholders' funds

639,711

813,131

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2021 and were signed on its behalf by:

M Buckle - Director

1.	STATUTORY INFORMATION

North Star Sussex 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that

it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2019 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2020

and 31 December 2020

71,864

DEPRECIATION

At 1 January 2020

28,879

Charge for year

10,746

At 31 December 2020

39,625

NET BOOK VALUE

At 31 December 2020

32,239

At 31 December 2019

42,985

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

44,195

87,419

Mid Sussex Motors Ltd

1,000

-

VAT

-

1,146

45,195

88,565

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

734,311

681,778

Tax

(7,961

)

16,775

Social security and other taxes

18,543

1,045

VAT

74,582

-

Directors' current accounts

457

26,917

Accrued expenses

5,722

6,577

825,654

733,092