Starhomes Builders Investments Limited Filleted accounts for Companies House (small and micro)

Starhomes Builders Investments Limited Filleted accounts for Companies House (small and micro)

STARHOMES BUILDERS INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08067231
Starhomes Builders Investments Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2020
Starhomes Builders Investments Limited
Statement of Financial Position
30 September 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
5
2,506,572
2,506,279
Current assets
Debtors
6
18,424
15,918
Cash at bank and in hand
127,129
112,617
---------
---------
145,553
128,535
Creditors: amounts falling due within one year
7
36,831
42,298
---------
---------
Net current assets
108,722
86,237
------------
------------
Total assets less current liabilities
2,615,294
2,592,516
Provisions
Taxation including deferred tax
8
101,464
90,678
------------
------------
Net assets
2,513,830
2,501,838
------------
------------
Capital and reserves
Called up share capital
2,554
2,554
Share premium account
1,797,731
1,797,731
Revaluation reserve
648,350
648,350
Profit and loss account
65,195
53,203
------------
------------
Shareholders funds
2,513,830
2,501,838
------------
------------
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 .
Starhomes Builders Investments Limited
Statement of Financial Position (continued)
30 September 2020
These financial statements were approved by the board of directors and authorised for issue on 1 June 2021 , and are signed on behalf of the board by:
K P Clark
Director
Company registration number: 08067231
Starhomes Builders Investments Limited
Notes to the Financial Statements
Year ended 30 September 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 3 The Barns, Mill Road, Buckden, St Neots, Cambs, PE19 5XX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 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.
Rental income
Rental income is credited to profit and loss on an accruals basis.
Going concern
During the year and subsequent to the year-end, the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Turnover
The turnover shown in the statement of comprehensive income represents rents receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and 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:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
15% straight line
Office equipment
-
25% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).
5. Tangible assets
Investment properties
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 October 2019
2,505,950
305
1,895
–
2,508,150
Additions
–
–
–
419
419
------------
----
-------
----
------------
At 30 September 2020
2,505,950
305
1,895
419
2,508,569
------------
----
-------
----
------------
Depreciation
At 1 October 2019
–
305
1,566
–
1,871
Charge for the year
–
–
82
44
126
------------
----
-------
----
------------
At 30 September 2020
–
305
1,648
44
1,997
------------
----
-------
----
------------
Carrying amount
At 30 September 2020
2,505,950
–
247
375
2,506,572
------------
----
-------
----
------------
At 30 September 2019
2,505,950
–
329
–
2,506,279
------------
----
-------
----
------------
Tangible assets held at valuation
The directors have revalued the investment properties on the tenanted properties basis and consider them to be at their market value at the reporting date.
6. Debtors
2020
2019
£
£
Trade debtors
952
38
Other debtors
17,472
15,880
--------
--------
18,424
15,918
--------
--------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
118
–
Social security and other taxes
20,418
23,118
Other creditors
16,295
19,180
--------
--------
36,831
42,298
--------
--------
8. Provisions
Deferred tax (note 9)
£
At 1 October 2019
90,678
Movement in year
10,786
---------
At 30 September 2020
101,464
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2020
2019
£
£
Included in provisions (note 8)
101,464
90,678
---------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2020
2019
£
£
Accelerated capital allowances
118
–
Revaluation of tangible assets
101,346
90,678
---------
--------
101,464
90,678
---------
--------