Star Live (Thurleigh) Limited Filleted accounts for Companies House (small and micro)

RA INVCO 1 LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03469172

STAR LIVE (THURLEIGH) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2021

STAR LIVE (THURLEIGH) LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		–		4,774,579

CURRENT ASSETS

Stocks		–	63,799
Debtors	6	–	2,776,188
Cash at bank and in hand		–	736,751
		----	------------
		–	3,576,738

CREDITORS: amounts falling due within one year	7	–		2,266,918
		----		------------
NET CURRENT ASSETS			–		1,309,820
			----		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			–		6,084,399

CREDITORS: amounts falling due after more than one year	8		–		895,768

PROVISIONS	–	218,303
	----	------------
NET ASSETS	–	4,970,328
	----	------------

CAPITAL AND RESERVES

Called up share capital	1	263,674
Share premium account	–	108,274
Capital redemption reserve	–	1,782
Profit and loss account	( 1)	4,596,598
	----	------------
SHAREHOLDERS FUNDS	–	4,970,328
	----	------------

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 comprehensive income has not been delivered.

For the year ending 30 June 2021 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 .

STAR LIVE (THURLEIGH) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 27 June 2022 , and are signed on behalf of the board by:

Mr G Muir

Director

Company registration number: 03469172

STAR LIVE (THURLEIGH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Star Live Milton Road, Thurleigh, Bedford, MK44 2DF.

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 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, stated net of discounts and of Value Added Tax. The following criteria must also be met before turnover is recognised: Hire of Equipment Turnover from the hire of equipment is recognised on a straight line basis over the term of the contract when all of the following conditions are satisfied: - the amount of turnover can be reliably measured; - it is probable that the company will receive the consideration due under the transaction; and- the costs incurred or to be incurred in respect of the transaction can be measured reliably. Long term contracts Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year-end by recording turnover and related costs as contract activity progresses. The amount of long-term contracts, at costs incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched with turnover, is included in work in progress.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Income tax

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and 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. The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred.

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:

Long leasehold property	-	over the lease period
Plant and machinery	-	12.5% and 25% straight line
Motor vehicles	-	25% straight line
Equipment	-	5% and 12.5% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Stocks

To the extent that the company considers pre contract costs to be probable that they will be recovered, pre contract costs are held in work in progress. All other pre contract costs are expenses as incurred immediately in the profit and loss account. Contract work in progress is stated at costs incurred, less the amounts transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost 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 Nil (2020: 37 ).

5. TANGIBLE ASSETS

	Long leasehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 July 2020	19,645	862,749	256,458	11,627,049	12,765,901
Transfers	( 19,645)	( 862,749)	( 256,458)	( 11,627,049)	( 12,765,901)
	--------	---------	---------	-------------	-------------
At 30 June 2021	–	–	–	–	–
	--------	---------	---------	-------------	-------------
Depreciation
At 1 July 2020	19,645	761,396	246,108	6,964,173	7,991,322
Transfers	( 19,645)	( 761,396)	( 246,108)	( 6,964,173)	( 7,991,322)
	--------	---------	---------	-------------	-------------
At 30 June 2021	–	–	–	–	–
	--------	---------	---------	-------------	-------------
Carrying amount
At 30 June 2021	–	–	–	–	–
	--------	---------	---------	-------------	-------------
At 30 June 2020	–	101,353	10,350	4,662,876	4,774,579
	--------	---------	---------	-------------	-------------

6. DEBTORS

	2021	2020
	£	£
Trade debtors	–	332,821
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	2,180,893
Other debtors	–	262,474
	----	------------
	–	2,776,188
	----	------------

7. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	–	236,548
Social security and other taxes	–	676,078
Other creditors	–	1,354,292
	----	------------
	–	2,266,918
	----	------------

Included within other creditors are amounts totalling £nil (2020 - £500,000) relating to hire purchase agreements which are secured by the company.

8. CREDITORS: amounts falling due after more than one year

	2021	2020
	£	£
Other creditors	–	895,768
	----	---------

Included within other creditors are amounts totalling £nil (2020 - £895,768) relating to hire purchase agreements which are secured by the company.

9. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	–	149,548
Later than 1 year and not later than 5 years	–	79,261
	----	---------
	–	228,809
	----	---------

10. RELATED PARTY TRANSACTIONS

Other than the above, the company has participated in transactions with related parties and has exercised the exemption allowed under FRS 102 not to disclose transactions with entities, 100% of whose voting rights are controlled within the group.

11. CONTROLLING PARTY

The company's controlling related party is Star Live Investments Limited, a company registered in England and Wales, by virtue of its 100% holding in the company's issued share capital. The parent undertaking of the smallest group which prepares consolidated accounts which includes the results and position of the company at 30 June 2021 is Star Live Investments Limited, which has a registered office address of Star Live, Milton Road, Thurleigh, Bedford, MK44 2DF.