Star Property Investment & Management Limited - Period Ending 2022-03-31

STAR PROPERTY INVESTMENT & MANAGEMENT LIMITED - Company Information

Star Property Investment & Management Limited 09419363 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is property investment & management. 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Registration number: 09419363

Star Property Investment & Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

Star Property Investment & Management Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 12

Star Property Investment & Management Limited

Company Information

Directors

Mr BAL Keith

Mr MF Scott

Registered office

255 Old Shoreham Road
Hove
East Sussex
BN3 7ED

Accountants

SRC-Time Ltd
Chartered Accountants and Chartered Tax Advisers
2nd Floor
Stanford Gate
South Road
Brighton
East Sussex
BN1 6SB

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Star Property Investment & Management Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Star Property Investment & Management Limited for the year ended 31 March 2022 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Star Property Investment & Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Star Property Investment & Management Limited and state those matters that we have agreed to state to the Board of Directors of Star Property Investment & Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Star Property Investment & Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Star Property Investment & Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Star Property Investment & Management Limited. You consider that Star Property Investment & Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Star Property Investment & Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

SRC-Time Ltd
Chartered Accountants and Chartered Tax Advisers
2nd Floor
Stanford Gate
South Road
Brighton
East Sussex
BN1 6SB

23 December 2022

Star Property Investment & Management Limited

(Registration number: 09419363)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	122,922	17,330
Investment property	5	24,758,001	22,817,660
Investments	6	250,868	668
		25,131,791	22,835,658
Current assets
Debtors	7	15,819,001	6,926,970
Cash at bank and in hand		135,919	1,406,374
		15,954,920	8,333,344
Creditors: Amounts falling due within one year	8	(20,021,574)	(15,436,511)
Net current liabilities		(4,066,654)	(7,103,167)
Total assets less current liabilities		21,065,137	15,732,491
Creditors: Amounts falling due after more than one year	8	(19,169,066)	(14,171,087)
Provisions for liabilities	9	(335,073)	(288,480)
Net assets		1,560,998	1,272,924
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,560,898	1,272,824
Total equity		1,560,998	1,272,924

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Star Property Investment & Management Limited

(Registration number: 09419363)
Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 23 December 2022 and signed on its behalf by:

Mr MF Scott

Director

Star Property Investment & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
255 Old Shoreham Road
Hove
East Sussex
BN3 7ED
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is exempt from the obligation to prepare and deliver group accounts as the group qualifies as small.

Government grants

The company has chosen to apply the performance model for recognising government grants under section 24 of
FRS 102, which requires an entity to recognise grant income in line with the entity's performance of the grant
conditions.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Star Property Investment & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings & equipment	25% reducing balance
Office equipment	33% straight line
Properties	revalued annually

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Star Property Investment & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

2	Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2021 - 11).

Star Property Investment & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4	Tangible assets

	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 April 2021	56,807	56,807
Additions	132,077	132,077
Disposals	(32,446)	(32,446)
At 31 March 2022	156,438	156,438
Depreciation
At 1 April 2021	39,477	39,477
Charge for the year	17,398	17,398
Eliminated on disposal	(23,359)	(23,359)
At 31 March 2022	33,516	33,516
Carrying amount
At 31 March 2022	122,922	122,922
At 31 March 2021	17,330	17,330

5	Investment properties

	2022 £
At 1 April	22,817,660
Additions	7,010,441
Investment property revaluations	245,227
Disposals	(5,315,327)
At 31 March	24,758,001

The investment properties are valued by an unqualified valuer Mr MF Scott, a director of the company. The value has been calculated using local property information and where available post balance sheet estate agent valuations.

Star Property Investment & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6	Investments

	2022 £	2021 £
Investments in subsidiaries	250,868	668

Subsidiaries	£
Cost or valuation
At 1 April 2021	668
Additions	250,200
At 31 March 2022	250,868
Provision
Carrying amount
At 31 March 2022	250,868
At 31 March 2021	668

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2022	2021
Subsidiary undertakings
SP UK Investment Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	100%	100%
Star Brunswick Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	100%	100%
Star Portland Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	100%	100%
Star Camelford Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	100%	100%

Star Property Investment & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6	Investments (continued)

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
Star Events Sussex Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	100%	100%
Star AC Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	86%	86%
Star BM Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	100%	100%
Star IC Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	90%	90%
Star Construction & Maintenance Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	90%	90%
Star Property Capital Investment Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	100%	0%
Senator Building & Maintenance Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	100%	0%
Terrells LLP	7b Commerce Road, Lynch Wood, Peterborough, England, PE2 6LR England		86%	0%
Star Cromwell Limited	255 Old Shoreham Road, Hove, East Sussex, England BN3 7ED England	Ordinary	100%	0%

During the year the company charged a management fee to Star Racing Limited, a company under common control of £3,093 (2021: £6,644) for the management of investment properties that are held by Star Racing Limited.
The company received advances during the year from Star racing Limited totalling £5.25m (2021: £5.91m). The advance was unsecured and interest free.
At the balance sheet date, the amount due to Star Racing Limited by the company was £15,751,574 (2021: £14,309,650).

Star Property Investment & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Debtors

	Note	2022 £	2021 £
Trade debtors		63,934	11,547
Amounts owed by group undertakings and undertakings in which the company has a participating interest	11	15,637,693	6,785,195
Prepayments		19,107	15,241
Other debtors		98,267	114,987
		15,819,001	6,926,970

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans, overdrafts and other borrowings	10	208,640	218,867
Trade creditors		28,135	116,902
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11	2,701,377	714,511
Taxation and social security		9,031	-
Other creditors		17,074,391	14,386,231
		20,021,574	15,436,511
Due after one year
Loans and borrowings	10	19,169,066	14,171,087

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	10	19,169,066	14,171,087

9	Provisions for liabilities

Provisions for liabilities consists of deferred tax at the rate of 19% on the movement in investment property revaluation.

Star Property Investment & Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

10	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	12,482,377	8,544,051
Other borrowings	6,686,689	5,627,036
	19,169,066	14,171,087

	2022 £	2021 £
Current loans and borrowings
Other borrowings	208,640	218,867

Bank borrowings

The bank loans included in both current liabilities and non current liabilities are secured over the investment properties held by the company.

11	Related party transactions

Summary of transactions with other related parties
During the year the company charged a management fee to Star Racing Limited, a company under common control of £3,093 (2021: £6,644) for the management of investment properties that are held by Star Racing Limited.
The company received advances during the year from Star racing Limited totalling £5.25m (2021: £5.91m). The advance was unsecured and interest free.

At the balance sheet date, the amount due to Star Racing Limited by the company which is included within other creditors amounted to £15,751,574 (2021: £14,309,650).

12	Controlling party

The company's controlling party is Mr Benjamin Keith.