K Star Solutions Limited - Period Ending 2020-12-31

K Star Solutions Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

K Star Solutions Limited

Company Information

Directors

Mr K Starling Mrs J Starling

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

K Star Solutions Limited

Balance Sheet

31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	1,357	430
Investment property	5	440,000	400,000
		441,357	400,430
Current assets
Debtors	6	78,912	82,615
Cash at bank and in hand		295,054	261,109
		373,966	343,724
Creditors: Amounts falling due within one year	7	(42,280)	(50,035)
Net current assets		331,686	293,689
Total assets less current liabilities		773,043	694,119
Creditors: Amounts falling due after more than one year	7	(43,538)	-
Provisions for liabilities		(19,000)	(10,050)
Net assets		710,505	684,069
Capital and reserves
Called up share capital	9	50	50
Profit and loss account		710,455	684,019
Shareholders' funds		710,505	684,069

K Star Solutions Limited

Balance Sheet

31 December 2020

For the financial year ending 31 December 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 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 September 2021 and signed on its behalf by:
 

.........................................

Mr K Starling

Director

Company Registration Number: 07095654

K Star Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2020

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:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Beech House
Beech Avenue
Exeter
EX4 6HE

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, - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS102.

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.

Going concern

The directors of K Star Solutions Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The company recognises revenue based on its value of the service provided to date.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

K Star Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2020

Government grants

During the year the company received £729 being the interest for the period on the CBILS loan, which was paid by the government.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

Tax is recognised in the 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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
Furniture, fittings and equipment	25% straight line

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value derived from the current market prices for comparable real estate. Changes in fair value are recognised in the profit or loss.

K Star Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors and;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2019 - 1).

K Star Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2020	6,471	6,471
Additions	1,630	1,630
Disposals	(432)	(432)
At 31 December 2020	7,669	7,669
Depreciation
At 1 January 2020	6,041	6,041
Charge for the year	595	595
Eliminated on disposal	(324)	(324)
At 31 December 2020	6,312	6,312
Carrying amount
At 31 December 2020	1,357	1,357
At 31 December 2019	430	430

5	Investment properties

	2020 £
At 1 January	400,000
Fair value adjustments	40,000
At 31 December	440,000

The investment property has been valued by the director.

6

Debtors

	2020 £	2019 £
Trade debtors	27,481	21,167
Prepayments	41,431	45,787
Other debtors	10,000	15,661
	78,912	82,615
Less non-current portion	(10,000)	(10,000)
	68,912	72,615

K Star Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2020

7

Creditors

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	8	6,462	-
Trade creditors		132	11,418
Taxation and social security		1,549	17,305
Accruals and deferred income		17,250	16,550
Other creditors		16,887	4,762
		42,280	50,035

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	8	43,538	-

8	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	43,538	-

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	6,462	-

9	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £0.50 each	100	50.00	100	50.00

K Star Solutions Limited

Notes to the Financial Statements

Year Ended 31 December 2020

10

Reserves

At the year end non distributable reserves total £79,326 (2019: £48,276) which is in relation to the fair value of the investment property held within the company, net of the deferred tax adjustment.

11	Related party transactions

Summary of transactions with other related parties

At the year end the company was owed £10,000 from Ferret Technology (2019: £11,050), a company in which Mr Starling is a director. The interest rate on this loan is 3.5% and it is not due to be repaid until 2022.