New Star Fashions Limited 31/03/2021 iXBRL

New Star Fashions Limited 31/03/2021 iXBRL

NEW STAR PROPERTY GROUP LTD - Company Information

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Company registration number: 01384076
New Star Fashions Limited
Unaudited filleted financial statements
31 March 2021
New Star Fashions Limited
Contents
Statement of financial position
Notes to the financial statements
New Star Fashions Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 899,301 787,423
_______ _______
899,301 787,423
Current assets
Debtors 6 2,712 3,275
Cash at bank and in hand 23,864 13,998
_______ _______
26,576 17,273
Creditors: amounts falling due
within one year 7 ( 60,948) ( 69,374)
_______ _______
Net current liabilities ( 34,372) ( 52,101)
_______ _______
Total assets less current liabilities 864,929 735,322
Creditors: amounts falling due
after more than one year 8 ( 86,383) ( 84,149)
Provisions for liabilities ( 27,963) 5
_______ _______
Net assets 750,583 651,178
_______ _______
Capital and reserves
Called up share capital 39,015 39,015
Profit and loss account 711,568 612,163
_______ _______
Shareholders funds 750,583 651,178
_______ _______
For the year ending 31 March 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.
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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 December 2021 , and are signed on behalf of the board by:
Mr I Haq
Director
Company registration number: 01384076
New Star Fashions Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 7 Christie Way, Christie Fields, Manchester, M21 7QY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure.Investment property is revalued to its fair value at each reporting date by the director and any changes in fair value are recognised in profit or loss.If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to property, plant and equipment and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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 in finance costs 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 1 (2020: 1 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Investment properties Total
£ £ £ £ £
Cost or valuation
At 1 April 2020 - - 12,000 786,447 798,447
Additions - 607 - - 607
Revaluation 111,553 - - - 111,553
_______ _______ _______ _______ _______
At 31 March 2021 111,553 607 12,000 786,447 910,607
_______ _______ _______ _______ _______
Depreciation
At 1 April 2020 - - 11,024 - 11,024
Charge for the year - 38 244 - 282
_______ _______ _______ _______ _______
At 31 March 2021 - 38 11,268 - 11,306
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2021 111,553 569 732 786,447 899,301
_______ _______ _______ _______ _______
At 31 March 2020 - - 976 786,447 787,423
_______ _______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 1,140 2,231
Other debtors 1,572 1,044
_______ _______
2,712 3,275
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 2,844 7,922
Trade creditors 30 -
Corporation tax 4,319 4,299
Social security and other taxes 98 15
Other creditors 53,657 57,138
_______ _______
60,948 69,374
_______ _______
The bank loan is secured.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 86,383 84,149
_______ _______
The bank loan is secured.