Maplestar Properties Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04371930 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

Maplestar Properties Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

Directors:

P Underhill

M Underhill

Registered office:

129 North Hill

Plymouth

Devon

PL4 8JY

Registered number:

04371930 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Tangible assets

4

1,383

1,466

Current assets

Stocks

163,813

367,518

Prepayments and accrued income

1,452

1,400

Cash at bank

310,889

133,404

476,154

502,322

Creditors

Amounts falling due within one year

5

417,414

461,096

Net current assets

58,740

41,226

Total assets less current liabilities

60,123

42,692

Capital and reserves

Called up share capital

6

2

2

Retained earnings

60,121

42,690

Shareholders' funds

60,123

42,692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2023 and were signed on its behalf by:

M Underhill - Director

1.	STATUTORY INFORMATION

Maplestar Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, business address and registered office address can be found on the company information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on a going concern basis. The company is dependant on the support of the directors' loan accounts of £409,785 included in creditors due within one year. The going concern basis is therefore believed to be appropriate.

Turnover

Turnover is measured at the fair value of the consideration receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of goods have transferred to the buyer. Turnover from the rendering of services is recognised by the reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tools and equipment

-

20% on reducing balance

Computer equipment

-

50% on reducing balance

Stocks and work in progress

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Work in progress is valued according to the stage of completion of the contracted work.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Tools and

Computer

equipment

equipment

Totals

£

£

£

Cost

At 1 April 2021

7,224

1,228

8,452

Additions

-

349

349

At 31 March 2022

7,224

1,577

8,801

Depreciation

At 1 April 2021

6,075

911

6,986

Charge for year

230

202

432

At 31 March 2022

6,305

1,113

7,418

Net book value

At 31 March 2022

919

464

1,383

At 31 March 2021

1,149

317

1,466

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

4,535

4,619

Other creditors

412,879

456,477

417,414

461,096

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

200

Ordinary

£0.01

2

2

7.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £2,998 (2021 - £2,998).

8.	RELATED PARTY DISCLOSURES

At the balance sheet date the following amounts were owed to related parties:-

Mr P Underhill (director and shareholder) was owed £185,361

Mrs J Underhill (shareholder and wife of Mr P Underhill) was owed £185,361

Mr M Underhill (director and shareholder) was owed £39,063

The loans were unsecured, interest free and carried no fixed term of repayment.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors.