Stardrop Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04086724 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Stardrop Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

5

2,564,160

2,595,868

Current assets

Stocks

15,927

13,780

Debtors

6

15,835

16,784

Cash at bank and in hand

134,408

295,098

166,170

325,662

Creditors

Amounts falling due within one year

7

(118,126

)

(209,412

)

Net current assets

48,044

116,250

Total assets less current liabilities

2,612,204

2,712,118

Creditors

Amounts falling due after more than one year

8

(1,454,067

)

(1,468,783

)

Provisions for liabilities

(175,903

)

(141,124

)

Net assets

982,234

1,102,211

Capital and reserves

Called up share capital

23,402

23,402

Share premium

29,600

29,600

Revaluation reserve

10

103,793

104,909

Retained earnings

825,439

944,300

982,234

1,102,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2023 and were signed on its behalf by:

Mr I R Scott - Director

1.	Statutory information

Stardrop Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04086724

Registered office:

East Coast House

Galahad Road

Gorleston

Great Yarmouth

Norfolk

NR31 7RU

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

1% on cost

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

20% p.a. reducing balance

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 fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as result of revaluation, is recognised in other comprehensive income to the extent of any previously recongnised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of tat asset, the excess shall be recognised in profit and loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.

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.

Government grants

Government grants are recongised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the period in which the company recongnises the costs for which the grant is intended to compensate.

Defined contributions plan

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	Employees and directors

The average number of employees during the year was 117 (2022 - 125 ) .

5.	Tangible fixed assets

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Cost or valuation

At 1 April 2022

2,552,321

930,251

10,799

3,493,371

Additions

-

23,677

-

23,677

At 31 March 2023

2,552,321

953,928

10,799

3,517,048

Depreciation

At 1 April 2022

247,108

640,886

9,509

897,503

Charge for year

25,523

29,604

258

55,385

At 31 March 2023

272,631

670,490

9,767

952,888

Net book value

At 31 March 2023

2,279,690

283,438

1,032

2,564,160

At 31 March 2022

2,305,213

289,365

1,290

2,595,868

In respect of freehold property held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model at cost £2,552,321 (2022 : £2,427,262) and depreciation £251,370 (2022 : £227,097).

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

12,856

13,409

Other debtors

2,979

3,375

15,835

16,784

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts (see note 9)

40,947

37,031

Trade creditors

32,525

68,669

Taxation and social security

36,475

92,184

Other creditors

8,179

11,528

118,126

209,412

Bank loans and overdrafts are secured.

8.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans (see note 9)

116,302

155,930

Other creditors

1,337,765

1,312,853

1,454,067

1,468,783

Included within creditors amounts falling due after more than one year is an amount of £939.33 (2022 : £44,835) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within creditors amounts falling due after more than one year is an amount £850,315 (2022 : £812,853) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more thank five years from the reporting date.

Bank loans and overdrafts are secured.

9.

Loans

An analysis of the maturity of loans is given below:

2023

2022

£

£

Amounts falling due within one year or on demand:

Bank loans

40,947

37,031

Amounts falling due between one and two years:

Bank loans - 1-2 years

116,302

155,930

Preference shares

500,000

500,000

616,302

655,930

Bank loans and overdrafts are secured.

10.

Reserves

Revaluation

reserve

£

At 1 April 2022

104,909

Tax relating to components of other comprehensive income

135

Reclassification from revaluation reserve to profit and loss

(1,251

)

At 31 March 2023

103,793

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

11.	Related party disclosures

Included within other creditors falling due after more thank one year is a loan from Scotts Inns Limited, a company in which the director has an interest. The amount outstanding at the year end amounted to £850,315 (2022 : £812,853).