Starcare Homes Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04024582 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

STARCARE HOMES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B C Sodha

REGISTERED OFFICE:

3rd Floor Westbury House

23-25 Bridge Street

Pinner

Middlesex

HA5 3HR

REGISTERED NUMBER:

04024582 (England and Wales)

AUDITORS:

Accumen Business Consultancy Limited

Coventry University

Technology Park

Puma Way

Coventry

CV1 2TT

FIXED ASSETS

Investments

6

864,537

864,537

CURRENT ASSETS

Debtors

7

1,847,877

1,847,877

Cash at bank

8,396

10,524

1,856,273

1,858,401

CREDITORS

Amounts falling due within one year

8

4,443

4,123

NET CURRENT ASSETS

1,851,830

1,854,278

TOTAL ASSETS LESS CURRENT LIABILITIES

2,716,367

2,718,815

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

2,716,267

2,718,715

SHAREHOLDERS' FUNDS

2,716,367

2,718,815

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 April 2024 and were signed by:

B C Sodha - Director

1.	STATUTORY INFORMATION

Starcare Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Preparation of consolidated financial statements

The financial statements contain information about Starcare Homes Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Handsale Limited, 3rd Floor Westbury House, 23-25 Bridge Street, Pinner, Middlesex, England, HA5 3HR.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments.

Trade and other debtors

Trade and other debtors are initially recognised at fair value at their nominal amount less impairment losses if due in less than 12 months. Subsequent to initial recognition, trade and other receivables are valued at amortised cost less impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. The cash and cash equivalents are stated at their nominal values, as this approximates to amortised cost.

Other financial liabilities

Other financial liabilities are subsequently measured at amortised cost using the effective interest method.

Loans and borrowings

These are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. Borrowing costs arising on bank borrowings are expensed as incurred within financial expense using the effective interest method.

Trade and other payables

Trade and other payables are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost.

Impairment of financial assets

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the balance sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

Taxation

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

Investments in subsidiary undertakings

Investment in subsidiary undertaking are carried at cost less impairment.

4.	EMPLOYEES AND DIRECTORS

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

5.	AUDITORS' REMUNERATION

31.7.23

31.7.22

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

1,200

1,200

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 August 2022

and 31 July 2023

864,537

NET BOOK VALUE

At 31 July 2023

864,537

At 31 July 2022

864,537

The company owns 1 Ordinary Share, amounting to 100% of the issued share capital of Speed 9395 Limited, a company incorporated in England and Wales.

At 31 July 2023 the aggregate of the share capital and reserves of Speed 9395 Limited amounted to £8,791,149 (2022: £8,121,484) and the profit for the year to that date amounted to £669,665 (2022: £1,016,403).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Amounts owed by group undertakings

1,847,877

1,847,877

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Trade creditors

2,222

1

Accruals and deferred income

2,221

4,122

4,443

4,123

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.23

31.7.22

value:

£

£

100

Ordinary shares of £1 each

1

100

100

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tejinder Saran (Senior Statutory Auditor)

for and on behalf of Accumen Business Consultancy Limited

11.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary undertaking of Handsale Limited which is owned by Mr Bharat Sodha and his family.

The company has provided security in the form of a fixed charge over its shareholdings to the bank in support of a bank loan to H & H Care Homes Limited, a fellow subsidiary company.

12.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, Bharat Sodha and his family.

The ultimate parent company is Handsale Limited, incorporated in England and Wales

The entity's place of business is 10 Brockway, Nailsea. Bristol. BS48 1BZ.

Group accounts are prepared by Handsale Limited and are available from the registered office at -

3rd Floor Westbury House, 23-25 Bridge Street, Pinner, Middlesex, England, HA5 3HR