Truestar Services Limited Small abridged accounts

TRUESTAR SERVICES LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Truestar Services Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 02613682

TRUESTAR SERVICES LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

31 December 2016

TRUESTAR SERVICES LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

Contents	Page

Abridged statement of financial position	1

Statement of changes in equity	3

Notes to the abridged financial statements	4

The following pages do not form part of the abridged financial statements

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	9

TRUESTAR SERVICES LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 December 2016

	2016		2015
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		1,707		2,009

CURRENT ASSETS

Debtors	–		2,507

CREDITORS: amounts falling due within one year	4,640		9,746
	-------		-------
NET CURRENT LIABILITIES		4,640		7,239
		-------		-------
TOTAL ASSETS LESS CURRENT LIABILITIES		( 2,933)		( 5,230)
		-------		-------
NET LIABILITIES		( 2,933)		( 5,230)
		-------		-------

CAPITAL AND RESERVES

Called up share capital	4	4
Profit and loss account	( 2,937)	( 5,234)
	-------	-------
MEMBERS DEFICIT	( 2,933)	( 5,230)
	-------	-------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

TRUESTAR SERVICES LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 December 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 22 September 2017 , and are signed on behalf of the board by:

Mrs M Fanous
Director

Company registration number: 02613682

TRUESTAR SERVICES LIMITED

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 DECEMBER 2016

	Called up share capital	Profit and loss account	Total
	£	£	£
AT 1 JANUARY 2015	4	( 7,069)	( 7,065)

Profit for the year		1,835	1,835
	----	-------	-------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	–	1,835	1,835

AT 31 DECEMBER 2015	4	( 5,234)	( 5,230)

Profit for the year		2,297	2,297
	----	-------	-------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	–	2,297	2,297

	----	-------	-------
AT 31 DECEMBER 2016	4	( 2,937)	( 2,933)
	----	-------	-------

TRUESTAR SERVICES LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hill Top Farm, Moor Road, Bestwood, Nottingham, NG6 8UJ.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the 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 a 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 a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised 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 that asset, the excess shall be recognised in profit or loss.

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:

Leasehold property	-	10% straight line
Plant and machinery	-	15% reducing balance

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2015: 1 ).

5. Tangible assets

	£
Cost
At 1 January 2016 and 31 December 2016	17,331
	---------
Depreciation
At 1 January 2016	15,322
Charge for the year	302
	---------
At 31 December 2016	15,624
	---------
Carrying amount
At 31 December 2016	1,707
	---------
At 31 December 2015	2,009
	---------

6. Director's advances, credits and guarantees

Included within creditors is an amount of £3,923 (Dr £2,507) owed to the director. This amount is interest free, unsecured and repayable upon demand.

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.

TRUESTAR SERVICES LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 31 DECEMBER 2016

The following pages do not form part of the abridged financial statements.

TRUESTAR SERVICES LIMITED

CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF TRUESTAR SERVICES LIMITED

YEAR ENDED 31 DECEMBER 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Truestar Services Limited for the year ended 31 December 2016, which comprise the abridged statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

PELLS Chartered accountant

1 Derby Road Eastwood Nottingham NG16 3PA

22 September 2017