Starclass Properties Limited - Filleted accounts

Starclass Properties Limited - Filleted accounts

STARCLASS PROPERTIES LIMITED - Company Information

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Starclass Properties Limited
Registered number: 03243199
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
investment property 2 50,000 25,301
Investments 3 1,103 1,103
51,103 26,404
Current assets
Debtors 4 11,406,013 11,260,498
Cash at bank and in hand 14,647 56,156
11,420,660 11,316,654
Creditors: amounts falling due within one year 5 (1,533,569) (1,409,586)
Net current assets 9,887,091 9,907,068
Total assets less current liabilities 9,938,194 9,933,472
Creditors: amounts falling due after more than one year 6 (170,000) (170,000)
Provisions for liabilities (2,870) -
Net assets 9,765,324 9,763,472
Capital and reserves
Called up share capital 2 2
Profit and loss account 7 9,765,322 9,763,470
Shareholders' funds 9,765,324 9,763,472
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A I Spencer
Director
Approved by the board on 15 September 2017
Starclass Properties Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Investment property
The investment property is included at fair value. Gains and losses on revaluation are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Fixed asset investments
Investments in subsidiaries are stated at cost less provision for diminution in value.
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the companies Act 2006 not to prepare group accounts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Tangible fixed assets
Investment property
£
Fair value
At 1 January 2016 25,301
Surplus on revaluation 24,699
At 31 December 2016 50,000
The valuation of the investment property was made by the director as at 31 December 2016 on an open market basis.

On a historical cost basis, the property would have been included at an original cost of £25,301 (2015: £25,301).
3 Fixed asset Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2016 1,103
At 31 December 2016 1,103
The company has the following subsidiaries:
Subsidiary undertaking Country of incorporation Principal activity Class of shareholding % Held in the company
The Kaizen Investment Company Limited England & Wales Property Investment Ordinary 100
Starclass (The Riverway) Limited England & Wales Property Investment Ordinary 100
Starclass (Market Street) Limited England & Wales Property Investment Ordinary 100
Starclass (Hinde House) Limited England & Wales Property Investment Ordinary 100
Starclass (Hinde House) No.2 Limited England & Wales Property Investment Ordinary 100
3 Fixed asset investments (continued)
The aggregate capital and reserves and the results for the year of the subsidiaries noted above were as
follows:
Name of undertaking Profit/(Loss) Capital and Reserves
The Kaizen Investment Company Limited (4,305) (86,166)
Starclass (The Riverway) Limited 907,112 (186,158)
Starclass (Market Street) Limited 17,932 246,306
Starclass (Hinde House) Limited 792,726 7,833,611
Starclass (Hinde House) No.2 Limited (63,968) (54,160)
4 Debtors 2016 2015
£ £
Amounts owed by group undertakings 11,105,294 5,015,567
Other debtors 300,719 6,244,931
11,406,013 11,260,498
5 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 4,200 -
Amounts owed to group undertakings 1,280,071 382,990
Other creditors 249,298 1,026,596
1,533,569 1,409,586
6 Creditors: amounts falling due after one year 2016 2015
£ £
Other creditors 170,000 170,000
7 Profit and loss reserves 2016 2015
£ £
At the beginning of the year 9,763,470 10,092,867
Profit for the year 1,852 (329,397)
At the end of the year 9,765,322 9,763,470
Distributable reserves 9,743,493 9,763,470
Non-distributable reserves 21,829 -
9,765,322 9,763,470
8 Related party transactions
The company has taken advantage of the exemption available under FRS 102 Section 33, Related Party Disclosures, not to disclose transactions entered into between two or more members of a group.
9 Controlling party
The parent company is Starclass Group Limited, registered in England and Wales. Its registered office is 7 Manchester Square, London, W1U 3PQ.

The ultimate controlling party is A I Spencer.
10 Other information
Starclass Properties Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
7 Manchester Square
London
W1U 3PQ
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