Starfish Properties (Brighton) Limited Filleted accounts for Companies House (small and micro)

STARFISH PROPERTIES (BRIGHTON) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11066356

STARFISH PROPERTIES (BRIGHTON) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 November 2018

STARFISH PROPERTIES (BRIGHTON) LIMITED

FINANCIAL STATEMENTS

PERIOD FROM 15 NOVEMBER 2017 TO 30 NOVEMBER 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

STARFISH PROPERTIES (BRIGHTON) LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr I R Bunday
	Ms J C J Bunday

Registered office	168 Church Road
	Hove
	BN3 2DL

Accountants	UHY Hacker Young
	Chartered accountants
	168 Church Road
	Hove
	BN3 2DL

STARFISH PROPERTIES (BRIGHTON) LIMITED

STATEMENT OF FINANCIAL POSITION

30 November 2018

	30 Nov 18
Note	£	£

Fixed assets

Tangible assets	4		8,361,323

Current assets

Debtors	5	438,084
Cash at bank and in hand		74,500
		----------
		512,584

Creditors: amounts falling due within one year	6	8,785,818
		-------------
Net current liabilities			8,273,234
			-------------
Total assets less current liabilities			88,089
			---------
Net assets			88,089
			---------

Capital and reserves

Profit and loss account		88,089
		---------
Shareholders funds		88,089
		---------

These 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 statement of income and retained earnings has not been delivered.

For the period ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

STARFISH PROPERTIES (BRIGHTON) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 November 2018

These financial statements were approved by the board of directors and authorised for issue on 11 September 2019 , and are signed on behalf of the board by:

Mr I R Bunday

Director

Company registration number: 11066356

STARFISH PROPERTIES (BRIGHTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 15 NOVEMBER 2017 TO 30 NOVEMBER 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

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

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

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. No significant judgements have had to be made by the directors in preparing these financial statements.

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:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Equipment	-	25% straight line

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.

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.

4. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 15 November 2017	–	–	–	–	–
Additions	8,350,683	140	11,674	954	8,363,451
	-------------	----	---------	----	-------------
At 30 November 2018	8,350,683	140	11,674	954	8,363,451
	-------------	----	---------	----	-------------
Depreciation
At 15 November 2017	–	–	–	–	–
Charge for the period	–	23	1,946	159	2,128
	-------------	----	---------	----	-------------
At 30 November 2018	–	23	1,946	159	2,128
	-------------	----	---------	----	-------------
Carrying amount
At 30 November 2018	8,350,683	117	9,728	795	8,361,323
	-------------	----	---------	----	-------------

5. Debtors

	30 Nov 18
	£
Other debtors	438,084
	----------

6. Creditors: amounts falling due within one year

	30 Nov 18
	£
Bank loans and overdrafts	93
Trade creditors	7,655
Corporation tax	18,660
Other creditors	286,701
Other creditors - loans	5,301,000
Other creditors	3,171,709
	-------------
	8,785,818
	-------------

7. Directors' loans

At the year end the company owed the directors £3,169,909. The loan is interest free and payable on demand.