STAR UK Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03416469 (England and Wales)

Financial Statements

for the Year Ended 31 December 2022

for

STAR UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Z Zibung

S D Smith

SECRETARY:

Ms K A Ellis

REGISTERED OFFICE:

Unit 2, Howard Buildings

69 -71 Burpham Lane

Guildford

Surrey

GU4 7NB

REGISTERED NUMBER:

03416469 (England and Wales)

AUDITORS:

Bullimores LLP

Chartered Accountants

& Registered Auditor

Old Printers Yard

156 South Street

Dorking

Surrey

RH4 2HF

FIXED ASSETS

Intangible assets

4

3,250

5,865

Tangible assets

5

18,523

14,180

21,773

20,045

CURRENT ASSETS

Debtors

6

180,593

256,943

Cash at bank and in hand

282,280

235,089

462,873

492,032

CREDITORS

Amounts falling due within one year

7

137,387

116,437

NET CURRENT ASSETS

325,486

375,595

TOTAL ASSETS LESS CURRENT LIABILITIES

347,259

395,640

CAPITAL AND RESERVES

Called up share capital

104

104

Share premium

17,498

17,498

Retained earnings

329,657

378,038

347,259

395,640

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 Board of Directors and authorised for issue on 21 March 2023 and were signed on its behalf by:

S D Smith - Director

1.	STATUTORY INFORMATION

STAR UK 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going concern

The Company made a loss before tax during the year of £48,429 (2021 £41,415). Trading conditions are still difficult, including the Coronavirus pandemic, being cited by the directors as one of the factors behind the loss in both years. At the balance sheet date, the company had net current assets of £325,486 (2021 £375,595).

Whilst the Coronavirus pandemic is still creating some uncertainty globally, it is hoped with all the relevant measures that the directors have put into place over the last year, together with the ongoing vaccine immunization taking place across the world, the ongoing impact on the Company will be minimal.

At the date of signing the balance sheet, there is further global uncertainty being caused by world events including the war in Ukraine and inflation. These factors are being continually monitored by the directors at the balance sheet date and potential impact of recent events is not quantifiable.

Due to the recent losses the Directors have obtained a letter of support from the parent company providing comfort that they are able and willing to financially support the Company if required, for a period of at least 12 months from the date these accounts were approved.

Accordingly, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual financial statements with no material uncertainty.

Turnover

The turnover shown in the profit and loss account represents amounts receivable for translation services and software sales provided during the year in the normal course of business, net of trade discounts, VAT and other sales related taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and accumulated impairment.

All intangible assets are considered to have a finite useful life.

The estimated useful lives range as follows:

Website development costs

-

3 years

Computer Software

-

4 years

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property

-

20% on cost

Furniture and equipment

-

25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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 in the countries where the Company operates and generates income.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

-

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

-

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. the assets of the plan are held separately from the Company in independently administered funds.

Operating leases: the company as a lessee

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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102

Grants of a revenue nature are recognised in the Statement of Income and Retained earnings in the same period as the related expenditure.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

and 31 December 2022

20,460

AMORTISATION

At 1 January 2022

14,595

Charge for year

2,615

At 31 December 2022

17,210

NET BOOK VALUE

At 31 December 2022

3,250

At 31 December 2021

5,865

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

7,004

89,615

96,619

Additions

5,785

6,611

12,396

Disposals

(7,004

)

(63,662

)

(70,666

)

At 31 December 2022

5,785

32,564

38,349

DEPRECIATION

At 1 January 2022

7,004

75,435

82,439

Charge for year

1,157

6,908

8,065

Eliminated on disposal

(7,004

)

(63,674

)

(70,678

)

At 31 December 2022

1,157

18,669

19,826

NET BOOK VALUE

At 31 December 2022

4,628

13,895

18,523

At 31 December 2021

-

14,180

14,180

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

151,790

207,286

Other debtors

28,803

49,657

180,593

256,943

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

65,730

68,582

Taxation and social security

3,560

18,623

Other creditors

68,097

29,232

137,387

116,437

8.	SECURED DEBTS

The company's bankers HSBC Bank plc have a fixed and floating charge over the assets of the company. The charge is dated 21st September 2001.

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

The Report of the Auditors was unqualified.

Nicholas Boot (Senior Statutory Auditor)

for and on behalf of Bullimores LLP

10.	COMMITMENTS UNDER OPERATING LEASE

At 31 December 2022 the company had future minimum lease payments under non-cancellable operating leases for each of the following periods:

2022

2021

£

£

Due < 1 year

14,000

17,708

Due 2 - 5 years

49,165

-

63,165

17,708

.

11.	RELATED PARTY DISCLOSURES

Sales have been made to group companies of £694,858 ( 2021: £744,043)

Purchases have been made from group companies of £53,806 ( 2021: £99,041)

Amounts due from group companies and included in trade debtors at the year end were £138,507 (2021: £165,812)

Amounts due to group companies and included in trade creditors at the year end were £52,814 (2021: £18,011)

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.	PARENT COMPANY

The parent company for which consolidated financial statements are drawn up is Star AG. The address of their registered office is Weisholz 35, Ramsen, Kanton Schauffhausen 8262, Switzerland.