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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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STARSTON INTERNATIONAL LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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for |
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STARSTON INTERNATIONAL LIMITED |
STARSTON INTERNATIONAL LIMITED (REGISTERED NUMBER: 02854810) |
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Contents of the Financial Statements |
for the year ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Statement of Financial Position | 3 | to | 4 |
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Notes to the Financial Statements | 5 | to | 7 |
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STARSTON INTERNATIONAL LIMITED |
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Company Information |
for the year ended 31 December 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Yare House |
62-64 Thorpe Road |
Norwich |
Norfolk |
NR1 1RY |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Starston International Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a |
Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Starston International Limited for the year ended 31 December 2017 which comprise the |
Income Statement, Statement of Financial Position and the related notes from the company's accounting records and |
from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Starston International Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Starston International Limited and state those matters that we have agreed to state to the Board of Directors of Starston International Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Starston International Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Starston International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Starston International Limited. You consider that Starston International Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Starston International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Yare House |
62-64 Thorpe Road |
Norwich |
Norfolk |
NR1 1RY |
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STARSTON INTERNATIONAL LIMITED (REGISTERED NUMBER: 02854810) |
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Statement of Financial Position |
31 December 2017 |
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31/12/17 | 31/12/16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
STARSTON INTERNATIONAL LIMITED (REGISTERED NUMBER: 02854810) |
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Statement of Financial Position - continued |
31 December 2017 |
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The financial statements were approved by the Board of Directors on
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STARSTON INTERNATIONAL LIMITED (REGISTERED NUMBER: 02854810) |
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Notes to the Financial Statements |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Starston International Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention as modified by the revaluation of investment properties measured at fair value through the income |
statement. |
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The company has ceased trading and therefore the accounts are not prepared under the going concern basis. |
However, the company's assets and liabilities are such that no adjustments are required to reflect a break up |
value. |
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Revenue |
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts |
receivable for services rendered net of discounts, rebates value added tax and other sales taxes. |
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Revenue from services is recognised over the period when the service is provided and when the amount of |
revenue can be measured reliably and it is probable that future economic benefits will flow to the entity. |
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Investment property |
Investment properties are initially measured at cost, including transaction costs. Subsequently investment |
properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are |
measured at fair value. Gains and losses arising from changes in fair value are recognised in the income |
statement in the period in which they arise. |
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Cumulative differences between fair value and original cost are held in a revaluation reserve until such time that |
the profit is realised on disposal. |
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Taxation |
Taxation represents tax currently payable on the taxable profits for the period. |
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The company's liability for current tax is calculated using tax rates that have been enacted, or substantively |
enacted by the end of the reporting period. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the date |
of the statement of financial position. Transactions in foreign currencies are translated into sterling at the rate |
of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
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Investments |
Other fixed asset investments are stated at cost less provision for diminution in value. |
STARSTON INTERNATIONAL LIMITED (REGISTERED NUMBER: 02854810) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Short-term debtors are measured at transaction price, less any impairment. The impairment loss is measured |
as the difference between an asset's carrying value and the best estimate of the amount that the company |
would receive for the asset if it were to be sold at the reporting date. |
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Short-term trade creditors are measured at the transaction price. Other financial liabilities are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
effective interest method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
31/12/17 | 31/12/16 |
£ | £ |
Other investments | 67,306 | 67,306 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2017 |
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Reversal of impairments | 93,184 |
At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Fair value at 31 December 2017 is represented by: |
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Valuation in 2015 | 140,000 |
Valuation in 2017 | 93,184 |
233,184 |
STARSTON INTERNATIONAL LIMITED (REGISTERED NUMBER: 02854810) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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5. | INVESTMENT PROPERTY - continued |
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If investment property had not been revalued it would have been included at the following historical cost: |
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31/12/17 | 31/12/16 |
£ | £ |
Cost | 331,927 | 331,927 |
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Investment property was valued on an open market basis on 14 November 2017 by Jim Ridley and Jordy Shepherd Associates |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/12/16 |
£ | £ |
Trade creditors |
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Other creditors |
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8. | CONTINGENT LIABILITIES |
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The company's tax returns for the three year ended 31 December 2013 are subject to ongoing full HMRC |
enquiries. The 2011 enquiry began on 10 January 2013. The 2012 enquiry began on 7 November 2014. The 2013 |
enquiry began on 12 November 2015. |
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HMRC has not issued any findings to the company. As part of the enquiry process, HMRC has issued protective |
assessments in respect of employment taxes relating to the company's remuneration trust for the year ended 5 |
April 2010. These assessments show total estimated tax and National Insurance payable of £2,300,000. The |
company has lodged the necessary appeals with HMRC in order to similarly protect its position pending the |
conclusion of the enquiries. |
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HMRC has also issued protective assessments in respect of employment taxes relating to the company's |
purchase of bonds during the year ended 5 April 2012. These assessments show total estimated tax and |
National Insurance payable of £1,300,000. The company has lodged the necessary appeals with HMRC in order |
to similarly protect its position pending the conclusion of the enquiries. In 2017 the company has paid £292,762 |
being one of the assessments raised for the year ended 5 April 2012. This is included in debtors. |
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In the judgement of the directors, no provision is required in these accounts in respect of the protective |
assessments described above. It is not currently possible to estimate reliably any amount that may become due |
as a result of the enquiry process because HMRC have yet to present their case to the company. |