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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2019 |
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CHARTERSTAR LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2019 |
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FOR |
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CHARTERSTAR LIMITED |
CHARTERSTAR LIMITED (REGISTERED NUMBER: 05890218) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 April 2019 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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CHARTERSTAR LIMITED |
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COMPANY INFORMATION |
for the year ended 30 April 2019 |
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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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AUDITORS: |
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19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
CHARTERSTAR LIMITED (REGISTERED NUMBER: 05890218) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
30 April 2019 |
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2019 | 2018 |
£ | £ |
CURRENT ASSETS |
Stocks of property |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDER FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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CHARTERSTAR LIMITED (REGISTERED NUMBER: 05890218) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 April 2019 |
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1. | STATUTORY INFORMATION |
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Charterstar Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of accounting |
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, and on the going concern basis. |
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Charterstar Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken |
advantage of the disclosure exemptions available. Exemptions have been taken in relation to financial |
instruments, presentation of a cash flow statement and intra-group transactions. |
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Going concern |
The company incurred a loss for the year and at the balance sheet date its current liabilities exceeded its |
current assets. The directors have a reasonable expectation that the company has adequate resources to |
continue in operational existence for the foreseeable future due to the continued support of the parent company |
with funding provided as and when necessary to the company so that it can meet its working capital and |
investment requirements. The parent company has also undertaken to provide a letter of support. Thus the |
directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Stock of properties |
Stocks are stated at the lower of cost and net realisable value. Net realisable value is based upon estimated |
selling price, less costs to be incurred to completion and disposal. |
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Taxation |
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or |
recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet |
date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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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. |
CHARTERSTAR LIMITED (REGISTERED NUMBER: 05890218) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover comprises income in relation to the sale of properties and is recognised on the point of completion |
and originated in the United Kingdom. |
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Rental income |
Rental income is measured at the fair value of the consideration received or receivable on an accruals basis and |
is stated net of discounts and VAT. |
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Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses |
arising from impairment are recognised in the profit and loss. |
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3. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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4. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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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. |
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5. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is Prime London Residential Limited by virtue of its ownership of the entire |
issued share capital. |
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The smallest and largest group in which the results of the company will be consolidated is Prime London |
Residential Limited whose accounts can be obtained from 59-60 Grosvenor Street, Mayfair, London, W1K |
3HZ. |