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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2020 |
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CHARTERSTAR LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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2020 | 2019 |
£ | £ |
CURRENT ASSETS |
Stocks of property |
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Debtors |
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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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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 and authorised for issue on
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CHARTERSTAR LIMITED (REGISTERED NUMBER: 05890218) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 April 2020 |
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1. | STATUTORY INFORMATION |
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Charterstar Limited is a
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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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The directors have also considered the effects of Covid-19 on its operations for the foreseeable future. After making appropriate enquiries and assessing the support available, the directors have formed a judgement that the entity will have sufficient resources available to neutralise the effect of the pandemic. |
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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 2020 |
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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. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | 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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5. | FRC 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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6. | 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. |