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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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STARWORTH PROPERTIES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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FOR |
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STARWORTH PROPERTIES LIMITED |
STARWORTH PROPERTIES LIMITED (REGISTERED NUMBER: 11050375) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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STARWORTH PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
STARWORTH PROPERTIES LIMITED (REGISTERED NUMBER: 11050375) |
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STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2020 |
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30.11.20 | 30.11.19 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her 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. |
STARWORTH PROPERTIES LIMITED (REGISTERED NUMBER: 11050375) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 NOVEMBER 2020 |
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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 and authorized for issue by the director and authorised for issue on
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STARWORTH PROPERTIES LIMITED (REGISTERED NUMBER: 11050375) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Starworth Properties Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Government grants |
Government grants are accounted for using accrual basis of accounting. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position 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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
STARWORTH PROPERTIES LIMITED (REGISTERED NUMBER: 11050375) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 December 2019 |
and 30 November 2020 |
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DEPRECIATION |
At 1 December 2019 |
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Charge for year |
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At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 December 2019 |
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Additions |
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At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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The fair value of investment property was assessed to be unchanged by the director. The fair value was determined using open market valuation method. The director does not have a formal qualification but considerable experience in property market to ascertain the fair value with sufficient level of confidence. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Trade debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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STARWORTH PROPERTIES LIMITED (REGISTERED NUMBER: 11050375) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 383,937 | 393,792 |
Other loans more 5yrs instal | 37,500 | - |
421,437 | 393,792 |
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Other creditors include £37,500 received under Bounceback Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% and guaranteed by HM Government. |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.11.20 | 30.11.19 |
£ | £ |
Bank loans |
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Bank loan is secured by first charge over the company's investment property. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.20 | 30.11.19 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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12. | RESERVES |
Retained |
earnings |
£ |
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At 1 December 2019 |
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Profit for the year |
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At 30 November 2020 |
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13. | RELATED PARTY DISCLOSURES |
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Other creditor in Note 10 includes £959,285 (30.11.2019 - £958,155) payable to entities where the director has significant influence. The loan is unsecured, interest free and repayable on demand. |
STARWORTH PROPERTIES LIMITED (REGISTERED NUMBER: 11050375) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
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14. | ULTIMATE CONTROLLING PARTY |
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There is no overall controlling party. |