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SOUTHERN STAR PROPERTY TRADING LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2017 |
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SOUTHERN STAR PROPERTY TRADING LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2017 |
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SOUTHERN STAR PROPERTY TRADING LIMITED (REGISTERED NUMBER: 08531176) |
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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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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SOUTHERN STAR PROPERTY TRADING 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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Auditors: |
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Chartered Accountants and Statutory Auditor |
Sterling House |
177-181 Farnham Road |
Slough |
Berkshire |
SL1 4XP |
SOUTHERN STAR PROPERTY TRADING LIMITED (REGISTERED NUMBER: 08531176) |
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Balance Sheet |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ |
Current assets |
Stocks |
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Debtors | 3 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 4 |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors |
Amounts falling due after more than one
year |
5 |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital |
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Share premium | 7 |
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Retained earnings | 7 | ( |
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Shareholders' 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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SOUTHERN STAR PROPERTY TRADING LIMITED (REGISTERED NUMBER: 08531176) |
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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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Southern Star Property Trading 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. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
These financial statements are the first annual financial statements of the company to have been prepared in |
accordance with the provisions of Section 1A "Small Entities"of FRS 102 "The Financial Reporting Standard |
applicable in the UK and Republic of Ireland" and the Companies Act 2006. The first date at which FRS 102 |
was applied was 1 Jan 2015. In accordance with FRS 102 Section 1A the company has; |
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- Provided comparative information; |
- Applied the same accounting policies throughout all periods presented; and |
- Retrospectively applied the FRS 102 Section 1A as required. |
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The financial statements have been prepared under the historical cost convention. |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates in |
determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the |
effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's |
estimates and assumptions are based on historical experience and expectation of future events and are |
reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of |
measuring financial instruments. There are no further significant judgements or estimates. |
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Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the |
year, exclusive of Value Added Tax. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and |
slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable |
overheads. |
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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 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 |
balance sheet 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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Going concern |
The company is dependent on the support of the directors, who have also indicated that they will continue to |
support the company for the foreseeable future. On this basis the company believes that the financial |
statements are correctly prepared on the going concern basis. These financial statements do not contain any |
adjustments which may be necessary should the going concern basis not be appropriate. |
SOUTHERN STAR PROPERTY TRADING LIMITED (REGISTERED NUMBER: 08531176) |
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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 |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial |
recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the |
effective interest rate method. A provision is established when there is objective evidence that the company will |
not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank |
which are an integral part of the company's cash management. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. |
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An equity instrument is any contract that evidences a residual interest in the assets of the company after |
deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received,net of direct issue costs. |
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3. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Other debtors |
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VAT |
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4. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to associates | 400,194 | 380,194 |
Other creditors |
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Accruals and deferred income |
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5. | Creditors: amounts falling due after more than one year |
2017 | 2016 |
£ | £ |
Preference shares | 150 | 150 |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Preference shares |
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SOUTHERN STAR PROPERTY TRADING LIMITED (REGISTERED NUMBER: 08531176) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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6. | Secured debts |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Terebinth Trust Loan 1 | 390,000 | 390,000 |
Terebinth Trust Loan 2 | 500,000 | 500,000 |
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The Terebinth Trust Loans are secured by legal charges dated 12 October 2017 between Southern Star |
Property Trading Limited and R&H Trust and Co Ltd as Trustee of the Terebinth Trust. The properties being |
charged are 30 Goldsworth Road and 20 Goldsworth Road. |
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7. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2017 | ( |
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(433,785 | ) |
Deficit for the year | ( |
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At 31 December 2017 | ( |
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(584,822 | ) |
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8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Auditors' Report was unqualified. |
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for and on behalf of
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9. | Directors' advances, credits and guarantees |
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The shareholder directors provide funding through loans. The loans are not interest bearing and are repayable |
on demand. |
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The balances on the directors loan accounts at 31 December 2017 were as follows: |
P Wiper - £335,000 |
A Sinclair - £335,000 |
P Smith - £45,000 |
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Included in other debtors is a balance of £1,000 in relation to unpaid share capital. This will be offset against |
the shareholder directors funding balances when they are paid out. |
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10. | Related party transactions |
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Included in other creditors at the year end is a loan of £335,000 (2016: £310,000) from a company controlled |
by a director. The loan is not interest bearing and is repayable on demand. |
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Also included in other creditors are loans totalling £890,000 (2016: £890,000), of which the settlor and principal |
beneficiary is the husband of a director. New loan agreements were written during the year and the loans are |
now repayable in full in 2 years. The loan bears interest of 8% per annum. |
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During the year the company paid £46,500 (2016: £36,000) in asset management fees and £12,000 (2016: |
£6,000) in accountancy fees to a company controlled by a director for professional services provided to the |
company. These fees were charged at a market rate. |
SOUTHERN STAR PROPERTY TRADING LIMITED (REGISTERED NUMBER: 08531176) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2017 |
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11. | Ultimate controlling party |
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The company is under the control of the directors, who have an equal voting shareholding in the company. |