Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-013truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Financial advisory services4true 08406077 2021-01-01 2021-12-31 08406077 2020-01-01 2020-12-31 08406077 2021-12-31 08406077 2020-12-31 08406077 c:Director1 2021-01-01 2021-12-31 08406077 d:PlantMachinery 2021-01-01 2021-12-31 08406077 d:PlantMachinery 2021-12-31 08406077 d:PlantMachinery 2020-12-31 08406077 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08406077 d:FurnitureFittings 2021-01-01 2021-12-31 08406077 d:FurnitureFittings 2021-12-31 08406077 d:FurnitureFittings 2020-12-31 08406077 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08406077 d:OfficeEquipment 2021-01-01 2021-12-31 08406077 d:OfficeEquipment 2021-12-31 08406077 d:OfficeEquipment 2020-12-31 08406077 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08406077 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08406077 d:CurrentFinancialInstruments 2021-12-31 08406077 d:CurrentFinancialInstruments 2020-12-31 08406077 d:Non-currentFinancialInstruments 2021-12-31 08406077 d:Non-currentFinancialInstruments 2020-12-31 08406077 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08406077 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 08406077 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 08406077 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 08406077 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 08406077 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 08406077 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 08406077 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 08406077 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 08406077 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-12-31 08406077 d:ShareCapital 2021-12-31 08406077 d:ShareCapital 2020-12-31 08406077 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 08406077 d:RetainedEarningsAccumulatedLosses 2021-12-31 08406077 d:RetainedEarningsAccumulatedLosses 2020-12-31 08406077 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 08406077 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 08406077 c:OrdinaryShareClass1 2021-01-01 2021-12-31 08406077 c:OrdinaryShareClass1 2021-12-31 08406077 c:OrdinaryShareClass1 2020-12-31 08406077 c:FRS102 2021-01-01 2021-12-31 08406077 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 08406077 c:FullAccounts 2021-01-01 2021-12-31 08406077 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 08406077 2 2021-01-01 2021-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08406077










STERLING ASSET MANAGEMENT LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
STERLING ASSET MANAGEMENT LTD
REGISTERED NUMBER:08406077

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 5 
7,367
10,050

  
7,367
10,050

Current assets
  

Debtors: amounts falling due within one year
 6 
48,667
89,359

Cash at bank and in hand
 7 
164,189
147,531

  
212,856
236,890

Creditors: amounts falling due within one year
 8 
(67,541)
(64,230)

Net current assets
  
 
 
145,315
 
 
172,660

Total assets less current liabilities
  
152,682
182,710

Creditors: amounts falling due after more than one year
 9 
(35,758)
(44,483)

Provisions for liabilities
  

Deferred tax
 11 
(1,842)
(1,910)

  
 
 
(1,842)
 
 
(1,910)

Net assets
  
115,082
136,317


Capital and reserves
  

Called up share capital 
 12 
2,000
2,000

Profit and loss account
  
113,082
134,317

  
115,082
136,317


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STERLING ASSET MANAGEMENT LTD
REGISTERED NUMBER:08406077
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 August 2022.




R J Mills
Director

The notes on pages 3 to 11 form part of these financial statements.

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STERLING ASSET MANAGEMENT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Sterling Asset Management Ltd, 08406077, is a private company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Sterling House, 13 Eastgate, Aberystwyth, Ceredigion, SY23 2AR.
The principal activity of the company continues to be financial advisory services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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STERLING ASSET MANAGEMENT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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STERLING ASSET MANAGEMENT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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STERLING ASSET MANAGEMENT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 4).

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STERLING ASSET MANAGEMENT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2021
5,465
3,381
16,096
24,942


Additions
-
-
974
974



At 31 December 2021

5,465
3,381
17,070
25,916



Depreciation


At 1 January 2021
182
3,381
11,329
14,892


Charge for the year on owned assets
1,093
-
2,564
3,657



At 31 December 2021

1,275
3,381
13,893
18,549



Net book value



At 31 December 2021
4,190
-
3,177
7,367



At 31 December 2020
5,283
-
4,767
10,050


6.


Debtors

2021
2020
£
£


Amounts owed by group undertakings
25,292
64,972

Other debtors
-
1,041

Prepayments and accrued income
23,375
23,346

48,667
89,359


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STERLING ASSET MANAGEMENT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
164,189
147,531

164,189
147,531



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
9,623
5,517

Trade creditors
1,500
240

Other taxation and social security
18,043
24,896

Other creditors
36,485
20,363

Accruals and deferred income
1,890
13,214

67,541
64,230


The amount of £9,623 (2020: £5,517) included in creditors due within one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.


9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
35,758
44,483

35,758
44,483


The amount of £35,758 (2020: £44,483) included in creditors due after one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.

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STERLING ASSET MANAGEMENT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
9,623
5,517


9,623
5,517

Amounts falling due 1-2 years

Bank loans
9,867
9,646


9,867
9,646

Amounts falling due 2-5 years

Bank loans
25,891
30,427


25,891
30,427

Amounts falling due after more than 5 years

Bank loans
-
4,410

-
4,410

45,381
50,000


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STERLING ASSET MANAGEMENT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Deferred taxation




2021


£






At beginning of year
1,910


Charged to profit or loss
(68)



At end of year
1,842

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
1,842
1,910

1,842
1,910


12.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



2,000 (2020 - 2,000) Ordinary A shares of £1.00 each
2,000
2,000



13.


Reserves

Profit and loss account

The profit and loss accounts represents the accumulate profits of the Company since incorporation less distributions made to shareholders.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £82,602 (2020: £17,808). Contributions totalling £nil (2020: £nil) were payable to the fund at the balance sheet date and are included in creditors.

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STERLING ASSET MANAGEMENT LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

15.


Controlling party

The ultimate holding company is Sterling (Aberystwyth) Limited, 09052087, which owns 100% of the issued share capital, and is a UK registered company with its registered office and principal place of business at Sterling House, 13 Eastgate, Aberystwyth, Ceredigion, SY23 2AR. 

 
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