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REGISTERED NUMBER: 07611457 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

Sterling UK Construction Ltd

Sterling UK Construction Ltd (Registered number: 07611457)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Sterling UK Construction Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTORS: G Evans
S Thomas





SECRETARY:





REGISTERED OFFICE: Llys Y Barchud A2
Heol Parc Mawr
Crosshands Business Park
Llanelli
Carmarthenshire
SA14 6RX





REGISTERED NUMBER: 07611457 (England and Wales)





ACCOUNTANTS: Eagle Accountancy (UK) Limited
2 Coracle Offices
St Catherine Street
Carmarthen
Carmarthenshire
SA31 1RD

Sterling UK Construction Ltd (Registered number: 07611457)

Statement of Financial Position
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 229,163 284,873
229,163 284,873

CURRENT ASSETS
Stocks 6 2,513,103 1,688,528
Debtors 7 1,051,636 686,277
Cash at bank and in hand 206,890 376,401
3,771,629 2,751,206
CREDITORS
Amounts falling due within one year 8 2,227,232 1,578,357
NET CURRENT ASSETS 1,544,397 1,172,849
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,773,560

1,457,722

CREDITORS
Amounts falling due after more than one year 9 (211,137 ) (359,001 )

PROVISIONS FOR LIABILITIES (33,441 ) (43,381 )
NET ASSETS 1,528,982 1,055,340

CAPITAL AND RESERVES
Called up share capital 800 800
Retained earnings 1,528,182 1,054,540
SHAREHOLDERS' FUNDS 1,528,982 1,055,340

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Sterling UK Construction Ltd (Registered number: 07611457)

Statement of Financial Position - continued
30 April 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:




G Evans - Director



S Thomas - Director


Sterling UK Construction Ltd (Registered number: 07611457)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Sterling UK Construction Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Sterling UK Construction Ltd (Registered number: 07611457)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2022 - 37 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 105,302
AMORTISATION
At 1 May 2022
and 30 April 2023 105,302
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2022 467,594 60,161 527,755
Additions 4,400 - 4,400
At 30 April 2023 471,994 60,161 532,155
DEPRECIATION
At 1 May 2022 227,842 15,040 242,882
Charge for year 48,830 11,280 60,110
At 30 April 2023 276,672 26,320 302,992
NET BOOK VALUE
At 30 April 2023 195,322 33,841 229,163
At 30 April 2022 239,752 45,121 284,873

Sterling UK Construction Ltd (Registered number: 07611457)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2022 336,946 - 336,946
Reclassification/transfer (111,946 ) 60,161 (51,785 )
At 30 April 2023 225,000 60,161 285,161
DEPRECIATION
At 1 May 2022 143,484 - 143,484
Charge for year 36,000 11,280 47,280
Reclassification/transfer (98,484 ) 15,040 (83,444 )
At 30 April 2023 81,000 26,320 107,320
NET BOOK VALUE
At 30 April 2023 144,000 33,841 177,841
At 30 April 2022 193,462 - 193,462

6. STOCKS
30.4.23 30.4.22
£    £   
Stocks 791,670 869,760
Work-in-progress 1,721,433 818,768
2,513,103 1,688,528

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 574,840 114,036
Other debtors 476,796 572,241
1,051,636 686,277

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 10,926 11,040
Other loans 120,577 120,577
Hire purchase contracts 50,890 50,886
Trade creditors 1,174,958 731,556
Tax 117,823 110,000
Social security and other taxes 41,461 31,358
Other creditors 678,359 449,130
Directors' current accounts 9,404 57,484
Accruals and deferred income 22,834 16,326
2,227,232 1,578,357

Sterling UK Construction Ltd (Registered number: 07611457)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans - 2-5 years 20,740 30,627
Other loans - 2-5 years 94,611 188,413
Hire purchase contracts 95,786 139,961
211,137 359,001

10. SECURED DEBTS

At the Balance Sheet date, the Company had the following charges outstanding:



1) On 7 May 2021 a fixed and floating charge over the Goodwill, Assets, Land, Property and associated undertakings was in place and was held by Gerallt Price Davies The charge also includes a negative pledge.

2) On 25 June 2020 Entitled to Gerallt Price Davies. Contains fixed/floating charge and negative pledge against all land, assets, goodwill and undertakings of the company.

3) As a result of a loan taken out by the Company to the sum of £125,000, on 4 May 2020, Dbw Investment (10) Limited registered a fixed and floating charge and a negative pledge against all other freehold and leasehold property now or in the future belonging to the company together with all buildings, trade and other fixtures, fixed plant and machinery of the Company. The security also includes the charge against all patents, copyrights, marks, service marks, designs and other intellectual property rights (including without limitation business names, know-how, formulae, inventions, confidential information, trade secrets, computer software, programs and systems), claims and all fees, royalties and other rights of every kind deriving from such intellectual property

4) On 10 November 2017, as part of the Company's debt facilities, Lloyds Bank Commercial Finance Ltd holds an All Asset Debenture with the Company.

5) On 11 December 2014., Barclays Bank plc registered a Fixed and Floating Charge (as well as a Floating Charge over the Property and undertakings) of the Company. Barclays Bank plc also holds a negative pledge under the same charge.