Company registration number 03594401 (England and Wales)
STERLING HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
STERLING HOLDINGS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STERLING HOLDINGS LTD (REGISTERED NUMBER: 03594401)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,623,441
3,607,393
Investments
5
102
102
3,623,543
3,607,495
Current assets
Debtors
6
223,224
175,978
Cash at bank and in hand
104,377
372,759
327,601
548,737
Creditors: amounts falling due within one year
7
(394,150)
(91,184)
Net current (liabilities)/assets
(66,549)
457,553
Total assets less current liabilities
3,556,994
4,065,048
Creditors: amounts falling due after more than one year
8
(306,783)
(369,337)
Provisions for liabilities
(183,310)
(120,006)
Net assets
3,066,901
3,575,705
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
9
515,184
785,057
Distributable profit and loss reserves
2,551,617
2,790,548
Total equity
3,066,901
3,575,705
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STERLING HOLDINGS LTD (REGISTERED NUMBER: 03594401)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
Mr M Edge
Director
STERLING HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Sterling Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the provision of rent and services in the ordinary course of the company' activities.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Computers
100%
Motor vehicles
100%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
STERLING HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
3,607,393
48,934
3,656,327
Additions
349,224
3,458
352,682
Revaluation
(333,176)
(333,176)
At 31 March 2023
3,623,441
52,392
3,675,833
Depreciation and impairment
At 1 April 2022
1
48,933
48,934
Depreciation charged in the year
3,458
3,458
At 31 March 2023
1
52,391
52,392
Carrying amount
At 31 March 2023
3,623,440
1
3,623,441
At 31 March 2022
3,607,392
1
3,607,393
STERLING HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Investment property
Investment property comprises £3,623,440. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
102
102
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,127
3,563
Other debtors
221,097
172,415
223,224
175,978
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
75,014
29,540
Trade creditors
22,252
Other creditors
319,136
39,392
394,150
91,184
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
306,783
369,337
STERLING HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
785,057
645,915
Non distributable profits in the year
(269,873)
139,142
At the end of the year
515,184
785,057