Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31false2022-01-0133truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10000100 2022-01-01 2022-12-31 10000100 2021-01-01 2021-12-31 10000100 2022-12-31 10000100 2021-12-31 10000100 c:Director1 2022-01-01 2022-12-31 10000100 d:PlantMachinery 2022-01-01 2022-12-31 10000100 d:PlantMachinery 2022-12-31 10000100 d:PlantMachinery 2021-12-31 10000100 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 10000100 d:FurnitureFittings 2022-01-01 2022-12-31 10000100 d:FurnitureFittings 2022-12-31 10000100 d:FurnitureFittings 2021-12-31 10000100 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 10000100 d:OfficeEquipment 2022-01-01 2022-12-31 10000100 d:OfficeEquipment 2022-12-31 10000100 d:OfficeEquipment 2021-12-31 10000100 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 10000100 d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 10000100 d:FreeholdInvestmentProperty 2022-01-01 2022-12-31 10000100 d:FreeholdInvestmentProperty 2022-12-31 10000100 d:FreeholdInvestmentProperty 2021-12-31 10000100 d:FreeholdInvestmentProperty 2 2022-01-01 2022-12-31 10000100 d:CurrentFinancialInstruments 2022-12-31 10000100 d:CurrentFinancialInstruments 2021-12-31 10000100 d:Non-currentFinancialInstruments 2022-12-31 10000100 d:Non-currentFinancialInstruments 2021-12-31 10000100 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10000100 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 10000100 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10000100 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 10000100 d:ShareCapital 2022-12-31 10000100 d:ShareCapital 2021-12-31 10000100 d:RetainedEarningsAccumulatedLosses 2022-12-31 10000100 d:RetainedEarningsAccumulatedLosses 2021-12-31 10000100 c:FRS102 2022-01-01 2022-12-31 10000100 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10000100 c:FullAccounts 2022-01-01 2022-12-31 10000100 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 10000100









STERLING GLOBUS LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
STERLING GLOBUS LTD
REGISTERED NUMBER:10000100

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
339,166

Investment property
 5 
8,500,000
7,703,307

  
8,500,000
8,042,473

Current assets
  

Debtors: amounts falling due within one year
 6 
2,107,258
2,207,601

Bank and cash balances
  
810,521
22,628

  
2,917,779
2,230,229

Creditors: amounts falling due within one year
 7 
(4,572,455)
(9,249,433)

Net current liabilities
  
 
 
(1,654,676)
 
 
(7,019,204)

Total assets less current liabilities
  
6,845,324
1,023,269

Creditors: amounts falling due after more than one year
 8 
(5,098,564)
-

Provisions for liabilities
  

Deferred tax
  
(245,722)
(36,137)

  
 
 
(245,722)
 
 
(36,137)

Net assets
  
1,501,038
987,132


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,500,938
987,032

  
1,501,038
987,132


The directors consider 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 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 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.

Page 1

 
STERLING GLOBUS LTD
REGISTERED NUMBER:10000100
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

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 by: 




A J Chaytor
Director

Date: 31 October 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
STERLING GLOBUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Sterling Globus Ltd is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Combe House, 33 Oakfield Road, Clifton, Bristol, England, BS8 2AT and its registered number is 10000100.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The statement of financial position is showing net current liabilities of £1,654,676 (2021 - £7,019,204). The company is reliant on the support of fellow group companies and the directors, who have given their assurance that they will continue to support the company for the forseeable future and therefore the accounts have been prepared on a going concern basis.

 
2.3

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.

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
STERLING GLOBUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

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 reporting 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 reporting 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 reporting date.

 
2.7

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 or on a reducing balance basis..

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
3 years straight line

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.

Page 4

 
STERLING GLOBUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Debt instruments (other than those wholly repayable or receivable within one year), including
loans and other accounts receivable and payable, are initially measured at present value of the
future cash flows and subsequently at amortised cost using the effective interest method. Debt
instruments that are payable or receivable within one year, typically trade debtors and creditors,
are measured, initially and subsequently, at the undiscounted amount of the cash or other
consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

Page 5

 
STERLING GLOBUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
396,084
413,741
1,150
810,975


Re-presented as investment property
(396,084)
(413,741)
-
(809,825)



At 31 December 2022

-
-
1,150
1,150



Depreciation


At 1 January 2022
188,644
282,015
1,150
471,809


Charge for the year on financed assets
(188,644)
-
-
(188,644)


Re-presented as investment property
-
(282,015)
-
(282,015)



At 31 December 2022

-
-
1,150
1,150



Net book value



At 31 December 2022
-
-
-
-



At 31 December 2021
207,440
131,726
-
339,166

During the year, assets previously presented as tangible fixed assets were transferred out of tangible fixed assets at net book value and re-presented as investment property, on the basis that the assets relate to integral features of the property.

Page 6

 
STERLING GLOBUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2022
7,703,307


Re-presented from fixed assets
339,166


Surplus on revaluation
457,527



At 31 December 2022
8,500,000

The 2022 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2022
2021
£
£


Historic cost
6,938,521
6,599,355

6,938,521
6,599,355


6.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
2,107,258
2,206,060

Other debtors
-
408

Prepayments
-
1,133

2,107,258
2,207,601


Page 7

 
STERLING GLOBUS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
-
4,206,001

Trade creditors
9,060
-

Amounts owed to group undertakings
1,273,175
1,756,552

Corporation tax
41,662
54,370

Other creditors
3,227,340
3,227,340

Accruals
21,218
5,170

4,572,455
9,249,433


At the balance sheet date, the company owed a director £3,227,340 (2021 - £3,227,340). This loan is
interest free and repayable on demand, and has been included within other creditors.
Bank loans of £nil (2021 - £4,206,001) are secured on the company's investment property.


8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
5,098,564
-


Bank loans of £5,098,564 (2021 - £nil) are secured on the company's investment property.


9.Other financial commitments

The company is bound by an agreement with the bank meaning they are jointly liable with four other group companies for all debts and interest and the debts are jointly secured on the companies' investment property. 

 
Page 8