2022-03-012023-02-282023-02-28false08899381SALTHOUSE STERLING 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SALTHOUSE STERLING LIMITED

Registered Number
08899381
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

SALTHOUSE STERLING LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

Catherine Jane Harhalakis
Dennis Arthur Harhalakis

Registered Address

Moor House Whippletree Road
Whittlesford
Cambridge
CB22 4PD

Registered Number

08899381 (England and Wales)
SALTHOUSE STERLING LIMITED
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Current assets
Stocks5893,7731,463,155
Cash at bank and on hand-3,592
893,7731,466,747
Creditors amounts falling due within one year7(1,097,401)(1,747,931)
Net current assets (liabilities)(203,628)(281,184)
Total assets less current liabilities(203,628)(281,184)
Net assets(203,628)(281,184)
Capital and reserves
Called up share capital100100
Profit and loss account(203,728)(281,284)
Shareholders' funds(203,628)(281,184)
The financial statements were approved and authorised for issue by the Board of Directors on 1 November 2023, and are signed on its behalf by:
Dennis Arthur Harhalakis
Director
Registered Company No. 08899381
SALTHOUSE STERLING LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Valuation of financial instruments policy
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
4.Employee information

20232022
Average number of employees during the year00
5.Stocks

2023

2022

££
Other stocks893,7731,463,155
Total893,7731,463,155
6.Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors within one year

2023

2022

££
Other creditors1,097,4011,747,151
Accrued liabilities and deferred income-780
Total1,097,4011,747,931
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.