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Company Registration No. 08434070 (England and Wales)
Sterling North LTD Unaudited accounts for the year ended 31 March 2023
Sterling North LTD Unaudited accounts Contents
Page
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Sterling North LTD Company Information for the year ended 31 March 2023
Directors
Mrs N Millington Mr C Millington
Company Number
08434070 (England and Wales)
Registered Office
80 Cressex Business Park Lincoln Road High Wycombe Bucks HP12 3RL
Accountants
Grass & Holm Thornbury Cottage Chalk Hill Amersham BUCKS HP7 0LY
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Sterling North LTD Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
786,000 
836,000 
Tangible assets
59 
118 
786,059 
836,118 
Current assets
Debtors
2,173 
3,500 
Cash at bank and in hand
34,564 
76,507 
36,737 
80,007 
Creditors: amounts falling due within one year
4,454 
(205,018)
Net current assets/(liabilities)
41,191 
(125,011)
Total assets less current liabilities
827,250 
711,107 
Creditors: amounts falling due after more than one year
(20,451)
(31,267)
Net assets
806,799 
679,840 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
806,797 
679,838 
Shareholders' funds
806,799 
679,840 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by
Mrs N Millington Director Company Registration No. 08434070
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Sterling North LTD Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Sterling North LTD is a private company, limited by shares, registered in England and Wales, registration number 08434070. The registered office is 80 Cressex Business Park, Lincoln Road, High Wycombe, Bucks, HP12 3RL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
During the accounting period the world was impacted by a global pandemic, COVID-19. It is unclear what the long term impact on the company will be at this time, however the directors do not believe this will impact on the going concern of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
5 years straight line
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Sterling North LTD Notes to the Accounts for the year ended 31 March 2023
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2022
1,000,000 
At 31 March 2023
1,000,000 
Amortisation
At 1 April 2022
164,000 
Charge for the year
50,000 
At 31 March 2023
214,000 
Net book value
At 31 March 2023
786,000 
At 31 March 2022
836,000 
5
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 April 2022
4,105 
At 31 March 2023
4,105 
Depreciation
At 1 April 2022
3,987 
Charge for the year
59 
At 31 March 2023
4,046 
Net book value
At 31 March 2023
59 
At 31 March 2022
118 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,173 
3,500 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
11,233 
11,233 
Taxes and social security
48,609 
50,772 
Loans from directors
(66,480)
142,338 
Accruals
2,184 
675 
(4,454)
205,018 
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Sterling North LTD Notes to the Accounts for the year ended 31 March 2023
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
20,451 
31,267 
Creditors due after one year consist of the long term element of a Bounce Back Loan. The loan is unsecured. Interest is payable 2.5%.
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Director's loan
- 
66,480 
66,480 
- 
- 
66,480 
66,480 
- 
The loan is repayable on demand and subject to interest charges at the approved HMRC rates.
10
Average number of employees
During the year the average number of employees was 4 (2022: 5).
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