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
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
Sterling North LTD
Statement of financial position
as at 31 March 2023
Intangible assets
786,000
836,000
Cash at bank and in hand
34,564
76,507
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
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
Sterling North LTD
Notes to the Accounts
for the year ended 31 March 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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 (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
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.
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.
Sterling North LTD
Notes to the Accounts
for the year ended 31 March 2023
4
Intangible fixed assets
Goodwill
At 31 March 2023
1,000,000
Charge for the year
50,000
5
Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
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
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
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%.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan
-
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).