Company registration number 05366378 (England and Wales)
STERLING (CIS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
STERLING (CIS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
STERLING (CIS) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
178,383
147,628
Current assets
Debtors
4
2,561,617
2,735,133
Cash at bank and in hand
158,323
1,572,422
2,719,940
4,307,555
Creditors: amounts falling due within one year
5
(2,722,958)
(4,356,605)
Net current liabilities
(3,018)
(49,050)
Net assets
175,365
98,578
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
175,363
98,576
Total equity
175,365
98,578

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
Mr I Black
Director
Company registration number 05366378 (England and Wales)
STERLING (CIS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Sterling (CIS) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sterling House, 810 Mandarin Court, Centre Park, Warrington, Cheshire, WA1 1GG.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Sterling 2000 Group Limited. These consolidated financial statements are available from its registered office, Sterling House, 810 Mandarin Court, Centre Park, Warrington, WA1 1GG.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

STERLING (CIS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

 

Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

 

 

 

 

 

 

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight line method. The intangible assets are amortised over the following useful economic life:

Development costs
10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

STERLING (CIS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction 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.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

STERLING (CIS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Intangible fixed assets
Development costs
£
Cost
At 1 October 2022
235,813
Additions - internally developed
55,020
At 30 September 2023
290,833
Amortisation and impairment
At 1 October 2022
88,185
Amortisation charged for the year
24,265
At 30 September 2023
112,450
Carrying amount
At 30 September 2023
178,383
At 30 September 2022
147,628
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,659,066
1,691,288
Amounts owed by group undertakings
39,689
-
0
Prepayments and accrued income
862,862
1,043,845
2,561,617
2,735,133

 

STERLING (CIS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
33,226
38,836
Amounts owed to group undertakings
-
0
66,394
Taxation and social security
1,788,699
3,192,786
Accruals and deferred income
901,033
1,058,589
2,722,958
4,356,605
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Michael Buxton
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
7
Contingencies

The directors have confirmed that there were no contingent liabilities which should be disclosed at 30 September 2023 and 30 September 2022.

 

The company is party to an unlimited intercompany guarantee, with the bank, with the following companies in the group.

 

Sterling 2000 Group Limited

Sterling 2000 (Holdings) Limited

Sterling (2000) Limited

Centre Park Resources Limited

Sterling Solutions Umbrella Ltd

Sterling Techserv Limited

Sterling Professional Consultancy Limited

Sterling Solutions Rail Limited

Sterling Norway Limited

8
Related party transactions

As a wholly owned subsidiary of Sterling 2000 Group Limited, the company is exempt from the requirements to disclose transactions with other wholly owned members of the group.

STERLING (CIS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
9
Parent company

The entire issued share capital of the company is owned by Sterling (2000) Limited, a company incorporated in England and Wales.

 

The ultimate parent company is Sterling 2000 Group Limited, a company incorporated in England and Wales.

2023-09-302022-10-01false06 February 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr I BlackMr N PercivalMrs J Rudge0053663782022-10-012023-09-30053663782023-09-30053663782022-09-3005366378core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-09-3005366378core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-09-3005366378core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3005366378core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3005366378core:CurrentFinancialInstruments2023-09-3005366378core:CurrentFinancialInstruments2022-09-3005366378core:ShareCapital2023-09-3005366378core:ShareCapital2022-09-3005366378core:RetainedEarningsAccumulatedLosses2023-09-3005366378core:RetainedEarningsAccumulatedLosses2022-09-3005366378bus:Director12022-10-012023-09-3005366378core:IntangibleAssetsOtherThanGoodwill2022-10-012023-09-3005366378core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-10-012023-09-3005366378core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-09-3005366378core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:InternallyGeneratedIntangibleAssets2022-10-012023-09-3005366378bus:PrivateLimitedCompanyLtd2022-10-012023-09-3005366378bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3005366378bus:FRS1022022-10-012023-09-3005366378bus:Audited2022-10-012023-09-3005366378bus:Director22022-10-012023-09-3005366378bus:CompanySecretary12022-10-012023-09-3005366378bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP