Company registration number 03660686 (England and Wales)
STERLING (2000) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
STERLING (2000) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
STERLING (2000) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
6,167
10,875
Tangible assets
5
2,378,717
2,185,229
Investments
6
100,159
100,159
2,485,043
2,296,263
Current assets
Stocks
1,148
-
Debtors
8
2,278,153
2,126,227
Cash at bank and in hand
55,758
142,024
2,335,059
2,268,251
Creditors: amounts falling due within one year
9
(4,530,441)
(4,536,627)
Net current liabilities
(2,195,382)
(2,268,376)
Net assets
289,661
27,887
Capital and reserves
Called up share capital
400
400
Profit and loss reserves
289,261
27,487
Total equity
289,661
27,887

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 03660686 (England and Wales)
STERLING (2000) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Sterling (2000) 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.

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.

STERLING (2000) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
100% Straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated.
Plant and machinery
3% - 10%
Fixtures and fittings
2% - 10%
Equipment
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
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.

STERLING (2000) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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.

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.

1.8
Stocks

Stock relates to merchandise consumables held by the company, this is measured at cost price.

1.9
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.

1.10
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.

STERLING (2000) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.11
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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

STERLING (2000) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Intangible fixed assets
Other
£
Cost
At 1 October 2022
15,750
Disposals
(6,500)
At 30 September 2023
9,250
Amortisation and impairment
At 1 October 2022
4,875
Amortisation charged for the year
4,708
Disposals
(6,500)
At 30 September 2023
3,083
Carrying amount
At 30 September 2023
6,167
At 30 September 2022
10,875
STERLING (2000) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
2,000,000
1,635,534
3,635,534
Additions
-
0
237,054
237,054
Disposals
-
0
(900,694)
(900,694)
At 30 September 2023
2,000,000
971,894
2,971,894
Depreciation and impairment
At 1 October 2022
-
0
1,450,305
1,450,305
Depreciation charged in the year
-
0
38,108
38,108
Eliminated in respect of disposals
-
0
(895,236)
(895,236)
At 30 September 2023
-
0
593,177
593,177
Carrying amount
At 30 September 2023
2,000,000
378,717
2,378,717
At 30 September 2022
2,000,000
185,229
2,185,229

 

6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100,159
100,159
7
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Cheshire Business Insurance Ltd
Guernsey
Insurance
£1 Ordinary
100.00
Sterling (CIS) Limited
UK
Construction
£1 Ordinary
100.00
Sterling Solutions Umbrella Ltd
UK
Construction
£1 Ordinary
100.00
Sterling Techserv Limited
UK
Labour supply
£1 Ordinary
100.00
Centre Park Resources Limited
UK
Group Labour
£1 Ordinary
100.00
Sterling Professional Consultancy Limited
UK
Accountancy services
£1 Ordinary
100.00
Sterling Norway Limited
UK
Labour supply
£1 Ordinary
100.00
Sterling Solutions Rail Limited
UK
Labour supply
£1 Ordinary
100.00
STERLING (2000) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
7
Subsidiaries
(Continued)
- 8 -

Registered office addresses (all UK unless otherwise indicated):

UK
Sterling House, 810 Mandarin Court, Centre Park, Warrington, WA1 1GG
Guernsey
Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ

Cheshire Business Insurance Ltd is incorporated in Guernsey, all other companies are incorporated in England and Wales.

 

Sterling Techserv Limited, Centre Park Resources Limited, Sterling Professional Consultancy Limited, Sterling Norway Limited and Sterling Solutions Rail Limited are companies that are entitled to and have taken advantage of the exemption from audit available under Section 479A of the Company Act 2006 relating to subsidiary companies. In order for the subsidiary to claim this exemption the parent company must guarantee all outstanding liabilities that the subsidiary is subject to at the year end under Section 479C. Accordingly on 6 February 2024, Sterling 2000 Group Limited guaranteed all outstanding liabilities that these companies were subject to at 30 September 2023.

 

The company's voting rights in respect of each subsidiary undertaking are held in the same proportion as the company's share of the ordinary share capital of each subsidiary.

8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
28,890
32,032
Amounts owed by group undertakings
1,796,972
1,890,491
Other debtors
227,674
203,704
2,053,536
2,126,227
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
224,617
-
0
Total debtors
2,278,153
2,126,227
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
220,885
56,057
Amounts owed to group undertakings
4,241,420
4,363,939
Taxation and social security
-
0
8,542
Other creditors
68,136
108,089
4,530,441
4,536,627
STERLING (2000) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
10
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
11
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

Centre Park Resources Limited

Sterling (CIS) Limited

Sterling Solutions Umbrella Limited

Sterling Techserv Limited

Sterling Professional Consultancy Limited

Sterling Norway Limited

Sterling Solutions Rail Limited

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
45,405
36,623
STERLING (2000) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
13
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 (2000) Limited is related to AGP Accountancy and Tax Solutions Limited (AGP), by virtue of the fact Mr I Black is a director of Sterling (2000) Limited and AGP.

 

During the period Sterling (2000) Limited was charged £64,470 (2022: £69,217) by AGP for accountancy and management services.

 

Sterling (2000) Limited, in turn charged AGP £26,358 (2022: £24,379) for the provision of various services.

 

Included within trade creditors at the period end is £6,480 (2022: £6,000) owed to AGP.

 

Included within trade debtors at the period end is £2,636 (2022: £5,272) owed by AGP.

 

Sterling (2000) Limited is related to Soteria (UK) Limited by virtue of the fact that Mr I Black is a director of both companies.

 

During the period Sterling (2000) Limited charged £4,482 (2022: £4,261) to Soteria (UK) Limited for various services.

 

Included in debtors is £93 (2022: £347) that is owed to Sterling 2000 Limited.

 

During the period Sterling (2000) Limited was charged £12,000 (2022: £12,000) by Soteria (UK) Limited for health and safety services.

 

Included in creditors is £2,400 (2022: £1,200) that is owed to Soteria (UK) Limited.

 

Sterling (2000) Limited is related to Faraday Mortgage Associates Limited by virtue of the fact that Mr I Black is a director of both companies.

 

During the period Sterling (2000) Limited received £264 (2022: charged £697) from Faraday Mortgage Associates Limited for various services.

 

Included in trade debtors is £257 (2022: £574) that is owed to Sterling (2000) Limited.

 

Sterling (2000) Limited is related to Spire HR Solutions Limited by virtue of the fact that Mrs J Rudge is a director of both companies.

 

During the period Sterling (2000) Limited charged £878 (2022: £950) to Spire HR Solutions Limited for various services.

 

Included in trade debtors is £117 (2022: £51) that is owed to Sterling (2000) Limited.

14
Parent company

The entire issued share capital of the company is owned by Sterling (2000) Holdings 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 BlackMrs K O'NeillMrs J RudgeMrs J Rudge036606862022-10-012023-09-30036606862023-09-30036606862022-09-3003660686core:IntangibleAssetsOtherThanGoodwill2023-09-3003660686core:IntangibleAssetsOtherThanGoodwill2022-09-3003660686core:LandBuildings2023-09-3003660686core:OtherPropertyPlantEquipment2023-09-3003660686core:LandBuildings2022-09-3003660686core:OtherPropertyPlantEquipment2022-09-3003660686core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3003660686core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3003660686core:CurrentFinancialInstruments2023-09-3003660686core:CurrentFinancialInstruments2022-09-3003660686core:ShareCapital2023-09-3003660686core:ShareCapital2022-09-3003660686core:RetainedEarningsAccumulatedLosses2023-09-3003660686core:RetainedEarningsAccumulatedLosses2022-09-3003660686bus:Director12022-10-012023-09-3003660686core:IntangibleAssetsOtherThanGoodwill2022-10-012023-09-3003660686core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-10-012023-09-3003660686core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-012023-09-3003660686core:PlantMachinery2022-10-012023-09-3003660686core:FurnitureFittings2022-10-012023-09-3003660686core:ComputerEquipment2022-10-012023-09-30036606862021-10-012022-09-3003660686core:IntangibleAssetsOtherThanGoodwill2022-09-3003660686core:LandBuildings2022-09-3003660686core:OtherPropertyPlantEquipment2022-09-30036606862022-09-3003660686core:LandBuildings2022-10-012023-09-3003660686core:OtherPropertyPlantEquipment2022-10-012023-09-3003660686core:WithinOneYear2023-09-3003660686core:WithinOneYear2022-09-3003660686core:AfterOneYear2023-09-3003660686core:AfterOneYear2022-09-3003660686bus:PrivateLimitedCompanyLtd2022-10-012023-09-3003660686bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3003660686bus:FRS1022022-10-012023-09-3003660686bus:Audited2022-10-012023-09-3003660686bus:Director22022-10-012023-09-3003660686bus:Director32022-10-012023-09-3003660686bus:CompanySecretary12022-10-012023-09-3003660686bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP