Registered number
14107564
Sterling Fintech Ltd
Filleted Accounts
31 May 2023
Sterling Fintech Ltd
Registered number: 14107564
Balance Sheet
as at 31 May 2023
Notes 2023
£
Fixed assets
Tangible assets 3 12,367
Current assets
Debtors 4 5,566
Cash at bank and in hand 171
5,737
Creditors: amounts falling due within one year 5 (21,385)
Net current liabilities (15,648)
Net liabilities (3,281)
Capital and reserves
Called up share capital 1
Profit and loss account (3,282)
Shareholder's funds (3,281)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nurul Ambeya
Director
Approved by the board on 14 February 2024
Sterling Fintech Ltd
Notes to the Accounts
for the period from 14 May 2022 to 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 10 years - straightline
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.
Creditors
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.
2 Employees 2023
Number
Average number of persons employed by the company 2
3 Tangible fixed assets
Land and buildings
£
Cost
Additions 13,741
At 31 May 2023 13,741
Depreciation
Charge for the period 1,374
At 31 May 2023 1,374
Net book value
At 31 May 2023 12,367
4 Debtors 2023
£
Trade debtors 4,066
Other debtors 1,500
5,566
5 Creditors: amounts falling due within one year 2023
£
Trade creditors 3,888
Other creditors 17,497
21,385
6 Other information
Sterling Fintech Ltd is a private company limited by shares and incorporated in England. Its registered office is:
493 Coventry Road
Small Heath
Birmingham
England
B10 0JS
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